By Gary Semmer for AssuredPartners
The construction industry is facing a number of “external” challenges ranging from materials price inflation, supply chain delays, and labor shortages which translates into scheduling, productivity, and profitability issues.
Although we have no control over these external factors, we can help our construction clients control the following equation:
Total Cost of Risk (TCOR) Premiums + Deductibles + Risk Management Expenses/Construction Revenues= .0050% to 1.5% (acceptable range) and maintain a competitive advantage.
Let’s explore the “Best Practices” of a Risk Management Program to achieve these results:
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