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Home > Resources > 5 Ways Technology Can Reduce Risk and Lower Insurance
Premiums for Construction Businesses

 

 


5 WAYS TECHNOLOGY CAN REDUCE RISK AND LOWER INSURANCE PREMIUMS FOR CONSTRUCTION
BUSINESSES




 





Construction teams deal with risk on a daily basis. Working with heavy
machinery, heights, and specialized tools means construction leaders pay high
insurance premiums. However, these high premiums can be reduced if construction
teams employ systems that make working safer. Before construction business
leaders can explore deploying technology to make construction sites safer and
reduce risk, they must first understand risk management and why the premiums
they pay tend to be higher than those of their counterparts in other industries.




THE REALITY OF CONSTRUCTION SAFETY


 

One of the biggest contributing factors to high insurance premiums in the
construction sector is the perception that the industry is inherently unsafe.
While much is being done to address safety concerns, this belief is not
unfounded. While worker deaths and injuries have been trending down for the past
few decades, safety mishaps in construction still account for approximately
one-fifth of workplace casualties in the U.S. There is no doubt that
construction is a high-risk industry and that business leaders can take steps to
reduce the daily risks their workers face. 




HOW CONSTRUCTION COMPANIES CAN EFFECTIVELY INSURE THEMSELVES THROUGHOUT A
PROJECT


 

Insurance within the construction industry is often referred to as “construction
insurance” but this is not actually a type of insurance at all. “Construction
insurance” is used as a catch-all term for all the types of insurance that
construction companies must have throughout the course of a project. While some
types of insurance are mandated by law, individual stakeholders within a project
often add protections that are more in line with their needs.

 

Contractors, project owners, and subcontractors all have unique requirements
that can only be served by a specialized insurance policy. Choosing an insurance
provider can be a challenge for many business leaders. Even before this process
begins, business leaders must ensure that their operations are designed to
reduce risk and improve safety to keep premium costs under control. 




5 WAYS BUSINESSES CAN USE TECHNOLOGY TO DRIVE PREMIUMS DOWN AND IMPROVE ON-SITE
SAFETY 

 

1. DEPLOY SPECIALIZED TECHNOLOGY TO REDUCE WORKLOAD FOR ON-SITE WORKERS

 

Injuries are considered common at construction sites all over the country.
However, these injuries most often affect younger workers. Recent research found
that construction workers between the ages of 25 and 34 are most likely to
sustain an injury while on the job. This is because young workers are assigned
the most physically taxing tasks.

 

Business leaders can provide support to these workers in the form of specialized
technology such as exoskeletons and drones to reduce the physical impact of
handling heavy machinery and materials. This can help workers manage physical
tasks and reduce the likelihood of overexertion and injury. 

 



Source: BigRentz



2. REDUCE THE LIKELIHOOD OF EQUIPMENT FAILURES BY EMPLOYING PREDICTIVE
MAINTENANCE

 

Insurance policies often cover more than just safety. Business disruptions
caused by equipment failure are also covered by specific policies—and multiple
instances of such disruption can cause insurance premiums to rise over time. The
reason this is such a massive issue for business leaders is that construction
companies often take a reactive approach to maintaining machinery, choosing to
wait for breakdowns instead of preventing them from happening in the first
place. Modern software has allowed construction businesses to reduce the
likelihood of equipment failure by highlighting potential points of failure
before they become areas of concern.



3. CLOSE INFORMATION GAPS TO DISCOVER AND CLARIFY CLAIMS AS EARLY AS POSSIBLE

 

Insurance providers always appreciate when companies file claims promptly and
with all the information they need to make a payout. However, the construction
industry is notoriously siloed. With information coming from multiple
stakeholders such as on-site staff, office workers, contractors, subcontractors,
and suppliers, it can be difficult for business leaders to get the information
they need to resolve insurance claims quickly. This can lead to disputes with
the insurance companies over the nature of the claim.

 

Advanced and fully-integrated software that helps information flow between
business departments, leaders, and insurers can help close this gap and reduce
the anxiety that comes with managing insurance claims. 



4. ENSURE COMPLETE CONTRACT COMPLIANCE BY COLLECTING AND SHARING INFORMATION
FROM CONNECTED EQUIPMENT

 

Another source of tension between insurers and construction companies can come
in the form of compliance requirements. Insurance companies often require
companies to adhere to a set of rules before making payouts. However, it can be
difficult to prove that compliance was maintained throughout the course of a
project. Therefore, businesses must collect and store project information from
the beginning. Project management tools and insurance management software can
help business leaders provide this information to insurers quickly and
efficiently.



5. MAKE SAFETY TRAINING ACCESSIBLE THROUGH THE USE OF CLOUD-BASED MOBILE
APPLICATIONS

 

The final step in ensuring that risk is minimized at construction sites is to
ensure that each member of the team is well-versed in the safety protocols in
place for their protection. Effective health and safety programs can yield a
six-fold return on investment for business leaders, but businesses must make
such training accessible to all members of the team. Cloud-based mobile
applications can help deliver this information to team members regardless of
their physical location. 

 



Source: BigRentz

 

Ultimately, using technology to improve safety at construction sites can deliver
a net benefit for everyone involved in a construction project. On-site workers
can receive greater protection against physical harm and rest assured that they
are less likely to be injured with better safety systems in place. Office staff
can use this technology to improve the collection and distribution of data,
therefore making administrative tasks more efficient. Business leaders can use
improved safety standards to reduce liability and lower the cost of insurance
while also ensuring that the likelihood of mishaps remains at a minimum. 



ABOUT THE AUTHOR

 

Tom Stemm is the CEO/Founder of Ryvit. He was inspired to build Ryvit when
several of his clients in the construction industry had asked for some custom
integration development work. At the time, Tom was part of the founding team at
GadellNet (a fast-growing IT consulting firm in St. Louis, MO), and they
realized that there was a significant gap in the construction tech industry –
namely that, while tech purchases were high, the adoption rate of those
solutions throughout all stakeholders was still lagging. After a very diligent
launch process, Ryvit was born to address the rampant problem of a disintegrated
tech stack in the construction technology space. Tom continues to lead a team of
integration developers, application enthusiasts, customer heroes, and sales
superstars on a mission to eliminate duplicate data entry and rampant data
errors from the construction technology world.





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