The Risk Needs Of Subcontractors


Subcontractors are a major part of the world of construction that assume risk in the same way as general contractors. In order to attend to the risk that subcontractors face, it is necessary to analyze their specific businesses and create custom solutions. As a professional risk management company, we have years of experience in helping subcontractors to make certain that they can go about their daily business without the fear of having one mistake closing their doors for good.

Specialized Liability

Carpenters and plumbers face very different types of risks with each project, but both rely on liability insurance to protect them from unexpected events. Each subcontractor has special liability needs when it comes to the type and amount of liability insurance they should carry. It takes a risk management expert to be able to identify what types of liability insurance subcontractors require, and then put together a plan that fits each company’s needs.

Workers’ Compensation

New York State has minimum limits on how much workers’ compensation insurance companies should carry, but it is often true that carrying the minimum insurance is not always enough to protect your business. Subcontractors that deal in more dangerous construction activities should look into carrying more workers’ compensation insurance to make sure that they have the insurance their employees need to get back to work after any type of injury.

Environmental Insurance

The impact a subcontractor has on the environment when it is doing its job is going to create risk that has to be handled properly. Every profession within the construction industry offers unique environmental challenges that must be addressed with the right kind of coverage. Our business experts can analyze a subcontractor’s business and put together an environmental risk protection plan that can protect against most contingencies.

Business Continuation Insurance

Since the challenges each subcontractor faces are unique, the manner in which they do business also differs. No two subcontractors have the same way of approaching their standard business operations and the way in which they handle problems, which means that each subcontractor requires custom planning for business continuation insurance.

If a subcontractor has an owner that works regularly in the field, then there are different types of insurance that need to be put in place to make sure the company can keep going if something should happen to that owner. From protecting key personnel to providing revenue in the event that the business experiences a natural disaster that takes out their office, each company requires personal attention when it comes to address general business risks.

The construction world would not be able to function without subcontractors, which makes managing subcontractor risk extremely important. It takes a team of experienced business experts to be able to help analyze a subcontractor’s operations and put together a risk protection program that gives that subcontractor the peace of mind necessary to meet their daily business challenges.