Excavation Contractors: Three Key Insights for Lowering Risks and Costs

Safety and efficiency are important to all businesses, but are paramount for underground excavation and utility contractors. Identifying potential safety risks, educating employees, and implementing procedural improvements can help  contractors safeguard their operations and minimize costly disruptions.

Here are three helpful insights for excavators and utility contractors:

Identification of Risks

Most successful excavation and utility contractors  experience growth in their businesses. In many cases, the owner must shift from working in the business to working on the business. Although this shift is essential for the long-term health of the firm, it removes the owner from field work and reduces the  first-hand experience of safety issues and concerns. Since most owners also make the insurance decision, this lack of field exposure can result in key risks being unidentified.

As professional risk consultants, Knight Insurance Group agents are trained to help companies identify potential operational risks. Once the risks are identified, your agent will craft a comprehensive approach to mitigate the risks through a combination of risk prevention and transfer (insurance). The recommendations are typically designed to lower your liability exposure cost-effectively.

Compliance

Effective risk management incorporates an in-depth review of a company’s operations to identify potential compliance issues, especially with DOT and OSHA. By addressing concerns proactively, businesses can avoid potential penalties, create a safer work environment, and craft a more cost-effective risk management/insurance plan.

Education

Education is a crucial component of risk mitigation. Providing employee training on safety practices and procedures is essential for reducing the likelihood of accidents and injuries. Online resources and in-person seminars can empower employees with the knowledge they need to work safely.  Knight Insurance Group offers online resources specifically written for underground excavation and utility contractors through its Risk Management Center (RMC).  Click here for a preview of the RMC.

Unearthing the complexities of the excavating and utility industry requires a comprehensive approach to risk management. After gaining a deep understanding of a customer’s operations, Knight Insurance Group risk consultants develop effective solutions to mitigate risk, tailor insurance coverage, lower costs, and ultimately help clients achieve long-term success.

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