Spending money saves lives and money. Cut $8 on $1 spend
Spending money saves lives and money.
People are often fond of saying, "you've got to spend money to make money." And while it may seem counterintuitive, this is true in many cases, particularly regarding your workers' health and safety.
Studies show that a business can save $8 for every dollar spent on a quality health and safety program. A quality health and safety program is essential in the construction industry.
Take a moment to review your current insurance policies. Do you have enough coverage? Have your policies grown with you? If not, let us know. We're here to insure your future.
Invest your future
How to Nurture Safety Culture?
Top-notch safety culture will not happen overnight. It requires a top-down approach from executive officers to the employees. Participate in "Safety First" is not merely lip service but put into practice with solid safety culture. Commitment to safety should be core principles.
Is Safety the Top Priority?
Among the other costs of productivity, timeliness and others, the employer should place safety above everything else. Employees are your number one asset.
Often, consider the fact that accidents can lead to cost overruns and project delays. A strong safety record can also help reduce insurance costs, while safety means fewer days lost due to accidents and injuries.
Invest in Training
The easiest way to help improve a company's safety culture is to invest in training. It will boost team morale that the company's committed to keeping everyone safe and healthy. Most provincial governments have specific job grants available to subsidize employee training. Take advantage of these.
Statistics prove when the employees involved in building and improving safety culture will feel invested and are more likely to take safety seriously. When a company runs with a safety committee that includes employees from all levels of a business, involving review and update safety programs, job site safety plans during the pre-construction phase of each project will help identify potential hazards and safety concerns.
Reward and Accountability
Rewarding employees for their proactive approach to safety will result in fewer accidents and injuries. After all, everyone who steps foot on the job site should be held responsible for safety. Everyone must be aware that safety is not the duty of the manager or supervisor, and workers should know that unsafe practices will put everybody in danger. Safety rules are to be explained and strictly enforced. Employees should be encouraged to report dangerous conditions, near misses or coworkers breaching safety protocols with authority to order work stoppage and address safety issues.
Daily Site Inspections and Safety Meetings
The company should hold a brief safety meeting before and after work, conducts frequent site inspections each day to go over tasks scheduled and safety procedures to follow will reinforce the commitment to safety and reduce expensive accident recovery costs.
Comparing Construction Safety Costs with Accident Costs
Accident prevention is costly as it involves training, time commitment and other expenses like personal protective equipment (PPE). Many activities could complete faster and cheaper with fewer safety protocols. However, ignoring safety is neither ethical nor wise from a business standpoint. Lives and corporate image are put at risk unnecessarily, or worst. The consequences can be far more expensive than having prevented them. Many organizations have compared their prevention costs with accident costs and found out that doing nothing is far more costly in all cases.
Invest in Technology
Construction Technology or Contech can improve many aspects of safety and accident prevention. Some innovative tools such as wearable tech are used in the area of tracking workers in project sites. Should anyone with the tools step into a dangerous area, such as an unsecured platform or within a swing radius of a crane in operation, an audiovisual notification will immediately alert both supervisors and the worker. The emerging technologies can help safety managers do their job more efficiently.
Discuss with Insurer for discount
With safety measures, proven record, proper employee training and Contech tools implemented in the job site, consider talking to an insurance broker to negotiate a better deal for a better insurance price.
Insurance Package generally available to the construction industry
Commercial General Liability Insurance
Builders' Risk Insurance
Commonly known as "Course of Construction," A builder's risk insurance is specialized for owners or contractors in the industry to protect against liability on physical loss or damage to a structure or project they have contracted to build, in other words, coverage for property in construction.
It usually only remains active until the project completion.
While Commercial liability insurance pays only liability to third parties, the property insurance coverage covers the insured's property. Commercial property policies are intended to protect the insured against damage to its property from various risks.
Professional Liability Insurance
Professional liability insurance is known by many as Errors and Omissions (E & E&O Insurance), protecting a professional service business from negligence claims. In the construction industry, this should be considered by trades such as electricians, architects, engineers, plumbers and others.
Wrap Up Insurance
The Wrap-up insurance is common in construction insurance covering several liability risks for the insured, the project, and the contractor. Policies can vary but may include in a package with:
General Liability with a Broad Form Endorsement
For a project's general liabilities, this coverage will protect claims from third-party injuries that occur on the site or any injuries resulting from work-related activities by the contractor, subcontractor, or owner. Also, it protects the third-party property against damage caused by anyone covered under the policy.
Builders risk covers for any water, weather, and fire damages to a building under construction. In other words, builders' risk is essentially the same as property insurance, except this covers buildings under construction.
The Umbrella Liability Insurance
Umbrella insurance will provide blanket coverage beyond the coverage limit for a general liability policy.
Commercial Automobile Insurance
This insurance covers commercial cars, vans, trucks, or specialty vehicles for construction projects against liability claims and property damage.
Spending money saves lives and reduce cost. Get 8 on 1 spend for quality health and safety program crucial to the construction industry. Call and discuss with us how we to effectively reduce your insurance rate now..