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From the category archives: Insurance

Insurance

Business continuity and perpetuation – Get with the plan!

9/11/2019 9:53 AM

Mike Zahn photo

Type-A. Entrepreneurial. Driven. Innovative. Tireless. Sound familiar?

Contractors are planners by nature. Most company principals have worked their entire professional lives to build and grow their firms, yet for many, the idea of perpetuating their business is always years away. In an era of record valuations, it’s easy to make the assumption that a willing buyer will always be there to take the reins. The key to successful ownership transition is simply ...

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How to avoid a bad driver's impact on your fleet's auto insurance

7/2/2019 9:57 AM
Despite record low unemployment, you finally hired one – a diamond in the ruff. After a 16-hour shift on-the-road, his only question at the end of the day was, “What’s next?” Things are going so smoothly, but then a call from your insurance agent, “The insurance company is hammering me. That new driver you hired has a DUI. They’re asking you to put him in a non-driving capacity or they're going to reevaluate your insurance program.” Thankfully, for commercial insureds, there are solutions to the problem – prevention and alternative insurance options. Read the rest of entry »

Final rule expands options for HRAs

6/21/2019 9:08 AM
The U.S. departments of Labor, Health and Human Services and the Treasury issued a final rule on June 13 that expands the usability of health reimbursement arrangements (HRAs). The rule is effective for plan years beginning on and after Jan. 1, 2020. This final rule was issued in response to a 2017 executive order directing federal agencies to expand access to HRAs.  Under the current regulations, HRAs cannot reimburse employees for the cost of individual health coverage. Read the rest of entry »

How to avoid common compliance oversights in construction contracts

6/20/2019 11:04 AM
Construction hard hat thumbnailConstruction contracts can contain pages and pages of requirements, with issues ranging from labor and safety practices to minimum liability coverages and more. A contract is primarily designed to protect the property owners that hire your company. Because contracts can be so complex and vary with each project, knowing whether you’re in breach of those contracts is a major challenge. Whether a subcontractor or general contractor, use these tips to help manage it all and remain in compliance. Read the rest of entry »

8 must-have types of insurance for construction companies

1/16/2019 1:43 PM
Construction site imageThe construction industry has inherent risks and job sites are often bustling with activity. Workers, contractors, large machinery and more are needed to get the job done, which open up the possibilities of injuries, third-party damages and potential litigation. Advancing technology and machinery is alleviating some of the risks of doing business on the one hand, though can ultimately add more risks on the other. However, there are ways to mitigate risks by ensuring you have the right insurance coverage.  Read the rest of entry »

ABC’s most read blog posts of 2018

1/9/2019 3:31 PM
Posts on the Wisconsin Contractor Blog were read more than 48,500 times in 2018, according to a review of website statistics by ABC of Wisconsin. Throughout the year, ABC of Wisconsin uses the blog to present feature stories, analysis, advice and general information of interest to the construction industry.. Here’s a recap of our 10 most popular blogs in 2018. Read the rest of entry »

2019 inflation adjustments announced for HDHPs and HSAs

10/9/2018 10:14 AM
The Internal Revenue Service announced the 2019 inflation adjustments for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs). These adjustments include maximum HSA contributions, minimum deductible amounts and maximum out-of-pocket limits. Read the rest of entry »

Indemnification – Big word, big risk

8/29/2018 9:20 AM
Almost all businesses enter into numerous contractual agreements each year. These agreements are often given the same cursory review as an iTunes Agreement. Failure to closely scrutinize the details of these agreements can adversely impact the business’s total cost of risk in the event of a problem. The provision within the contract that impacts the business’ cost of risk more so than any other, especially in construction, is the Indemnification Agreement. 

Contractual risk transfer is a critical component of effective risk management, but whether one is transferring the risk or assuming it, the exposure needs to be understood as not all indemnification clauses are covered under your insurance contract.  Read the rest of entry »

Making music in construction contract management

7/6/2018 11:19 AM
A few weeks back, my daughter treated me to tickets for an Anderson East concert at the Majestic Theatre in Madison (By the way, he puts on a great show.) During the second set, he covered one of my favorite old tunes by Sam & Dave, “Hold On, I’m Coming.” He then immediately transitioned into his hit “All On My Mind.” OK, you’re thinking, "What in the world does this have to do with construction contract management?" Well, it has to do with the transition of time and the evolution of risk transfer. Read the rest of entry »

Falls are still major safety issue in construction

4/23/2018 3:16 PM
After adding more than 30,000 jobs in January alone, the construction industry shows no signs of slowing down. With more workers comes more responsibility for safety. Falls from heights are still the leading cause of death in the private construction industry and lack of proper fall protection is the most frequently cited violation by OSHA ... Read the rest of entry »
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