RC105 MarApr2023 - Magazine - Page 11
relatively stable. Casualty insurance rates
are rising in certain categories, such as road
builders, but builders’ risk insurance may
go down slightly on wood frame projects.
However, carriers are now requiring additional risk mitigation measures on jobsites,
including water shutoffs, video surveillance
and other security provisions.
At the same time, the construction industry is beginning to explore other ways to
mitigate exposures. Some are adopting hightech solutions to reduce the risk of flood
and fire on building sites while others are
implementing increased worker training to
reduce auto accidents or onsite injuries. Still
others are seeking out alternative materials,
such as manufactured wood and concrete
alternatives, to alleviate supply chain and
costing issues while still supporting sustainable options.
Technology
Despite a history of slow adoption, technology is now transforming the construction
industry. Drones are regularly surveying
and securing sites. Robots perform repetitive
jobs such as wall building. Smart helmets
and exosuits protect workers and keep them
on task. And 3-D printing generates components for large-scale building structures in
record time. In fact, experts predict that 3-D
technology can cut construction time in half
for one housing project in Ontario—leading
to a cost cut of as much as 70 per cent.
At the same time, technology also leaves
the construction industry open to cybercrime. Careful firms will introduce regular
cyber training and multi-factor authentication protocols to protect the enterprise. They
will also secure cyber insurance to cover
them should the worst happen, and they
still fall victim to a cyber attack, despite all
measures.
Make a plan
Construction firms across the country will
be struggling to manage their risks and
face the future head on. As you develop the
right strategy, take these considerations into
account:
OFFER APPROPRIATE EMPLOYEE BENEFITS. Providing
the right mix of benefits is the best way to
attract qualified workers. Those who receive
healthcare, sick days and paid time off will
be more likely to stick around, knowing
that the company cares for them and their
wellbeing.
UNDERSTAND YOUR RISK. In the construction
industry, it isn’t enough to assess only your
own risk. Pre-qualify your contractors by
confirming that they also prioritize worker
safety and risk management. Be sure all
contractors carry the necessary insurance.
And work only with those who meet your
standards. You should also assess the risk
represented by the clients for which you
intend to work. For example, are they known
to meet their payment obligations? Should
you check their credit record? Has the client
a reputation for contract and payment disputes?
CREATE A FORMAL TRAINING PROCESS. Reduce workplace accidents by requiring regular training.
Set clear expectations for all workers and
commit to maintaining a safe work environment. A company that demonstrates its
commitment to protecting the workforce also
improves employee retention.
Solutions for a
better tomorrow.
We are proud to be recognized as a
2023 Platinum Elite badge recipient on
ReNew Canada’s Top100 Infrastructure Projects.
RENEWCANADA.NET
MARCH/APRIL 2023 – RENEW CANADA 11
