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How prepared is your construction company against a project disaster?
Construction is a risky business. As a firm or an independent contractor, you’re most likely aware of the many risks that are inherent in construction projects. Whether it’s making sure employees are safe on the job site or meeting the terms outlined in your contract, every construction project has its own set of hazards that can damage your bottom line. Nearly 30 percent of contractors fail because of management issues. Some of the common risks include:
Thus, construction risk management should be viewed as a critical step in your projects. An effective risk plan must have easy-to-follow, detailed processes to help you identify risks, control them, and then turn around to boost your business. By setting the right strategies, your company will not only defend against disasters but also open new business opportunities.
In 2020 and onward, costs and safety concerns will continue to rise as construction projects and technology become more complex. Check out the infographic below from BigRentz for a guide to the risk management process.