Building a Profitable Business
Managing your construction business carries some unique risks. To build a profitable business, you need to have insurance in place to manage those risks. Think about the challenges you face running your business each day.
To secure new clients, you bid on projects. Often, the profit margin on your work can be small, so it’s important to understand all of the costs you’ll truly incur. Once you’re awarded the project you need to consider how your job site will be set up.
Safety is a key factor at any job site. You need to educate your workers on how to move around the site, and how machinery and equipment will be moved and used. You can purchase insurance to protect your firm against accidents or injuries on the job site, as well as damage to someone’s property. A good safety track record may reduce the premiums you pay for the coverage.
You may have a number of company cars, trucks, vans and trailers moving in and out of the job site. You may leave vehicles at the job site overnight, or for a number of weeks. A commercial vehicles policy will protect those assets from damage, vandalism or theft. You can also secure insurance to cover your company garage or warehouse.
Sometimes, a construction company may have to stop operating for a short period of time, due to an unforeseen event. A business owner’s policy can help pay for operating expenses and payroll as your business gets up and running again.
Construction companies face many challenges that may delay projects from getting completed on time. Bad weather, such as unseasonal heat or cold, may delay work. A customer may insist on changes to the project. Those changes may require you to stop the project, so you can plan and implement the changes.
An architect or designer may make an error that slows down the work. Those errors may force a delay while the designs are changed. A client may pursue legal action, due business losses related to the delay. A general liability can protect you from this form of litigation.
Workers on the Job Site
Your project may require a number of workers. These workers may be full-time employees, or hired just for a particular project. An employment practices insurance policy can protect you against worker-related legal actions, such as wrongful termination, discrimination or harassment.
Your state may require you to carry worker’s compensation insurance. This policy can pay benefits to workers who are injured on the job and are unable to work. The policy may pay income and medical expenses.
Consider hiring Fusco & Orsini as your expert to address these insurance concerns. They can apply their insurance experience to your construction insurance needs. Call or email the firm to find out more today.