Best practices for containing insurance costs are critical because insurance is one of the biggest costs in the dangerous construction environment.
Here are 10 ways contractors may be able to save money on insurance:
In the News
Tuesday, March 22, 2022
I'll do your family's dental work for free if you build a deck onto my house."
If you're in the construction industry, you've probably received an offer like this or made a similar offer to someone else in a different line of business. It's a modern variation of the age-old practice of barter. What makes it especially intriguing in this day and age is the idea that you can exchange services or products with someone without exchanging money.
Tuesday, March 8, 2022
t's no surprise that construction sites are ranked high on the list of the most dangerous workplaces. Nail guns, heavy falling objects, saws and other items are often the cause of serious injuries. The possibility of serious injuries or fatalities is higher in construction than most other industries.
Therefore, it's essential for employers to strive to create the safest possible work environment for their employees. The following are a few areas of safety that should not be overlooked:
Wednesday, February 23, 2022
All construction companies store equipment, from a garage full of tools, to a scissor lift, from something as simple as an auto trailer, to something as complex as a hightower crane.
These items represent costs that must be recouped or they simply absorb cash every time you call a mechanic, or they sap net profit whenever you get that depreciation deduction at year end.
Tuesday, February 8, 2022
When the busy season comes, the last thing on your mind is accounting for your projects. You and your employees are concerned with only one thing: keeping up in delivering quality projects on time.
Thursday, January 27, 2022
Builder's risk insurance provides protection for a structure that is damaged during construction. These policies are usually broad. In fact, the coverage is generally extensive enough to include construction equipment and machinery, as well as materials, fixtures, and appliances -- all vital parts of a completed structure. It can also cover temporary structures, such as office trailers, on a project site.
Monday, January 17, 2022
Many construction bookkeepers have gaps in their knowledge about how to produce quality financial statements. That can matter at year-end. There is only so much your accounting or tax advisor can do at the end of the financial year to correct or modify poorly recorded transactions.
Tuesday, December 28, 2021
It's obvious that without customers, your company wouldn't be in business. But not all customers are alike. Some account for a big percentage of your profit, while others' contributions may be negligible.
Wednesday, December 8, 2021
Be careful when hiring teenagers to work for your company after school and during the summer months.
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Thursday, October 7, 2021
If you're operating a small construction firm, you may be working on a razor-thin margin to stay competitive. That means you can't afford additional costs or drags on your time without being compensated.
