For small to medium construction firms, effectively managing risks is crucial to ensuring smooth operations, protecting employees, and minimising potential losses. As an insurance company committed to supporting the construction industry, here at Brady Insurance, we understand the unique challenges faced by businesses in this sector. In this blog post, we will provide practical tips and advice on risk management, safety measures, compliance with regulations, and ways for Irish construction firms to minimise losses.
1. Prioritise Safety:
Safety should always be the top priority for construction firms and we recommend the implementation of comprehensive safety policies and procedures including the following:
- Issue Health & Safety statements and implementing risk assessments
- Deliver regular training sessions for staff e.g. manual handling.
- Ensure all employees are supplied with safe passes
- Ensure all employees are equipped with the necessary personal protective equipment
- Carry out regular inspections of equipment, tools, and machinery in order to identify and address and potential hazards promptly
- Assign/ employ a designated safety officer, with contingency and disaster recovery planning to ensure confidence in your business’s safety procedures
- Ensure that Risk Management is a cornerstone of the company, from the workers on the ground up to the management level. Try to embed it in the culture, in every day to day activity and every site.
All of the above assist the firm in evidencing a proactive and systematic approach to safety and risk management, which in the event of an incident or claim you may rely on.
2. Risk Assessment and Management:
Conducting thorough risk assessments is a fundamental step in risk management and should include:
- Identify potential hazards, assess their likelihood and potential impact, and develop strategies to mitigate or eliminate them.
- Document these assessments and ensure they are regularly reviewed and updated.
- Involve your employees in the risk assessment process, as their insights and experiences can be invaluable.
- Where certain hazardous activities are undertaken, ensure there is a method statement and training that is specific to that task.
3. Insurance Cover:
Obtaining appropriate and adequate insurance cover is vital for construction firms and general contractors as it offers protection from the risk of litigation, damage to property or equipment, and most importantly your Public and Employers Liability cover must have a policy wording that is suitable for your type of firm and the types of contracts you undertake.
Regularly review your policy to ensure it adequately reflects your evolving business needs.
4. Continuous Training and Education:
Your employees should be up to date on all improvements within the industry as well. Invest time and money in ongoing training and education for your employees. You don’t want to be left behind, so it is worth taking the time to provide opportunities for skill development, safety training, and education on new regulations and best practices for your employees. Encourage a culture of continuous learning to foster a knowledgeable and safety-conscious workforce.
In Summary…
Risk management is crucial for small to medium construction firms in Ireland to protect their employees, minimise losses, and ensure compliance with regulations. By prioritising safety, complying with regulations, conducting thorough risk assessments, obtaining adequate insurance coverage, and implementing effective project management and document control systems, construction firms can significantly reduce their exposure to risks. Remember, risk management is an ongoing process, and regularly reviewing and updating your strategies is essential to keep up with evolving industry standards and regulations.
How Brady Insurance can help you…
Contractors All Risks is an insurance policy specially designed for builders and a number of other construction trades. Contractors All Risks Insurance includes cover for contract works such as damage to the project being worked on, own plant, hired-in plant and employee’s tools.
Contractors All Risks insurance can be once-off or an annual policy depending on your requirements or those of your hirer. It can include cover for public and employers liability also.
We Also Offer:
- Tradesman Public & Employers Liability Insurance
- Personal Accident Insurance
- Fleet Insurance
Call us today or fill in our enquiry form here to get a liability quote.