Construction Risks You Never See Coming

One of the advantages we offer when it comes to risk management is all that we have experienced in our years of being in business. Some construction company owners could be in the industry for decades and still not experience many of the instances of risk that we have protected our clients against.

When we talk about unexpected risk, we mean the things that many construction owners feel will never happen to them or their company. If you think about it, this is exactly the kind of risk every construction company needs to stay in business. When it comes to the risks that you never expect to happen, we are experts in handling those situations.

A Sharp And Sudden Rise In Material Costs

If you don’t buy and store gasoline to protect yourself against sudden price increases, then you can probably name every instance where a conflict overseas caused you to have to pay more to fuel up your vehicles. Material costs can change suddenly, but most of the changes are not drastic enough to cause a financial crisis. But what would you do if one of your most important materials suddenly quadrupled in price overnight?

Our business experts are able to help you offset those sudden price increases with good advice and plenty of the right insurance coverage. If you think that a sudden and significant price increase cannot happen to you, then you are sitting on a ticking time bomb.

Your Subcontractor Suddenly Goes Out Of Business

We always urge our clients to do a complete financial profile of subcontractors before hiring them. But even the most financially stable subcontractors can run into problems that suddenly cause them to close their doors. Perhaps your biggest subcontractor does not have a risk management company and finds itself out of business after a major worksite accident. What would you do?

No matter how well-prepared you are, losing a primary subcontractor is going to cost you money. If you cannot replace that subcontractor quickly, then your company’s reputation is on the line. We help you to plan for these types of incidents and help you to find solutions quickly that keep your project going.

A Worksite Disaster

You do your best to head off any potential worksite issues, but then a flash flood in your area puts your equipment underwater with your deadline looming. Just because you have never had a natural disaster stop your work progress does not mean it cannot happen. It is best to be prepared to handle such an emergency, as opposed to having your business getting swept away in the flood.

Another type of worksite disaster results from conditions you were unable to see before you got started. You could be digging on a worksite and dig below the water table right when the rains come and your site is flooded. Once again, we help you to plan for these contingencies and make sure your company is able to keep the project going.

The worst kinds of worksite disasters are the ones you are convinced will never happen. As risk management experts, it is our job to make sure that your company is ready for any kind of crisis and that those unexpected disasters do not put your company out of business.