Construction Risk Management
There are risks inherent in the construction industry that are not found in other commercial activities. Construction professionals may be experienced in the actual building process, but often do not see the potential risks associated with their projects. To ensure a successful project, comply with contractual obligations, and protect the contractor’s business operations, these risks must be identified and either eliminated, reduced to a manageable level, or transferred elsewhere.
The risk management process entails identifying direct and associated risks, analyzing their potential impact, and taking steps to eliminate, reduce, transfer or efficiently fund them. Although each project is unique, typical areas of concern include:
- Risk financing
- Claims management
- Insurance coverages and limitations:
- General Liability
- Builders Risk
- Professional Liability
- Environmental risks
- Workers Compensation and Employers Liability
- Project specific coverage
- Subcontractor liabilities
- Consultant liabilities
- Indemnification
- Construction defects
- Safety & loss control
Focusing on these areas, WRISC can review your current risk management program to enhance and strengthen it. Or, if you do not have a formal program in place, we will help you design a risk management strategy tailored to your specific needs.
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