Building a business is hard work (literally) and you don’t want to see it come apart. Michigan contracting businesses are at a greater risk than other companies. Get the proper protection for fires, employee accidents, theft, and material damage.
- Fires: A workplace fire can cost a contractor more than $2.3 billion in property damages annually
- Workplace Accidents and Injuries: In 2012, more than 4,600 workers were killed on the job. Each death costs their employer over $1.4 million.
- Theft of Equipment and Building Materials: It’s estimated that construction theft of equipment costs contractors between $300 million to $1billion.
- Construction Defects: Lawsuits alleging construction defects is continuing to increase.
If you go into your job with an idea of potential dangers, you can help protect your profits. There are some tips for you and your employees to keep your business safe.
Burn Risks
- Oil or solvent-soaked rags should either be laid out to dry in the open, or stored in an air-tight fire-resistant container
- Dispose of Matches and cigarette butts carefully
- Have a licensed and reputable electrician perform all electrical work
- Keep fire extinguishers handy. Make sure they’re up to date and working and your employees know how to use them
- Make sure everyone is well versed in a custom fire emergency and evacuation plan
Keep Safe
- Hold safety meetings and walk-throughs of your site on a regular basis
- Keep your site clean of debris and hazardous materials
- Make sure you have the right Personal Protective Equipment (PPE)
- Check to see if guardrails are in place
- Inspect all equipment before using for possible damage. Make sure employees know which tools should be used for which jobs
- Any non-employee guests who are visiting your site should have an escort
Protect Your Assets
- When your equipment is not in use, lockdown tools, equipment, vehicles, and building materials- especially copper
- Record and identify your equipment using labels or marking them
- Surround your job site with fences
- Wheel and ignition locks and/or fuel shutoffs help deter theft
- Placing security cameras or security guards on site help protect your assets. You can also ask local law enforcement to patrol the area more often
Coverage From Liability & Loss
- Sign a legal contract before starting a job that directly states what work is and isn’t included
- Make sure the only subcontractors you hire are licensed and well-trained and understands their scope of work
- Legally transfer risk to subcontractors if possible
Compass Insurance Agency Is Loved By Michigan’s Contractors
Compass Insurance Agency in Michigan does all the legwork of finding the best protection with the best carrier, allowing you to focus on growing your contracting business. With over 17 different companies, you’re guaranteed insurance at an affordable rate. To see what Compass can do for you, give one of our local Commercial Lines agents a call today!
