contractors

Financial Considerations For Contractors

Being a contractor or in the construction space is no easy task. To be successful, it requires a lot of work and dedication. There are growing financial pressures put on contractors, and small businesses may find themselves under some financial pressure. Costs are growing and it’s important to be able to withstand these pressures. Here are some things to consider if you are a contractor and find yourself feeling some financial burden.

Increased material and labor cost

Skyrocketing raw material costs and lack of skilled labor driving higher minimum wages are both heavy financial burdens for small construction companies and contractors alike. Although this may not be something you can control, it may be a good idea to search for different material sources. Make sure that the people you are hiring are people who you trust and do good work. Hiring bad employees can result in greater losses in the future.

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Cost of Injury

You never want your employees to get injured on the job. However, it’s important to have workers comp in case something does happen. Workplace injuries can become a financial burden if you fail to prepare for them. Make sure your business has proper safety measures and protocols to minimize injury risk. You may also want to consider that most safety equipment is made for men. If you have woman employees, it may be appropriate to take additional safety precautions into consideration. It’s never a bad idea to do a safety refresher course with your employees to mitigate some injury risk!

Gender-Related Challenges

In addition to male-focused safety equipment, there are other gender-related workplace challenges to overcome. While these may seem like an additional expense, you want to make sure that your employees are comfortable in their workspace. When your employees are happy, it can create a better business.  Some gender-related things to take into account include:

  • The pay gap between men and women. Make sure that your employees are paid equally for the same work.
  • Tool and equipment design
  • The language used in the workplace
  • Company culture

Learn more about how to accommodate women in construction here!

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Insurance Costs

Are your current insurance costs adding extra pressure to your business? Rates in the construction industry are extremely volatile.  Having a local agent, like Encharter, can help assure that these costs are kept level, predictable and manageable. It can be hard to feel like you are making progress when your finances are unpredictable! We are here to help your business be successful.

Unexpected Events

Sometimes, accidents happen. Even with planning, an unexpected event could wreak havoc on contractors. Will your current insurance program protect you from devastating financial outcomes? Or will you be left with a mountain of financial burden? Talk to an insurance agent at Encharter to help protect your business from the unexpected. Each business is different and has different needs. We can help you find the right coverage for you and your construction business.

 

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