Planning For The Worst
As a risk management company, it is our job to consider every possible contingency our clients could run into as they run their business. As you can imagine, some parts of our job are not very pleasant, but that is the reality of the world of business. Many construction company owners put off planning for the worst because they feel it gets in the way of taking care of current issues. But we have found that the companies that put contingencies in place for those details no one wants to talk about are able to sustain success for a very long time.
The Death Of The Company Owner
When we talk to clients about risk, one of the topics we bring up is the idea of a succession plan. A succession plan allows the company to function even after the owner, or one or more of the owning partners, has passed on. It is not a topic company owners particularly like to talk about, but it is a critical part of making sure your business carries on in the way that you want it to after you have passed away.
For one thing, the death of the company owner can cause setbacks in business as clients and vendors may assume the company will close. We combat that possibility by putting life insurance in place with the company as the beneficiary. If you want your construction business to go on after you have passed away, then you need to plan for that contingency right now.
The Loss Of A Key Employee
Another type of loss that can hit your company hard is the loss of a key employee that has a strong reputation in the industry. When a key employee leaves your company or passes away, the immediate reaction from vendors and customers is that your company will run with less efficiency. Not only that, but if you lose a key employee at the executive level, then your customers might fear that your company will become less productive and reliable.
There are ways of not only helping to bring in new key employees quickly, but also offsetting the financial losses that occur in the wake of a key employee leaving the company. Your company’s future can be affected by the loss of one employee, and you need to be prepared in case that issue comes up.
A Job Site Disaster
A job site disaster can be anything from a major explosion to protesters shutting down the job for an indefinite period of time. In the construction world, every work day lost can mean a lot of money down the drain. But if you allow our risk experts to put together a plan for you, then your company would be able to financially survive just about any problem you might experience.
As a professional risk management company, we have learned that ignoring problems does not make them go away. If you do not address potential issues head-on, then you will regret it at some point later on. Our risk professionals are ready to help you plan for the worst, and we will put together programs that will make sure that your company can survive situations that would put most companies out of business.