☰ ˟
Alliance circular logo listing Alliance services : Insurance, Payroll, Benefits, HR 
Home Page Email
  • Home
  • Business Insurance
    • Business Insurance Solutions
    • Workers Compensation
    • General Liability
    • Bonds
    • Cyber Liability
    • Professional Liability
    • Group Health
    • Payroll and HR
    • Trade Credit Insurance
    • Key Person
    • 401k
    • Safety Programs
  • Personal Insurance
    • Personal Insurance
    • Home/Auto/Life
    • Automobile
    • Homeowners
    • Valuables Insurance
    • Life
    • Motorcycle
    • Off-Road Vehicles Insurance
    • Renters
  • Industry Solutions
    • All Industries We Serve
    • Commercial Real Estate
    • Construction
    • ContractorsImage of right arrow
      • Window Cleaning Insurance
      • Fire Protection Insurance
      • Janitorial Services
      • Landscaping & Lawn Care
      • Alarm Installation Insurance
      • Tree Service & Arborists
    • Crane, Rigging, & Crane Operators
    • Manufacturing
    • Oil & Gas
    • Restaurant & Bars
    • Hotel Insurance
    • Gym and Fitness Center Insurance
    • Medical Malpractice Insurance
    • Trucking
  • Our Team
    • About Us
    • Location(s)
    • Associate Agencies
    • Testimonials
  • Blog
  • Contact Us
Business
Insurance
Home/Auto
/Life
Health &
Benefits
Payroll
& HR
Home > Blog > Construction Companies: Three Helpful Tips for Minimizing Risks
FRIDAY, JANUARY 29, 2021

Construction Companies: Three Helpful Tips for Minimizing Risks

architects talking to construction workers with plansIt’s been over a decade since the 2008 financial crisis. Although the economy has improved, it doesn’t guarantee that it can never happen again. In 2008, the construction industry was hit the hardest and endured enormous financial losses. Therefore, all construction companies should continuously have a plan for reducing potential risk.

 

Here are three helpful tips that can help ease the financial impact of any unforeseen disaster.

 

 

Create an Emergency Fund

The construction industry is prone to unexpected circumstances like faulty materials or workplace accidents. You may already have insurance to offset some of these emergencies; however, it could take some time for the insurance company to process and issue payment. The timespan between billing and collection can also adversely affect cash flow, including payroll, rent, utilities, and other expenses.

 

Implement a Disaster Plan

It’s tempting to think that another financial crisis is not in the future. However, disasters can strike at any time. Therefore, it’s essential to have procedures in place to withstand any emergency. A disaster plan should consist of designated actions to keep the business afloat and reduce potential financial losses.

 

Review Your Contractors Insurance Policy

Although no insurance policy can protect your business from a recession, a contractor’s insurance policy is a safe choice for minimizing risks. Therefore, take some time to review your contractor’s insurance policy and make sure you have adequate coverage for the worst-case scenario. It may cost more now, but it can save your company thousands of dollars later.

In conclusion, a business that fails to protect its operations is more likely to suffer financially. Although no protection is 100% safe from economic injury, it can help offset catastrophic losses. Therefore, a company is less likely to permanently close its doors when taking these proactive steps.

 

Keep your business protected with tailored business insurance from Alliance Insurance Group. Experts from every industry standing by to walk you through your coverage and give you peace of mind.

 

 Call today for a free consultation. 

 

Posted 2:43 PM

Share |


NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • business insurance(116)
  • personal insurance(73)
  • small business(34)
  • homeowners(29)
  • car and auto(27)
  • health and benefits(25)
  • cyber(22)
  • construction(20)
  • saving money(18)
  • contractors(18)
  • claims(18)
  • health insurance(17)
  • workers compensation(13)
  • bar and restaurant(11)
  • life insurance(11)
  • general liability(8)
  • cost containment(8)
  • oil and gas(8)
  • payroll and hr(7)
  • human resources(7)
  • agency news(7)
  • roofing(5)
  • auto insurance(5)
  • bonds(4)
  • personal lines(3)
  • cannabis(3)
  • hail(3)
  • commercial auto(3)
  • recognition(3)
  • become an agent(3)
  • commercial insurance(3)
  • payroll(3)
  • weather(2)
  • trucking(2)
  • job(2)
  • hail insurance(2)
  • homeowners insurance(2)
  • commercial auto insurance(2)
  • comercial auto(1)
  • restaurants(1)
  • professional liability(1)
  • hail damage(1)
  • property(1)
  • covid-19(1)
  • business(1)
  • inland marine(1)
  • broker of record(1)
  • colorado(1)
  • trade credit insurance(1)
  • record hail(1)

View Mobile Version
  • Carrier
  • auto-owners insurance logo
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Connect With Us:
Social Social Social Social
Agency
Alliance Insurance Group
7910 Ralston Rd., Ste 7
Arvada, CO 80002

Phone: (303) 279-9700
Business Insurance
Home/Auto/Life
Health & Benefits
Payroll & HR
Home
About Us
Privacy Policy
Contact Us
Powered by Insurance Website Builder
Alliance Insurance Group Rated 4.8 / 5 based on 5 reviews. | Review Us