Building a Risk Management Plan for Your Construction Business
April 9, 2015
When you run a construction business, there are only a few things that are more important than your risk management plan. A construction risk management plan is a key piece of your errors and omissions insurance policy that allows you to understand the hazards of your workplace. What is involved in creating a risk management plan?
Identifying Risk in Workplace
The first step to creating any risk management plan is to identify what hazards in the workplace can cause injury, sickness or death. These hazards can be anything from common chemicals to heavy machinery. Every workplace has these risks, but knowing where they are and how they could arise is important. Once the hazards have been identified, they can then be resolved in order to prevent an accident from occurring.
Some hazards are too big or costly to resolve. These are called acceptable risks. Identifying acceptable risks is important because, once identified, they can become part of your risk management plan. Taking steps to prevent the acceptable risk from becoming an issue will allow your employees to feel safer in their working environment. Acceptable risks become part of your insurance policy in order to account for any issues arising from that particular hazard.
Creating a construction risk management plan is a task for a trained insurance professional. Contact an insurance agency today to identify the risks in your company.