Construction Business Risks
Construction is both a lucrative and risky business. As long as you have enough capital, a solid business plan, safe and experienced workers and construction liability insurance should be able to experience a profit and steady business growth. However, one big accident can jeopardize an entire business and also your career. Here are some of the biggest risks in the construction industry, and why it’s important to make sure you’re properly insured before starting any projects.
Safety is the highest priority on any construction site, and it’s also the greatest liability. If you walk by any construction site you’re likely to find some if not all of the following:
- Large equipment
- Scattered building materials
- Nail guns
- Concrete mixers
Between all of these objects, any number of incidents can occur. It’s imperative to talk to insurance experts at agencies like SB One Insurance Agency to ensure you have the best safety coverage possible.
Believe it or not, project scheduling is another one of the highest risks in construction. Because the schedule represents the largest cost on the project, large errors can cost several thousands of dollars. Even being one day off can have significant implications.
Some construction companies are responsible for overseeing design specifications, and if there are any problems with the design you can actually be held responsible and not necessarily the architect.
Having the best possible insurance coverage can help protect you and your assets.