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5 Ways to Protect Your Contracting Business

As the owner of a construction or contracting business, you work hard to protect the business you've built. But even the most savvy business owner realizes there are limits to their control. Unpreventable accidents and natural disasters happen each day, even to the most prepared businesses.

Though business insurance for construction & contracting professionals provides a safety net against unexpected calamities, injuries, or lawsuits, there are other safety measures you can take to protect your business as well. Keep reading to discover how you can implement a comprehensive line of defense against the risks and uncertainty your business encounters each day.

Risk Management Tips for Construction & Contracting Professionals

Risk Management Tips for Construction & Contracting Professionals

As a construction business owner or contracting professional, you know that safety risks go hand in hand with your industry. It only takes one lawsuit brought by an injured employee to financially devastate your business, and with the risks they face each day, the likelihood of a lawsuit increases. For example, your employees risk throwing out their backs, falling from heights, and being exposed to hazardous materials while at work. Plus, there's your equipment to consider — and while in transit, your construction essentials are at a great risk of damage should there be an accident on the road.

To create a safe work environment for your employees and minimize some of these potential risks, consult the following risk-management guide.

  • Make sure employees are trained in safety protocol. From asbestos awareness and machine operation to safe lifting techniques, your employees should undergo training regularly to ensure safe work practices. This training should also include hazard communication, proper vision and hearing protection, waste management protocol, respiratory protection, and first aid procedures. Additionally, be sure each worker has a Material Safety Data Sheet (MSDS) so that your employees know which hazardous materials they may encounter on a worksite and the protocol for handling those materials.
  • Enforce appropriate protective gear for construction & contracting employees. Be sure to enforce a strict dress code to protect your employees. This includes mandating that personal protective equipment (PPE) be worn on the worksite (e.g., non-metallic toe safety shoes or boots, long pants, and impact-resistant safety glasses). Earplugs or ear muffs will help minimize the damage caused by noise exposure. Additionally, employees who perform particulate-generating work tasks should wear a NIOSH-approved dust mask to protect against the inhalation of hazardous materials.
  • Assess the worksite before your begin a project. Wood dust, asbestos, and medium density fireboard (MDF) are just a handful of the potentially hazardous materials contractors encounter on the worksite. In the short term, exposure to such substances may result into respiratory complications. Long-term complications such as chronic respiratory illnesses and asbestosis can also result from this kind of exposure. To ensure you or your employees are protected against this risk, it's critical to assess the work area before the project begins. This way you can identify hazardous materials in advance and enforce the protocol for safely handling them.
  • Carry Workers' Compensation coverage. In the construction and contracting business, you and your employees are susceptible to numerous work-related injuries and physical strain. Since it only takes one accident for an employee to sue your construction business, Workers' Compensation Insurance can prove to be an invaluable asset to your business protection plan. Some states mandate that any business with employees must carry this type of coverage, but it can also benefit sole proprietors should they suffer injuries on the job or work-related illnesses themselves. The coverage can provide funding to defend your business against lawsuits brought against it, as well as medical expenses related to treating the injury or illness. Ask your insureon agent to help you determine whether this coverage is appropriate for your business insurance needs.
  • Keep your business safe, no matter where it goes. For construction and contracting professionals, most of your business is carried out at places other than your primary business location. If your employees drive personal vehicles to conduct company business, be sure they are properly licensed and carry their own Auto Liability Insurance. As an added precaution, you will want to ensure their vehicles are in good working condition and meet your state's safety requirements. If your company has its own vehicles, your business will need to carry Commercial Auto Insurance.

    Another consideration is whether or not you want to carry Inland Marine Insurance, which protects your valuable construction equipment while it's in transit. This coverage can protect your forklifts, dozers, hoes, and loaders, as well as buildings that are under construction. Your insureon agent can help you determine which kinds of coverage will protect and benefit your construction & contracting business.
Business Protection for Construction & Contracting Professionals

Business Protection for Construction & Contracting Professionals

No matter how thorough your safety measures may be, accidents can and will happen. To give yourself the added security you need to grow your business, contact an insureon agent today. We can help you determine which kinds of coverage are appropriate for your construction & contracting business.

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