Framing contractors invest their expertise, time, and energy to construct frames that can successfully support buildings and stand the test of time. However, those who own a framing contractor business need to be aware of challenges that can arise from risks such as property damage, equipment breakdowns, and environmental factors.
Therefore, it’s important for a framing contractor to assess their exposures and avoid gaps in their risk management programs. Take a look at some of the risk categories and their considerations that framing contractors should always keep in mind while working:
Property:
Due to the storage of lumber and other highly flammable wood products at the office or workshop, property exposures can be significant for carpentry contractors. Malfunctioning electrical equipment and even weather can ignite stored wood, putting your property and any tools, equipment, materials or supplies at risk.
Commercial Automobile:
Due to the frequent travel required for carpentry contractors to reach job sites, commercial automobile exposures are significant. Driver fatigue, hazardous weather conditions and distractions can lead to accidents.
And, just one accident can be extremely costly, as expenses related to vehicle repairs and bodily injuries can add up quickly. What’s more, if you allow employees to use their own vehicles for work, standard auto policies are often not enough.
General Liability:
In the event that an injury occurs at a work site, you may be held responsible. A simple misplaced tool or piece of equipment could cause slips, trips and falls that may lead to costly lawsuits or insurance claims.
Additionally, a client, employee of another contractor or member of the public may claim that their property was damaged by your employee, and even a frivolous lawsuit could cost valuable time and resources. General liability coverage can help cover any associated medical or legal costs related to these risks.
Completed Operations:
Once a job has been completed, carpentry contractors can be held liable if their work product causes bodily injury or property damage. While claims of smaller problems can often be resolved with a repair, larger issues may result in legal action. Completed operations coverage can help protect a contractor in the event of such a claim.
Crime:
Crime may not seem like a significant risk due to the fact that clients most likely pay for their contracts via card or cheque, so cash is not kept on the premises.
However, thieves do not need direct access to cash to steal from you. Equipment, supplies and securities are all potential targets for wrongdoers.
Find out more:
Assessing your exposures and taking the appropriate precautions can go a long way toward protecting your business. Download our “Loss Control Questionnaire: Framing Contractors” guide for an in-depth list of more ways to minimize gaps in your risk management:
