Construction: New Business, New Risks

With construction growing at a rapid rate up and down the country there is no better time to ensure you have adequate insurance cover in place. Insurance is one of the most important expenses your business might incur, yet it is often the most misunderstood.

Within the construction sector there are many factors that will affect the quality, time and impact of the work you aim to carry out. Whether you are a tradesman planning a small renovation project or a national design and maintenance contractor, understanding the risks involved and how to adequately protect and mitigate them will minimize the time, money and energy you have invested

The construction trade continues to be (the second-highest sector) responsible for fatal injuries; during 2014/15 there were 35 fatal injuries, with a 5-year average of 45 injuries. (HSE statistics 2014/2015) Yet by securing the correct cover and implementing regular risk management assessments, the risk of injury can be reduced.

Assessing and controlling your risks

By assessing the risks involved in any project you are planning, you can limit their frequency – or mitigate any losses should they still occur. At Adler Insurance Brokers, we have longstanding relationships with trusted risk assessors that can evaluate and implement a strategy to help you to strengthen your ‘risk profile’. By identifying and measuring your risks, as well as working to minimize and control their impact, you become a better insurable risk and your premium can be reduced.

Negligence is one of, if not the main cause of injuries. Assessing and controlling the risks at hand protects you from missing anything that can cause these. By regularly reviewing the health and safety procedures and risks you have implemented, you are protecting your employees, customers and yourself from the negative impacts this could have.

If you would like more information on managing health and safety risks visit: http://www.hse.gov.uk/construction/healthrisks/managing-essentials/managing-essentials.htm

2016 looks to be a highly successful and busy year for those within the construction trade. A quick discussion with your insurance broker will help you determine and plan for your insurance requirements as you grow. Insurance brokers are there to act on behalf of the interest of their clients, supported by vast knowledge, experience and relationships within the sector they operate in.

At Adler Insurance Brokers are a Chartered insurance broker, who not only invest in their client’s needs and wants, but also their own sector-specific knowledge. We also have over 30 years’ experience within the insurance industry and for two generations we have worked with businesses operating in the construction industry, allowing us to gain essential knowledge and product offerings covering areas such as:

If you would like to find out how we can protect your business, contact a member of our commercial team today.

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Adler Insurance

Content creator for the Adler Insurance Group.