Getting building insurance is one of the strategies that can make your construction business successful. It gives you a mechanism to manage the risks your projects face. Other strategies that can make your business successful include a focus on leadership and management, and running a safe site. Let’s explore these further in this article.
Leadership and Management
A winning business needs both leadership and management.
- Leadership: The leadership role is to lead people. It includes setting the goals for the team and communicating the direction you are going in. The next step is ensuring the team is equipped and empowered to meet these goals. A leader will grow the skills of the team, mentor others, influence and inspire. The focus of leadership is growing the people within.
- Management: The task of managing means establishing the systems and processes needed to control and ultimately deliver a project. It is about the daily functions that make sure that things happen. It means doing the upfront planning, getting the skills and resources needed, and then controlling the work. Establishing systems that can be repeated on every project makes for an efficient, effective and sustainable business.
It is worth mentioning that one of the biggest challenges facing the construction industry is the shortage of skilled workers. Keeping the employees you have is very important, and a key way of doing this is through good leadership and management.
Safety on Site
Construction is a risky business. The statistics speak for themselves:
- For every 10 construction workers, 1 is injured every year.
- A worker has a 1 in 200 chance of being fatally injured at work (in a 45 year career).
- 1 in 5 deaths in the workplace are from the construction industry.
Running a safe site is one of the most important things you can do. This means having clear rules and following health and safety protocols and regulations. There are many benefits to having a safe site. Without a doubt the most important is that it protects your employees and any visitors to the site. It also prevents delays as a result of accidents and it ultimately reduces costs.
Risk Management and Building Insurance
There are many risks in construction and learning to manage them is vital for the success of your business. You can minimize or reduce some of this risk through good management and safety practice, but most of it cannot be eliminated. Building insurance is an effective way of transferring risk to another party. Two examples include:
- There are more than 6000 fires on construction sites every year. A construction site has heaters, naked flames, electrical equipment, hot work and flammable materials.
- Tools, materials and equipment are stolen from construction sites to the tune of between $300 million and $1 billion every year.
In summary, the strategies of leadership and good management, site safety, and the right building insurance for your needs can be the secrets to your success.
Get your Building Insurance from Contractors Liability
A Builder’s Risk policy is customized to give you the right coverage for your needs. Our agents are experts and have a solid understanding of the construction industry. Call Contractors Liability on 866-225-1950 for a winning strategy to manage your exposure to loss.