How can ProjectPro Help to Reduce Insurance Risk for Construction?
As a construction business owner, keeping check of your operations, process efficiency, and promoting a safe and healthy environment is crucial. Undoubtedly, mishaps and accidents are unpredictable due to heavy machinery, hazardous materials, and other risks. This is why construction businesses should be fully covered by insurance while managing costs. If you fail to do so, your insurance cost could lead your business to losses.
Technology is to your Rescue
Now, this might be surprising to you! A good insurance plan can protect your construction from accidents and uncertainties. However, embracing the latest technologies will provide an extra layer of protection for contractors while controlling insurance costs. By using advanced and innovative technologies, you can easily track job activities, store and manage vital data, and evaluate risks.
This is where an integrated cloud-based platform, ProjectPro comes into play. Powered by Microsoft Dynamics Business Central, ProjectPro, is a platform that establishes solid communication among your onsite and office team. In this way, your construction business witnesses minimal accidents and mishaps.
Let’s get into the detailed benefits of choosing ProjectPro to reduce insurance risk costs for your construction business:
1. Reduced claims against wasted time and cost
Wage disputes are one of the most common lawsuits filed by employees against their employers.
Standard paper check-in procedures impose a greater risk of human blunder and miscommunication. If workers haven’t correctly clocked in, this could result in skipped time for which they should be compensated. Manual time tracking techniques also raise the possibility of false time tracking during breaks.
ProjectPro makes it easy to track the hours that employees work on-site rigorously. Managers can ensure everyone is paid accurately and paycheck disputes are reduced to an extent.
In a safety incident, there can be disagreement about mislaid wages and time for the workers involved.
For instance, if the project is halted due to stormy weather or a natural disaster, proper documentation is required to file the insurance claim and keep all stakeholders apprised. Inadequate records can distinguish between having your insurance cover the casualties or not.
A system that permits access to and allows you to manage all the project data can prove priceless in downsizing lost time and wage claims.
2. Improve safety programs
Taking a risk management approach indicates workers can accomplish tasks more safely. Companies can also skillfully address their safety-related costs. Appropriate staffing of employees and monitoring of possible site hazards improve safety for everyone involved.
If an insurance company considers your project a high risk, your insurance premium will be higher. Executing a solid safety program can immensely contribute to lowering your insurance costs.
Safety is intrinsic to the construction industry. Your entire crew must be trained and aware of safety procedures and issues throughout the project.
Ensure that toolbox discussions are documented, and those records are organized. Create a sense of responsibility within your team by creating an incident reporting process. Also, make sure any significant hazards are quickly addressed. With ProjectPro, you can make this program document accessible to your team.
3. Keep track of injuries
As the construction industry has an injury environment, contractors must have a precise injury reporting process to save on insurance costs.
Using technology to document and track injuries can reduce the time spent filing the insurance paperwork. An amazing digital documentation solution can automatically notify HR and simplify the insurance claim by providing easy access to proper supporting documents.
Tracking injuries permits you to create a more powerful safety program, decreasing incidents and lowering insurance premiums.
How Does ProjectPro Go Beyond Just Reducing Insurance Costs?
Insurance premiums and claims can consume your budget if you’re not cautious. Managers seek ways to dodge claims and reduce premiums to maintain costs. ProjectPro is a platform that explicitly helps contractors track field workers and activity, manage documentation, and provide complex evidence in an insurance claim.
ProjectPro is designed explicitly for construction contractors to consolidate and handle their data and documentation, mitigating risks and controlling claims. By regularizing processes and documents, ProjectPro makes document management more accurate, enhances quality assurance and control, assures your project is within the decided scope and budget, and ensures timely report submission.
Our platform is user-friendly across devices, including an easy-to-use interface that keeps the field and office connected and operating on the same platform.