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News and Events
Construction Risk Advisor – January 2018 - January 2018
ongoing changes in the construction industry, companies need to stay on top of
emerging trends if they want to remain competitive. Industry experts anticipate
seeing the following trends in 2018:
- Advancements in technology—Technology such as virtual
reality, 3-D printing and drone usage are revolutionizing the industry.
- Improved safety procedures—According to recent
research from Travelers, 45 percent of construction businesses have concerns
about their employee safety procedures. New technology and mobile apps are making
it easier than ever for construction companies to ensure safer work
- Rising material costs—The steady increase in the
price of materials throughout 2017 shows no sign of reversal. Companies can
think about cutting costs in other areas, such as using mobile apps that
monitor employee performance and track materials.
More modular and
prefabrication projects—With material costs
on the rise, modular and prefabrication projects are becoming more popular.
PREPAREDNESS WHEN DISASTER STRIKES
recent hurricanes and California wildfires have highlighted the need for
contractors to examine their recovery plans and minimize their risks. In the
absence of a recovery plan, contractors risk exposing their business to
liability and damaging its reputation. What’s more, 1 in 4 businesses fail to
reopen after being impacted by a natural disaster.
you can’t prevent natural disasters, you can prepare for them. The following
are five important steps all construction firms should take before disaster
- Clearly define the terms
used in your contracts. While hurricanes and wildfires will likely excuse you
from fulfilling a contract, vague definitions—such as severe rain—may cause
confusion. Define such events ahead of time to relieve uncertainty.
- Prepare an emergency plan that assigns actions to
- Provide disaster
preparedness training to employees. Include evacuation processes and proper use of emergency
- Protect project records. Contracts, permits and
other physical files can be easily destroyed in the event of a disaster.
Cloud-based storage can protect valuable data and ensure you have access to it
from any location.
- Review your insurance
policies prior to beginning big projects. CMR Risk & Insurance Services, Inc. can work with you to find
coverage that helps you recover damages from natural disasters and protect your