Risk Management for Contractors

Risk Management for ContractorsIt should come as no surprise that contractors face a variety of risks in their daily operations. As their scope of duties ranges significantly, there is no shortage of opportunity for litigation. However, with the right Lake Tahoe Contractor Insurance Program and the best risk management strategies, these chances can be reduced significantly. Therefore, heed the following expert recommended advice.

Establish a risk management framework.

Dun & Bradstreet states having a standardized approach across the agency enables consistency, professionalism and rigor that strengthen decision-making and contractor oversight. This way, outside claims are harder to file and contractor decisions remain more protected.

Use technology to your advantage.

Automated reporting provides details about how money is spent, where it’s going and how it reflects the current laws. For example, The Recovery Act is a regulation put in place that requires agencies to notify which contractors and subcontractors have been paid. These reporting tools can provide transparency, compliance, and oversight of projects.

Reinforce strict management.

It’s up to the management to determine risk and oversee the employees. Needless to say, it’s imperative that the projects are completed with best practices, the proper training is provided, and the necessary safety gear is used at all times. Without these, contractors are subjected to claims from an unsatisfactory job and safety concerns among the crew.

At Cal-Nevada Insurance Agency, we serve artisan contractors throughout northern California, Arizona, and Nevada areas with the best risk-management solutions and comprehensive products. We offer a variety of coverages to ensure your business thrives. For more information, contact us today at (866) 670-5948.