If the only risks associated with construction were that of injury or death on site, the job of an insurer would be a lot more straightforward.
But lead contractors know more than anyone, except perhaps insurance experts and solicitors, that the stakes are high in every project in ways that extend beyond health and safety.
Are you taking all potential issues into account?
- Site risks – We’ll start with the most obvious. Construction is a difficult arena which requires skill and attention to ensure that no one gets hurt. This is a responsibility for both employee and employer
- Project risks – Do you have all the right contractors lined up and your time span in check? Project phases can be heavily reliant on and another’s completion, so your planning needs to be as watertight as possible
- Financial risks – If your project is based in another country have you taken taxation, inflation and changing currency rates into account? The difference in a small percentage when dealing with sizeable funds could be crippling to your progress. In another scenario, a key sub-contractor could come into financial difficulty
- Legal risks – If you can afford legal support, it could save you a lot of trouble and money in the long term if there are delays or contract failings. Contracts need to consider all the possibilities to account for potential problems in the future
- Environmental risks – Always account for flooding on your project if working in the UK. Any project abroad should take the country’s climate and any extreme weather tendencies into account to ensure you’re prepared for delays
The right insurance can help you prepare for most risks that come your way on a construction project. For more advice, contact the Chartered brokers at Hine Insurance on 0161 438 0000.
