Almost all projects carry some level of risk but this is even more so in construction projects. Construction business owners face serious risks almost every day such as employee injuries, stolen equipment, and structural flaws that can disrupt the flow of a construction project. Fortunately, you can mitigate risks by following industry best practices. It is important to avoid risks from becoming a reality because it can be detrimental to the success of your project.
For construction businesses, workers are usually the ones who are at constant risks. That’s why keeping workers safe should be the top priority on every job site or project. There are many risks that construction workers face such as site conditions that can change rapidly, and even unexpected hazards that can crop up any time. Aside from the potential harm that workers may experience, there can also be serious accidents that can cause work to be stopped or delayed. This can lead to a decrease in productivity and even low morale and anxiety among the workers. The preparation that you will undertake can be likened to security access doors— these doors help clients protect property investments. With the proper preparation and plan against construction risks, you will be able to protect your client’s investments, as well as your company’s reputation. It is for this reason that it is important to be prepared against on-site threats at the onset of your construction project.
Best Access Doors has compiled these common risks that you can avoid during your construction project.
- Worker and third-party injuries
Construction sites are full of potential hazards no matter how hard business owners create safe working conditions. This is because there’s always the possibility of having unexpected or unforeseen accidents. However, injuries and accidents are not only limited to workers. There will be times when clients will visit work areas and this creates a particularly large risk since they may not be familiar with safety protocols. But then again, even the most seasoned construction workers are still susceptible to on-site injuries and accidents.
During construction projects, it is important that you stringently enforce safety regulations and train your crew on construction site best practices to minimize the risk of accidents and workplace injuries. It is also advisable to have a construction risk management plan which involves regularly testing machinery and equipment, replacing damaged tools with new ones, and ensuring that your employees are always wearing the proper protective equipment such as non-slip boots and hard hats. In most states, construction firms are required to carry workers’ compensation insurance to pay for medical bills and lost wages in case an employee gets injured.
- Missed deadlines and faulty project outcomes
When project outcomes are faulty such as structurally unsound construction, not up to code buildings, or have other defects such as cracks, errors with climate control systems, and even molds. If your company’s work doesn’t comply with federal, state, and even local building regulations, your clients could lose money and you could face lawsuits and pay for damages.
Your construction risk management strategy should have compliance with building regulations and codes as a cornerstone. Furthermore, governments often require construction companies and contractors to carry surety bonds which will serve as a guarantee that builders will comply with the required standards such as meeting deadlines and having the building materials delivered on time. There is also what we call professional liability insurance, also known as errors and omissions insurance. This kind of insurance helps pay legal fees in case a client sues you for negligence over a construction delay, an unsatisfactory work, or an incomplete project.
- Equipment theft and damage
Heavy machinery, tools, and building materials greatly help construction businesses. That’s why equipment theft or failure can easily derail a project. It is crucial to train workers for proper use, maintenance, and storage of construction equipment in order to prevent damage. To help deter equipment thieves, the installation of security cameras at job sites is of great help. Construction companies can also invest in GPS tracking and anti-theft systems to protect heavy machinery.
For your construction risk management plan, you should also include contractor’s tools and equipment insurance to help in the reimbursement for lost or stolen business items that have not yet reached 5 years. You might also want to consider having a builder’s risk insurance to protect against equipment theft and damage to ongoing construction structures from fires, weather events, and even vandalism.
- Seasonal slowdowns
Snow, freezing temperatures, and heavy rains also routinely affect outdoor building activity in many places. To be prepared for such seasonal slowdowns, you need to plan in advance by saving enough money to cover business expenses during slow times of the year. You can also ask clients for deposits on upcoming projects that you contracted with them in order for you to keep your finances healthy.
When seasonal slowdowns happen, you can also focus on seeking out indoor construction jobs instead to keep you and your employees occupied and still have money coming in until the weather improves. Moreover, take advantage of the winter season– it is a good time to network at trade shows, update your annual business plans, as well as market your company to more prospective clients.
Do you need more information on construction projects or for any other project that you have? Visit https://www.bestaccessdoors.com/any-surface-access-panels/security/ today.