Construction ebbs and flows like the tides. That's why many construction business owners say: "When it rains, it pours," and "it's always feast or famine." To help, here are 10 steps to consider which can bring in vital cash when work slows down, and your firm doesn't have a lot of building projects going on.
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Best practices for containing insurance costs are critical because insurance is one of the biggest costs in the dangerous construction environment.
Here are 10 ways contractors may be able to save money on insurance:
Joint ventures are common in the construction industry, especially with large long-term projects. These collaborative arrangements allow construction firms to work together, for a limited time period, on one or more construction projects.
Construction projects require coopeation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation.
Builders and contractors who buy commercial general liability (CGL) insurance policies with the impression that they will keep them safe from allegations of inadequate or faulty work must be aware of what their policies cover. It's important to know that a CGL policy does not provide coverage for work that is faulty.
They say hindsight is 20/20.You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them.