The construction industry has been unforgiving to many contractors over the past five years. Contractors have had to bid jobs at smaller margins and make concessions when negotiating contract terms and project schedules. Operating margins are thin and resources dedicated to safety are limited.
Hiring a safety manager for many contractors is not in the budget, although few contractors dispute the increased efficiency and better workmanship achieved from safe and stable workforce.
Key Risks to Protect Against
Based on claim data compiled by the insurance industry, the unique risks associated with the construction industry are:
- Workers Compensation
- Construction Defects
- Products Liability
- Contractual Liability
- Employment Practices Liability
- Business Income
Opportunities to Lower Insurance Premiums
Safety committees, reward programs, Ladder safety, Lifting, Slips/Falls, Forklift training, Return to Work, Light Duty, and Post Accident Drug Testing are just a few of the services provided by BlueStone Advisors to help our construction clients implement an effective Safety program.
Self Insure with Stop Loss
Contractors with a low Experience Mod and few workers compensation losses can save up to 60% in premium by incorporating some component of self-insuring their workers compensation losses. Contact us prior to your renewal to learn more.
Purchase Orders, Vendor Contractors, Certificate of Insurance Tracking, Indemnity Clauses, Additional Insured, Hold Harmless Agreements are just a few services provided by BlueStone Advisors to help our construction clients reduce their liabilities assumed by their contracts.
Quarterly claims reviews and aggressive claims handling is essential to minimizing claim costs. If not monitored, they can spiral out of control and have serious effects on Experience Modification Factors and employee moral.
BlueStone Advisors offers its construction clients an array of risk mitigation and transfer solutions to help them better manage these risks. Our solutions include:
- Traditional property/casualty placements
- Alternative risk mechanisms (pools, captive, etc.)
- Workers compensation cost containment
- Employee benefits solutions and placements
- Risk management information systems
- Business continuity planning
- Disaster planning and crisis management
- Strategic risk assessment
- Enterprise risk management
- Pollution and EPA compliance
- Auto fleet and transportation safety analysis
- Technology transfer risk management
- Claims closure