Construction Risk Management
The Construction Industry is a multifaceted industry, with each business facing its unique risks. CPK Insurance Services’ Construction Risk Management Program enables companies to develop comprehensive risk mitigation strategies to help protect and promote stability essential for growth.
CPK Insurance Services’ Construction Risk Management Program
The construction industry faces many risks that threaten a project's stability. From extreme weather to supply chain issues managing your risk exposure within the industry is often complex. With many moving parts and variables, prudent insurance advice is essential to help ensure proper risk exposure. At CPK insurance, we understand the importance of comprehensive coverages to protect your business and projects financial stability. Our broad market access and consultative approach enable us to provide industry-leading insurance solutions.
Maximizing your success when developing property starts with having the right risk management partner. CPK Insurance Services’ Risk Management Program is built to address the unique risk exposures your business faces. Our team utilizes enhanced carrier resources and technologies to create custom coverages to help close gaps and safeguard your business from loss.
Each construction project is unique and often involves many investors, contractors, subcontractors, and construction site workers. We understand these dynamics and provide insurance solutions designed to protect your project and all financially interested parties. Our Construction Risk Management Program offers solutions for all types of businesses and construction projects, including:
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Companies engaging in the construction and maintenance of dams, bridges, roads, and other infrastructural projects
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Construction companies in property development
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Companies engaging in the construction of Commercial, Retail, Industrial, and Institutional buildings
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Individuals or companies involved in the construction of their own premises
Risk management strategies for the Construction Industry
Our risk management strategies help Construction companies drive continuous innovation, endure future challenges, and achieve ambitious growth objectives. We work alongside our clients to help extend your current insurance program's capabilities, optimize your risk spending, close coverage gaps, manage exposures, and find new growth opportunities. Our Construction risk management program offers comprehensive insurance management services to help your organization carry out its mission and mitigate the risk exposures your business experiences. Some of the critical challenges the Construction industry must address include the following:
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During construction, damages caused by fires, extreme weather events, and vandalism may occur. To mitigate the risk of property damage, having a Builders risk insurance policy is essential.
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The risk of errors and omissions is an area of concern for the construction industry and must be properly addressed. Errors and omissions exposure can vary by project. For example, miscalculation of structural requirements by contractors could lead to costly repairs down the line. Professional liability insurance can help cover financial claims due to Errors and omissions.
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In construction, there is never a guarantee that the project will be completed on time and to satisfaction. To make sure the development of the property is assured and the contractor is also paid, getting a contractor's bond policy is advisable.
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Employee injuries are common due to the nature of the construction industry. It’s essential to protect your business and employees from costly medical bills and lost wages by having proper coverages in place.
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Commercial & contractor liability helps cover the risks of bodily harm and property damage. This protects the policyholder from unnecessary risks such as faulty quality, advertising defamation, or job-related injuries. In some states, this coverage is a mandatory requirement for businesses in the construction industry.
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The risk of property damage significantly increases while in transit. Inland marine insurance helps curtail losses that may occur when construction machinery is not at the primary location.
Our Innovative Solutions and Capabilities
Our Insurance Services are designed to help protect and grow with our clients – we build lifelong partnerships. When partnering with us, you gain access to an extensive network of dedicated risk advisors and premium insurance carrier partners who are here to analyze your organization's risks and build strategic risk solutions around your insurance needs. With solutions tailored to assist clients in the Construction Industry, we achieve real results that free you to focus on what matters most. As your company changes, so do your risks. We structure our operations to ensure proper risk management aligns with your business's growth. Our comprehensive solutions built for the Construction industry can include the following:
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Owners' and contractors' protective liability