Construction
Construction companies seek to promote an injury-free environment and provide the safest workplace possible for anyone who enters their sites. In order to achieve this goal, stringent risk management and safety measures are required.
Risk in the construction industry typically occurs on the sites and during the transportation of construction materials. This environment exposes workers to a high risk of accidents if adequate safety measures are not in place.
Risk management tools can be invaluable in mitigating risk and consequently accidents, such as by highlighting risk areas and patterns not previously detected. They can also help to manage the company’s overall exposure, whether contractual or asset based, and financing of the resulting risks.
Benefits
- better insight into cost of risk per project
- identify poorly performing divisions in the company
- ensure corporate social responsibility
- monitor environment or social related claims to negotiate better premiums
- make informed decisions on new contract pricing and cover, based on historical information
- control contracts and analyse if there is a problem with a subcontractor
- improve health and safety through accident and incident analysis
- identify all incidents and define their real costs
- effective management of policies including tracking renewals, monitoring total contract values against sums insured and sub-contractor insurance obligations
“We’ve been able to identify six specific causes that resulted in 84% of our injuries. We also know that over 80% of our losses last year occurred on only 30 projects.”
David Lawton, Director of information technology - Turner Construction