Construction Risk
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Construction Risk






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Construction Risk Construction Risk Document Transcript

  • Mitigating Risks with Subcontractors and SuppliersWithin today’s construction environment, general contractors face many day to day risks. Not all risks can be mitigatedaway. However, you can significantly mitigate the risks your firm encounters when it comes to contracting to the rightkinds of subcontractors and suppliers. The failure to perform appropriate due diligence on a subcontractor may not hurtthis quarters bottom line, but one negative incident could delay projects, increase project costs, and result in decreasedprofits for the year. Questions to answer about your subcontractor risk mitigation practices:  Who is responsible for the vetting of your subcontractors and suppliers?  Do you have a centralized location to house all of your organization’s subcontractor data?  How often is this information updated and verified and who is responsible for these tasks?  Who is verifying that the subcontractor’s insurance hasn’t changed throughout a job?  If an incident occurred, how do you currently show the due diligence on every subcontractor hired by your firm? As you are aware, the above information is critical to job completion, owner satisfaction and reputation protection. If you can’t answer these questions with certainty, then you can’t rely on your own system. From here, you have two options: fix internally or work with Assurance Screening to handle this for you. Depending on the number of subcontractors in your system, implementing an effective program internally can cost you well over a hundred thousand dollars. Between hiring staff, paying for a software platform to house all the data, and covering the costs of pulling the different types of business checks from public data to credit histories of your subcontractors, implementing a program internally is not necessarily the best option. At Assurance Screening, we handle all of the above at a fraction of the costs. With our subcontractor notification system and document collection and verification team specially trained to run the process for you, you can feel confident knowing that you have the information your firm needs to make informed decisions when it comes to working with quality subcontractors and suppliers. In addition, with our customizable screening parameters, flexible pricing schedule, and bulk enrollment discounts, your organization can have the peace of mind knowing that your subcontractors have the right insurance, bonding capacity, licenses, or other types of credentials required to work with your firm. Meet with us today to see how we can help your firm Be Sure. ©2011 Assurance Screening, LLC