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4 Great Ways to Prevent Losses As A Contractor

Posted May 2nd, 2018 in Media, General, Insurance Tips, Commercial Insurance, Did You Know?, In the News

We understand that as a contractor you run your business operations very differently than a traditional enterprise, which lends itself to having unique commercial losses. We’ve put together helpful ways you can prevent losses as a contractor.


4 Great Ways to Prevent Losses As A Contractor, Youngs Insurance, Ontario

Considering your daily jobs can change day to day, and most of your time is spent on various job sites rather than in an office, you must adapt your strategy for preventing loss to suit your unique business needs.

1 | Job Site Safety

You can never take safety too lightly. When on a job site, make sure you take the time to see if any of your work is going onto public land. Clean up regularly and make sure the area is safe for pedestrians. 

If you are involved in welding operations performed away from your premises you must comply to the following: a) all combustible materials within 30 feet of the work site shall be removed or covered with non- combustible sheeting; b) all combustible materials below the work site shall be removed or protected etc.

Furthermore, if you are working with any flammable materials, follow the strict procedure as to how to properly store such materials when you are finished working with them. Also, always have a fire extinguisher on every job site.  

2 | Secure Tools & Equipment

Your tools and equipment are an investment and a major part of your business as a contractor. Ensure you protect them by having a secure storage area for both on the job site and off. Only bring the equipment that is required for each job, leaving the remaining tools and equipment secure offsite.

Another suggestion is to have all of your contractor tools and equipment labeled. For example, you can paint them bright colours, use a barcode system, etc., as this will help ensure they are easily identifiable if you are on site.  Moreover, it would be very useful should they go missing. These tips will help prevent any damage or losses to your tools and equipment.

Make sure your Insurance Broker has been provided a list of all tools and equipment, as your tools must be included on a tool floater, with a value indicated for each (typically all valued over $100.00). As well you want to list your Contractors Equipment (ie. backhoes, etc.) on a policy, indicating make and model along with value, as this will assist significantly if there is a claim.

3 | Follow Codes & Permits

You know, practically every job site has a different set of codes and permits when it comes to contracting. Always take the time to review them before getting to the job site, that way you can avoid any violations. Don’t forget to keep your documentation on site, including all approvals obtained and tests completed.

4 | Subcontractor Validation + Coverage

If you hire a subcontractor to work on individual contractor jobs, make sure you obtain all necessary and appropriate validation, including proper insurance coverage for their work duration.

As a contractor your business can sustain unique losses, we hope that our recommendations will help you moving forward in preventing a loss.

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Source: www.youngsinsurance.ca

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