Owning a construction company comes with many liabilities that can put your financial assets at risk. There are steps you can take to lower those liabilities such as owners protective professional indemnity insurance. These tips can help you reduce your exposures.
The dreaded delays whether from weather or subcontractor error can cause the whole project to fall behind. Planning ahead can help you avoid delays. One way is to add extra time to various aspects of the project. This gives the project a time buffer for completing various tasks such as plumbing or electrical wiring.
Safety is a key area to reduce liabilities on the construction site. Regular inspections of the job site can help you spot safety violations and detect hazards. The most common safety issues focus on being caught in-between objects, falls, electrocution and objects hitting them. A workforce that focuses on safety helps reduce the company’s risks.
The Department of Labor has strict requirements for how many hours an employee works and how they are compensated. An audit with an experienced labor attorney can help you determine areas that need improvement. Labor violation lawsuits can be expensive.
Owners protective professional indemnity insurance offers excess protection for the project owner. Staying proactive on liability reduction efforts can lower your risks and save your business time and money.