Introduction: Building a Solid Foundation for Your Business's Future Growth
As a construction business owner or independent construction contractor, you are part of an industry that is central to economic growth. According to the U.S. Census Bureau's August 2013 construction-industry press release [PDF], construction spending hit $915.1 billion in August 2013. That's a 7.1 percent increase from last year's August estimate — a sign that the economy and your job opportunities are on the rise.
But if your construction or contracting business is going to enjoy the upturn in private and public projects, you need a plan to help you weather the setbacks that could occur. And when you specialize in a field with tight profit margins, the way you manage worksite and business risks can be the difference between making a profit and suffering a loss.
For example, your business could be sued if the completed product hurts a third party. Without proper liability insurance, those legal defense fees, settlement costs, and court expenses would come out of your pocket. Or say your equipment was stolen from your worksite. Would you have the means to replace your equipment without schedule delays or lost productivity?
These examples are just scraping the surface of the risks you may face during your career. After all, even the most carefully supervised sites or projects can harm people and property. That's why we've prepared this guide to help you navigate the ins and outs of protecting your contracting business. With a thorough risk management plan in place — including the insurance policies that can safeguard your finances — you can effectively handle hazards and minimize losses.
In this guide, you'll learn about…
- Identifying risks in the construction and contracting industry.
- Understanding construction and contracting insurance policies.
- Finding insurance that works for your business.
- Managing risk as a contractor or small construction business.
Keep reading to learn how to protect your contracting business's future and pave the way for its continued success.
Next: Chapter 1: Identifying Risks in the Construction & Contracting Industry
Download eBook [PDF]