6 Types of Risks for ANY Construction Job

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It’s hard to find a profession in the world as complex and unique as construction and contracting jobs. The same can be said for the risks you face every day. While thinking about it can be overwhelming and cause you to lose sleep, there are numerous ways to counter and prepare. (Partnering with Arnold Insurance Agency for your insurance needs and help to evaluate your risks is a great start) Here is a list of 6 types of risks that every contractor needs to be aware of.

Occupational Risks:

  • Injury (fatal and non-fatal) that could be attributed to:

    • Worker behavior

    • Improper methods utilized

    • Technology used

    • Weather-related incidents

Financial Risks:

  • Increase in supply costs

  • Unmanaged growth

  • Lacking sales

  • Interest rate increases

  • Universal economic problems

Contractual Risks:

  • Financial penalties from not completing a job on time.

  • Risk to company’s reputation for breach of contract.

Project Risks:

  • Inadequate project management practices

  • Company policies that are below standard and lacking applications of such policies,

  • Error in determining the amount of time needed or the resources required for a job.

Natural Risks:

Any natural occurring event that can slow down work at any rate such as:

  • Rain

  • Floods

  • Snow

  • Ice

  • Earthquakes

  • Etc.

Competitive Risks:

  • Losing a job to another company

  • Straining your resources and profit margin to ensure a lower bid over another company

  • Losing talented workers to someone else due to:

    • Income

    • Benefits

    • Quality of life

    • Better training and growth opportunities, etc.

Switching your insurance to a commercial insurance agency that specializes in contractors like the The Arnold Insurance Agency is a good idea. Managing and preparing risk seems like a full time job, but with proper help from us, OSHA, and others, you can develop a strategy that keeps your workers safe, jobs operating on budget and on schedule, and ensures the growth and future of your organization.

 

What you need to know about OSHA's Electronic Reporting Rule

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OSHA's Electronic Reporting Rule

What is it?

OSHA is taking information that employers are already required to collect and using these data to help keep workers safer and make employers, the public, and the government better informed about workplace hazards. Releasing the data in standard, open formats will:

  • Encourage employers to increase their efforts to prevent worker injuries and illnesses, and, compelled by their competitive spirit, to race to the top in terms of worker safety.

  • Enable researchers to examine these data in innovative ways that may help employers make their workplaces safer and healthier and may also help to identify new workplace safety hazards before they become widespread.

https://www.osha.gov/recordkeeping/finalrule/index.html

Who needs to report and how?

  • Organizations that are already required to create and maintain OSHA injury and illness records and have 250 or more employees. Forms, 300A, 300, 301

  • Have between 20 and 249 employees and belong to a high-risk industry , Forms 300A

  • Receive a specific request from OSHA to create, maintain and submit electronic records, even if they would otherwise be exempt from OSHA record keeping requirements.

Who doesn't need to report?

Organization who have under under 20 employees guidelines are as of now, not required to report to OSHA at the July 1st deadline. But be sure to keep up to date with all OSHA updates because they change all the time. https://www.osha.gov/

Be sure to follow Arnold Insurance on social media for updates on future OSHA requirements and other safety tips throughout the year! Make sure to follow us on Facebook and Twitter for up to date information that could help your business from future penalties.