What do you do if you're a self-employed construction manager facing potential risks and liabilities?

It is essential for self-employed construction managers to obtain appropriate insurance coverage. Various types of insurance that are commonly obtained in this field include general liability insurance, professional liability insurance (also known as errors and omissions insurance), and workers' compensation insurance.

Self -employed Construction Manager following things he can do : 1.Insurance: Secure appropriate coverage like liability and workers' comp insurance to transfer the risk. 2.Legal Protection: Consider forming an LLC to shield personal assets. 3. Solid Contracts: Use detailed & clear contracts to clarify responsibilities and terms. 4. Risk Management: Identify and mitigate project risks proactively. 5. Safety Measures: Implement strict safety protocols on-site. 6. Financial Planning: Maintain a robust financial plan for cash flow and taxes. 7. Professional Advice: Seek guidance from legal, financial, and insurance experts. 8. Continuous Learning: Stay updated on industry regulations and best practices.

Get WC insurance and know your EMR get state workplace evaluations if you are in NYS which can get you approximately a 5% discount on your policy if you have a good safety and risk management program in place.

To protect yourself from potential risks and liabilities as a self-employed construction manager, it is crucial to acquire a thorough understanding of construction laws, licensing requirements, and pertinent building codes in your operating area. This knowledge will facilitate compliance with regulations and minimize the chances of encountering legal liabilities. Additionally, seeking the guidance of a construction law specialist to review your contracts can ensure fairness, comprehensiveness, and protection of your interests. A well-crafted contract functions as a robust defense mechanism against disputes and claims.

A great safety program can also translate to low OSHA rates low recordable motor vehicle collisions, and a low EMR (Experience Modification Rate)

Continuous learning is crucial for self-employed construction managers to effectively manage risks and liabilities. Given the dynamic nature of the construction industry, staying informed is essential. To achieve this, investing time in researching emerging trends, developments, and technologies within the field is necessary. By adapting practices accordingly, construction managers can proactively manage risks. Additionally, staying updated on changes in regulations, building codes, and compliance requirements relevant to construction projects is important. Consistently adhering to legal standards minimizes the likelihood of encountering liabilities.

I just spoke to someone the other day that said how a lady walked by a site during construction and the safety fence blew over and landed on Her while the building dpt was doing an inspection. The inspector asked her if she ok. The lady did not answer. After the 3rd time he asked she continued to not speak. 3 months later he was contacted by a lawyer. The lady was suing the city and contractor! So it's always good to be covered with insurance 1 way or another!!