As a general contractor in Virginia, I have many risks that I am exposed to in my line of work whether it’s the risk of falling when installing new siding or roofing in a home, injury due to the operation of some of our machinery like a forklift, or a car crash on the way to a job site. I have to make sure that I am prepared for every possible situation for not only the safety of myself but for the safety of my workers, my clients, my equipment, products, and my business.
To ensure that I reduce ask much risk as possible I must first assess all the possible risks that our business and workers may experience from the bottom up. This includes physical, mental, and fiscal risk. I want to make sure that no one gets hurt, no one becomes mentally stress or overworked, and I need to make sure that my business can maintain a healthy financial balance, freeing its self of any unnecessary costs and litigations.
To handle all of our financial risks, I have hired a financial manager and account who stays on top of all of our paperwork and insurance claims. They make sure that all of our insurance papers are current, our licensure is up to date, they make sure our workers are on time, and prevent any penalties from a happening if at all possible. They also make sure that we do everything with proper protocol to prevent any lawsuits if someone gets hurt on the job.
To make sure that all of my workers are happy and never overworked, I make sure to consistently review their current workload and take them aside for a one-on-one very frequently. We are in constant contact and I allow them to take off as much time as needed. I have incorporated many part-time workers as well to fill in the void of anyone that needs to take off. I also never allow anyone work more than 40 hours a week. Our job can be very strenuous at times and I don’t want anyone to work their bodies into injury whether it’s mental or physical. It’s not going to happen on my clock. To also help my employees to better enjoy their careers here, I make sure to host team culture events monthly whether it’s a family picnic or a trip to the bowling alley.
To help save us from further risk, it is also vital to have the proper insurance whether that is business insurance or auto insurance. Not only is it the law here in Virginia, but we can’t afford to have to pay the medical and litigation costs that may result from an accident on a job site. To help find the cheap car insurance and a reliable business insurance we have decided to allow Insurance Doctor to give us a hand. With their commercial insurance, we were able to gain all sorts of coverages which include:
- Property Insurance
- Liability Insurance
- Workers’ Compensation Insurance
- Commercial Automobile Insurance
Our Property Insurance will help cover all of our business’s property from any damages. This may cover our machinery and equipment when it breaks down. Not only does it help cover the value of the assets but also the lost profits due to the equipment loss. If our on-site laptop was damaged due to someone running it over, it would be covered as well as the time that was lost from file recover and missed appointments. There is also a coverage that assists in debris removal. When damages occur, especially with flooding or fire, there is a lot of waste left over. This coverage will aid in the costs of rebuilding what was lost. When in the process of building, a builder’s risk coverage is also very helpful. This will cover any damages while construction is in the process, like a tornado coming through. I also encourage investing in business interruption insurance which will help reimburse you for rent, taxes, and salaries during any downtime that was caused by damages resulting in a closure of business. Crime Insurance has been really handy in our atmosphere because it will help reimburse any burglary, robbery, or theft incidents.
Liability Insurance is a must in my book. It can help you if a third party is injured and decides to forego litigation. This is where workers’ compensation insurance falls in. If one of your workers is injured on the job, then this is a life saver. It is also required by law to have this coverage if you own a business with employees. This is also where your car insurance comes in, covering all your motor vehicles like your work van or truck.
Always have a proper safety protocol ready to not only prevent accidents but a plan of action when an accident does occur. Make sure to have proper safety equipment on-site, as well as proper first aid supplies. There should also always be multiple forms of communication to call the emergency services if in the event injury occurs. Staying on top of your game will ensure a successful business.