Just like good project management at your job sites increases efficiency, reduces down time and increases your bottom line, proper Risk Management reduces your exposure to losing money and increases your bottom line profit.
Just one accident can cut into productivity, take the business owner away from doing what they do best, to take care of the issues the accident has caused. Any time a business owner is distracted from what they do best, they are losing money.
Contractors, like any business, are exposed to potential situations that can cost them money and or a loss of assets. Understanding what is and what is not, covered by an insurance policy is Paramount. Through proper Risk Management and planning, those things that are not covered by an insurance policy, can be addressed to mitigate any loss or potential for loss. Bottom line, contractors should not be put in a position where they are assuming a risk, that they are not aware of.
Insurance policies only cover a small portion of your exposures to loss. Qualified Risk Management procedures can be put in place to help protect a Contractor from loss.
Some of these losses include:
- Work stoppage
- Material availability
- OH&S fines or site closure
- WCB, super assessments
- Rental equipment availability
- Poor scheduling of other trades