Understanding Owner Controlled Insurance Programs Owner controlled insurance programs are complex insurance products that can offer great opportunities for cost savings, superior risk management, and…
A surety bond is a three-party financial agreement where an insurance company or financial backer guarantees that a business will fulfill its obligations—such as completing…
Workers’ compensation insurance (also known as workers’ comp or, sometimes, workman’s comp insurance) is a type of insurance coverage designed to provide financial protection for…
In construction projects, retainage refers to the portion of payments that project owners or general contractors temporarily withhold from contractors or subcontractors. Sometimes referred to…
Labor burden refers to the total cost a business incurs to employ someone beyond their base wages or salary. These indirect expenses—including taxes, insurance, benefits,…
In construction, job costing is the process of tracking and accumulating project-specific expenses—such as materials, labor, equipment, subcontractors, and allocated overhead. As one of the…
Preconstruction is the preliminary planning phase of a construction project where owners and architects—often in collaboration with a contractor—define the project’s scope, budget, and schedule…
In the construction industry, reaching the end of a build doesn’t mean the job is finished. Before a project can officially close out, the project…
Handling out-of-scope work without a clear process often leads to payment disputes and tension with clients. A change order connects the original contract to what…
If you run a construction business by lumping expenses into broad categories like “materials” or “labor,” you will never know exactly where a project is…