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Navigating Regional Insurance Challenges for Contractors with Miranda Fischer Part 2
Jerry Aliberti • July 30, 2024
Learn how to protect your construction business, manage risks, and stay compliant with labor laws
The construction industry is loaded with risks, from jobsite accidents to contractual liabilities. As a contractor, having the right insurance coverage is essential to protect your business and ensure compliance with local labor laws. In this blog post, we'll explore the insights shared by Miranda Fischer, a New York-based insurance specialist, on the Pro-Accel podcast hosted by Jerry Aliberti.
The Importance of Specialized Insurance Knowledge
One of the key takeaways from the discussion is the importance of working with an insurance broker who specializes in the construction industry. Generic insurance policies may not provide adequate coverage for the unique risks faced by contractors. A knowledgeable broker can help you navigate the complexities of construction insurance and ensure that you have the right coverage for your specific needs.
Contractual Liabilities and Change Orders
Change orders are a common occurrence in the construction industry, but they can also introduce new risks. When the scope of work changes, it's crucial to review your insurance coverage to ensure that you're still adequately protected. Miranda emphasizes the importance of having open communication with your broker throughout the project to address any changes in risk exposure.
New York Labor Laws
New York's labor laws, particularly the Scaffold Law (Labor Law 240), pose significant challenges for contractors. Under this law, owners and general contractors are held absolutely liable for height-related injuries, regardless of their level of active negligence. This means that even if a worker is intoxicated or acting recklessly, the contractor can still be held liable for any injuries that occur.
Strategies for Managing Construction Insurance Costs
To manage insurance costs effectively, contractors should implement strong safety protocols and regularly conduct training and audits. Documenting all incidents thoroughly and securing any equipment involved in an accident can also help protect your business in the event of a claim. Miranda also suggests working closely with your broker to review loss runs and ensure that claims are accurately assigned to your business.
The Importance of a Comprehensive Safety Program
Developing a comprehensive safety program is essential for contractors of all sizes. This should include a detailed safety manual, regular training sessions, and clear communication of safety procedures to all employees. Conducting mock safety drills can also help ensure that your team is prepared to handle any incidents that may occur on the jobsite.
Navigating the world of construction insurance can be daunting, but working with a knowledgeable broker and implementing strong safety protocols can help protect your business and manage costs. By staying informed about local labor laws and maintaining open communication with your insurance provider, you can mitigate risks and ensure the success of your projects.
Remember, investing in the right insurance coverage and prioritizing safety is essential for your construction business's long-term growth and stability.
To reach Miranda Fischer and learn more about how she can help you with your construction business insurance coverage, email her at miranda.fischer@alliant.com or call at 516-479-7603
You can schedule a free consultation with Jerry Aliberti at jerry@pro-accel.com
or click on the blue button below and schedule a call now.
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