6 Types of Risks for ANY Construction Job

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 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 a budget and on schedule, and ensures the growth and future of your organization.

How to prepare your home in case of a fire.

Prepare your family in case of a fire

June is National Safety Month and at the Arnold Insurance Agency, we take your safety very seriously. This week's theme is Emergency Preparedness and the importance of creating a home emergency plan for you and your family. Here are some helpful safety tips to help your home be prepared in case of a fire:

• Install the right number of smoke alarms. Test them once a month and replace the batteries at least once a year.

• Teach children what smoke alarms sound like and what to do when they hear one.

• Ensure that all household members know two ways to escape from every room of your home and know the family meeting spot outside of your home.

• Establish a family emergency communications plan and ensure that all household members know who to contact if they cannot find one another.

• Practice escaping from your home at least twice a year. Press the smoke alarm test button or yell “Fire“ to alert everyone that they must get out.

• Make sure everyone knows how to call 9-1-1.

• Teach household members to STOP, DROP and ROLL if their clothes should catch on fire.

It's very easy to panic during an emergency; being mentally and physically prepared may help to minimize that feeling of panic and enable you to keep your family calm. An emergency preparedness plan should include a disaster supply kit, as well as any emergency essentials. Emergency preparedness supplies should also be arranged and easily accessible. For additional information on best practices for an emergency escape plan visit https://www.ready.gov/make-a-plan