3 min read

Best Practices in Risk Transfer For Contractors

By Gibson on Sep 22, 2014 6:30:00 AM

As the contractor for a construction project, you are presented with significant risks, especially with each subcontractor you bring onto the job. You may be held liable for damages or injuries caused by the work subcontractors perform on your behalf – that could be an injured employee of a subcontractor or even injuries to on-site visitors. To reduce your exposure to loss and protect your business, it is critical to implement risk transfer strategies.

Risk transfer is shifting risks of loss for damage or injury to another party. For contractors, this means requiring provisions to be included in all subcontractor contracts in order to transfer the risk appropriately.

Topics: Commercial Insurance Construction Contract Review
4 min read

Safety Culture: Setting Your Sights At Zero

By Art Jacobs on Sep 19, 2014 6:30:00 AM

What Is The Mark Of A Proactive Safety Culture?

Early in my career I spent time working in manufacturing as a safety director. After an injury occurred, we would complete the accident investigation and root cause analysis. We figured out what happened, when it happened, why it happened, and how it happened. From there we determined how to keep the injury from occurring again. But why weren’t we doing this before the injury? Why weren’t we doing inspections, reviews, and managing processes BEFORE an injury to prevent it? Why were we waiting until an injury occurred?

Topics: Commercial Insurance Risk Management Executive Construction Claims Health Risk Management Workers' Compensation
3 min read

Strategies For Protecting Your Workers From Hazardous Noise

By Gibson on Aug 27, 2014 6:30:00 AM

According to the National Institute for Occupational Safety and Health (NIOSH), about 30 million workers in the U.S. are exposed to hazardous noise. One of the most common occupational diseases is noise-induced hearing loss. With this many workers at risk each day, it also means very high risks of workers’ comp claims, which can be very costly to companies. What can be done? How can you protect your workers against hearing loss?

Topics: Commercial Insurance Risk Management Construction Claims Health Risk Management Workers' Compensation
2 min read

Best Practices For Builder’s Risk Insurance

By Gibson on Jun 30, 2014 6:30:00 AM

Whether you are building a new structure or renovating an existing one, there are significant risks of loss during the process. In 2011, commercial property losses due to wind and thunderstorms exceeded $30 billion. Meanwhile, fires caused $13.3 billion in direct property damage that year. These are just a few of the risks that construction projects face each day.

Topics: Commercial Insurance Risk Management Construction
2 min read

The Important Role Of Transparency In Your Insurance Relationship

By Gibson on Jun 25, 2014 11:32:00 AM

Technical knowledge, professionalism, responsiveness, industry knowledge, and transparency are some of the characteristics risk managers are looking for in a broker. In recent years, transparency has been put under a microscope.

The 2 most common ways insurance brokers are compensated are: 

Topics: Commercial Insurance Risk Management Construction Employee Benefits
2 min read

Workers Compensation Claims Errors Can Be Costly For Your Business

By Gibson on May 19, 2014 4:48:00 AM

Today’s business climate requires that companies keep an especially close eye on expenses. One area where this monitoring sometimes escapes the attention of accountants, bookkeepers, and others who are responsible for corporate financials is workers’ compensation.

Workers’ compensation claims are ultimately a liability for an employer, whether the actual money paid to the injured worker is done through the state, through a private insurance company, or through the self-insured employer itself. But the direct costs of claims are not the only potential expense that employers can incur when it comes to workers’ compensation. Two very costly mistakes that often escape oversight but that can ultimately have a devastating effect on an employer's financial position include:

  • Overestimating the amount of reserves needed to pay particular claims
  • Failing to bring injured workers back to transitional duty
Topics: Construction Claims Workers' Compensation
2 min read

Ladder Safety Tips

By Gibson on Apr 9, 2014 2:00:00 AM

All tools have safety considerations, and a ladder is no different. However, when you regularly use a ladder, you may begin to take ladder safety for granted. Falls are a leading cause of injuries and fatalities in the workplace and proper ladder safety is essential. This guide will take you through picking the right ladder, the proper technique for placing and climbing the ladder, and how to conduct maintenance checks to ensure ladders remain safe to use.

Topics: Risk Management Construction Workers' Compensation
2 min read

Best Safety Practices for Forklifts

By Gibson on Apr 7, 2014 4:34:00 AM

Topics: Risk Management Construction
2 min read

Surety Bond Scams: How To Be Sure You Don't Fall Victim

By Gibson on Dec 30, 2013 10:46:00 AM

Earlier this year the Memphis-Shelby County Airport Authority was forced to postpone the planned demolition of the Regency Hotel, located on airport grounds. In September, the authority announced that it would rebid the demolition project due to an increasingly common issue faced by contractors and local authorities – bad surety bonds.

The lowest bidder, Nelson Inc, was awarded the $485,000 contract to demolish the hotel, but the bid went out the window after it was found that the surety bond, bearing the name of Chubb Insurance, was bad.

Topics: Commercial Insurance Construction
1 min read

Three Benefits of a Return-to-Work Program

By Gibson on Dec 11, 2013 3:28:00 AM

A return-to-work program has many benefits, and the pros far outweigh the cons! The proper understanding and communication of the rationale for a return-to-work program will help make the naysayers change their minds. Consider these three benefits:

Topics: Commercial Insurance Construction Workers' Compensation