Construction contractors face significant and varied liability exposures, both during and after the job. Exposures, including contractual obligations, hold harmless clauses, indemnifications, residential defects, mold, and others, are all challenges that contractors face when trying to keep their risk management processes current. Up-to-date risk management practices are necessary in order to adequately protect both publicly- and privately-owned contracting companies.
To help our contractors stay current, BrokersLink utilizes a process that focuses on the contractor's total cost of risk. This process includes the following elements:
- Holistic approach to risk - risk identification, proper allocation, and treatment options
- Aggressive placement strategy - contractual analysis and prudent risk assumption practices
- Analysis of exposure to major risk types - financial, hazard, operational, and strategic
In addition, BrokersLink is focused on providing comprehensive insurance services to our contractors, which include:
- Local brokerage expertise on all lines of coverage.
- Analysis and support of our clients' safety management programs to prevent potential losses.
- Proactive handling of claims to mitigate the ultimate cost.
Wrap-Up Brokerage Services
Because of the level of risk involved in large-scale construction projects, it is important to choose an insurance broker with extensive wrap-up experience, as each project has its own unique risks. Failure to recognize all risks can leave the owner or contractor exposed.
One of the critical factors in the success of a Wrap-Up program is the quality of the RMIS (Risk Management Information System), which captures real-time information such as losses. In large construction projects, losses typically represent 70% or more of the total cost of risk (insurance premiums plus losses). Our RMIS is a state-of-the-art project management information system.
The members of our national Wrap-Up team have extensive project-specific brokerage and administration experience. We help companies devise comprehensive risk transfer solutions for their construction exposures.