Managing risk effectively not only helps improve worker safety, but it also helps protect your reputation and bottom line.
See the 6 ways Travelers can help you manage construction risk.
Working alongside contractors’ construction risk management teams, Travelers tracks frequent loss trends across the industry. Here are some of the insights we’ve collected and tools we’ve developed to help contractors manage construction risk and its associated costs.
train skilled labor
Manage rising medical costs
evaluate auto risk
USE TECHNOLOGY TO MANAGE RISK
promote worker safety
evaluate contract risk
A lack of skilled labor can affect the overall safety of a construction company. Cranes are among the most expensive, critical and dangerous pieces of equipment on a construction site and they require specialized training. Travelers has a nationally recognized crane operator training program for contractors, operators, safety and management staff.
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Early intervention strategies can help contain medical costs for injured employees. The Early Severity Predictor® model identifies an injured employee’s likelihood of experiencing chronic pain using weighted indicators at key points during the life of a claim. This provides opportunities for intervention on construction related injuries. This proactive claim management helps get the injured employee the treatment they need so that they can return to work as soon as medically appropriate and avoid potential opioid misuse.
Given the complexity of site operations, contractors don’t often recognize the impact auto-related losses can have on their cost of risk. Over-the-road exposures for construction workers driving on company business are significant. Learn how to assess risks on the road, such as distracted driving, as well as other fleet management practices.
A prime example of how technology can help put appropriate safeguards in place before work begins is ZoneCheck℠, Travelers’ ground vibration estimation tool. It allows contractors to identify areas on and around worksites that may be susceptible to damage from vibrations caused by construction equipment. It measures peak particle velocities during activities such as pile driving, compaction and earth moving to help prevent potential problems. Sometimes, despite precautions taken, allegations are made by surrounding property owners that ongoing work is causing damage. Gathering the facts early and leveraging our construction Claim professionals’ experience in the industry can help mitigate loss costs.
Proper onboarding and training can help retain skilled labor and keep employees safer and more engaged on the job. Travelers Construction Risk Control safety professionals work with contractors to assess their unique risks, such as the loss of critical employees. With the shortage of skilled labor, construction safety practices, including onboarding and providing continuous training, can help keep employees safe and foster deeper engagement on the job.
Analyzing risk-shifting provisions in construction contracts is important to managing risk. Travelers can help manage risks through our contractual risk transfer approach. It helps our customers identify the risk-shifting provisions in construction contracts and mitigate risks associated with hiring subcontractors.
