Essential Risk Policies for Builders

Posted on February 9, 2021October 7, 2021Categories Risk PoliciesTags , , , ,

Builders understand the risks inherent in their line of work. What they may not realize is that there are two types of coverage necessary to protect against the many risks they face. Builders Risk Coverage A builder’s risk policy covers the contractor’s equipment and property, along with the materials utilized during the construction process. Coverage includes damages caused by such things as: Vandalism and external theft Fires Explosions Cars or other vehicles crashing into the contractor’s building Typical builder’s risk … Continue reading “Essential Risk Policies for Builders”

Components of a Truck Fleet Risk Management Plan

Posted on January 5, 2021April 5, 2022Categories Risk Management PlanTags , , , ,

Anyone who manages a fleet of trucks must work to prevent a host of potential mishaps from occurring. Besides the health and well-being of both vehicles and drivers, he or she also is responsible for fuel usage, security, and management of any incidents that occur. Here are some key elements of truck fleet risk management plans used by successful administrators. Driver Education Continuing education courses are crucial components of any risk management plan. Besides vehicle-specific operational training, you should consider … Continue reading “Components of a Truck Fleet Risk Management Plan”

What Is Risk Retention?

Posted on November 24, 2020October 7, 2021Categories Risk RetentionTags , , , ,

In business, there will always be a certain amount of risk. Some businesses transfer this risk to a self insurance group to reduce costs and make the financial cost of these risks more predictable. The process of transferring these risks is known as risk retention. What It Does This process of transferring risk to a self insurance company or group protects assets from potential liabilities. For example, if an IT company gets hacked and they have the majority of that … Continue reading “What Is Risk Retention?”