3 Logistical Tips For Any Construction Project

12 April 2017
 Categories: Finance & Money, Blog

In order to make totally sure that your construction project is handled properly from start to finish, while dotting every "i" and crossing every "t," you owe it to yourself to manage the logistics. This means holding all independent contractors accountable, properly insuring your construction project and making sure that safety standards are upheld. To manage all three of these very important items, read on and follow these points below. 

#1: Take out contractor bonds

When it comes to a construction project, the last thing you would want is to not be able to move forward because a contractor did not hold up their end of the bargain. Contractor bonds are a way to account for this. These bonds allow you to keep the other party honest, while ensuring that your project will be completed no matter what. The way that they work is that the contractor will obtain one of these bonds and if they do not complete the project as promised, the bond company will either pay you or find you a contractor who will finish it. If your project has costs of more than $150,000, you are required to operate under these bonds. When working with contractors, make sure that they furnish proof of such a bond and that you properly vet the bond company and its rating.

#2: Take out an insurance plan

It is important that you also insure the project entirely. Liabilities can hamper your ability to operate as a company, so a quality general liability insurance plan will account for anything that can happen on the construction site. Take an honest inventory of your construction project to think about the types of possible damage that you could encounter. Take out an insurance policy that will account for these incidentals. You might expect to pay anywhere between $380 and $1380 in premiums for a sizable insurance plan.

#3: Take the time to make your project safe

Safety is the most important part of any construction project, both for your contractors, any passersby, and the community as a whole. Start out by appointing nothing but OSHA certified professionals to maintain proper safety standards. Hand out warnings and fines for people who are not wearing proper safety equipment when on the project. You should also hang signage which lets people know to stay aware and maintain all safety standards. When you enforce safety, you drastically mitigate the potential for any kinds of injuries.

Use these three tips for any construction project that you have.