Overseeing construction projects means so much more than just getting the right team together. You need to be the vision and the shield. You need to be there to keep everyone on track and also to work hard to protect your livelihood and all of those working under you. Part of this will mean building the right insurance policy. Still, in other cases, it will also mean using the right digital security measures and creating the right contracts so that everyone is protected, including you.
Build a Custom General Contractor Insurance Plan
Minimizing your risks with the right general contractor insurance for you is an absolute must. You can often build such a plan with a quality insurance provider, but other than covering all the jobs involved with your project, you will want to be confident your coverage is enough. For small jobs, a $300,000 liability limit may be enough, but for most general contractors, a $1 million liability limit is ideal.
If you can, always try to add professional liability clauses. This will protect you from any potential fallout from a mistake on your behalf and can work to keep your business up and running even if something went wrong.
Such insurance is great for advertising and can help secure you more work with quality clients in the future.
Check Licenses and Permits Before Every Job
You might have worked with this one electrician for years, but it takes one mistake to put all that trust down the toilet. They may have forgotten to renew their license, or something may have happened, and they are no longer qualified for the job. By making it standard to check that they have all the licenses and permits to work in your state before the job, you can keep hurt feelings down and ensure a quality job every time.
Insist on Safety Training
Regular safety training is essential to drill in the best practices until they become second nature. Providing that regular safety training, and being able to show certified proof of it, is also a great way to assure clients that they are getting the best team who know what to do and will do it carefully.
Hire an Accountant to Forget Tax Issues
It is too easy to get tangled up in tax issues as a contractor. You have a lot of people to pay and a lot of expenses to account for. The best way to keep track of everything is to one, use an accounting program that makes it easy to keep track of these costs and expenses, and two, to hire an accountant when your taxes are due so that you can take advantage of tax breaks and adhere to the latest tax laws.
Tax laws change often, so don’t be ashamed that you didn’t know that one little thing changed. Take that stress out of the equation with this two-step approach.
Never Cut Corners
Never cut corners with construction materials or with permits. Corners usually have a way to come back and bite you, and the last thing you want is to get caught up in a serious case years down the line. Do things right, and grow.