Baltimore Contractors Insurance: How to Avoid Contracting Mistakes

No matter how many years of experience you have, contractors can still make mistakes. A unseen obstacle can push a project past it’s completion date, angering the client. An employee could make a mistake on the job. Like any industry it’s a part of the job. However, you can minimize your risks by putting a few safety guards in place.

Failing to tailor project documentation practices. Documentation should be tailored to fit every individual project. If project-specific clauses are not included, it opens up the possibility of project members taking advantage of contract terms.

Read, read the contract. A common administrative mistake, not reading a contract thoroughly enough can lead to problems down the road. Take city contracts for example. Even if you’ve done multiple projects for the city before, it may not be the same standard contract. Simply accepting it at face value could mean you miss out on new provisions that have been imposed. You could miss a new requirement and didn’t budget or plan for the new contract. To save yourself the trouble, always read every contract thoroughly before signing on the dotted line.

Failing to monitor progress. Monitor progress of your projects regularly and compare them to the project deadline. This includes tracking time and the cost of any changes, and communicating with the client if there are any long term unexpected delays. The more the client is kept in the loop and more that the contractor documents their progress, the less room for disputes and difficulties down the road.

Contact the Advantage Group today for more information about our Maryland Contractors Insurance programs & Maryland Surety Bonds. 877.867.9270

Carroll County Life Insurance: How Much Life Insurance Do You Need?

Purchasing a life insurance policy can be a complex process. Although there is a basic foundation on deciphering the amount of coverage you need, ultimately it comes down to the specific to the needs of the individual.

Sit down with your dependents and discuss the financial impact your death may have. Calculating the amount of life insurance you need to purchase comes down to making future assumptions. You need to decide the kind of lifestyle you want your dependents to have after your death.

Carroll County insurance agency, Advantage Group will review your individual obligations and particular financial situation.

Before sitting down and meeting with your insurance agent, there are a few questions you need to ask yourself. These include:

• Do you have a partner?
• If you do have children, what are their ages? Are they dependent on your income?
• Do you need your insurance policy to provide future income for your partner?
• How much debt have you incurred? (credit cards, mortgages, loans, etc)
• Do you want your partner and/or children to become heirs to an inheritance?

Other factors that may affect the amount of life insurance purchase include:

• Funeral costs
• Estate taxces
• Hidden cost (income that’s not accounted for in you gross wage)

4019(k) plan

Health insurance premium

Company perks

• Federal and state “death” taxes
• Charitable contributions
• Future obligations (college tuition, moving costs, etc)
• Inflation
• Pensions

Types of Life Insurance:

• Term: It pays a predetermined sum if the insured individual passes during the term of their insurance policy. After the insured individual’s death, the beneficiary will be paid the face value of the policy.

Level Term- death benefit is consistent throughout the duration of their policy.

Decreasing Term- death benefit falls throughout the duration of their policy.

• Permanent: It pays a sum whenever you die.

Traditional Whole Life: Provides coverage throughout your lifetime as long as the premium is paid. With this type of policy, you get protection, up to the policy’s face value, and cash value growth over time.

Universal Life: Offers more flexible premiums than Whole Life. The policy also builds cash value at an interest rate that’s guaranteed not to go below a level specified in the policy.

What type of policy is right for you?

Advantage’s specializes in life insurance in Carroll County and will meet with you to discuss your specific needs now and into the future. For a free assessment of your specific requirements about life insurance, give us a call today. 877.867.9270

Source:  http://www.iii.org/articles/how-much-life-insurance-do-i-need.html

http://www.iii.org/individuals/life/types/typesofpermanent/

Carroll County Homeowners Insurance: Essential Spring Cleaning Tips

Spring has arrived and it’s calling us to trade in our hot chocolate with lemonade and substitute our television remote with a broom. The snow is dissipating, flowers are blooming, and the glowing sun forces us out of hibernation. Similar to the New Year, spring represents a time of change and enlightenment.

Start anew by cleaning off the slate that is your Maryland home. Grab your vacuum and broom, its spring cleaning time!  Read our essential spring cleaning tips on saving money, creating new space and lifting spirits.

Organizing Clutter:

Things start to accumulate and your former dining room turns into a new storage hub for all your prized possessions to gather dust. If this is the case, designate and label each room; a dining room to dine in, a den to relax in and a backyard to entertain in. Gather your belongings and sort them into categories and throw out any unused junk. This will take some time and many may struggle letting go of possessions with emotion ties. Do not let this discourage you from completing the task at hand. De cluttering your space can be uplifting and inspiring.

Energy:

- Replace and/or clean all light bulbs. The dirt on the light bulb will begin to absorb all the light and reduce its efficiency.

- During the summer, an A/C unit can combat the hot weather. It’s important to ensure that the unit is clean and free of dust. If possible, hire a technician to inspect you’re A/C unit. For an additional cost, have them clean out the drains.  If left unchecked and un cleaned, sediment and algae may clog the drains and water may back up, creating humidity and water damage.

- If you didn’t caulk the cracks and weather-strip your doors during winter, it’s encouraged to do so in spring.

The Outside:

- Clean out any leaves and twigs in the gutters. Check for leaking and loose spots to ensure proper draining.

- Repair or replace any damaged, loose or missing shingles. Check your vent stacks and chimney and repair breaks in the flashing seals.

- Get your backyard entertainment ready! A lush lawn and flourishing garden will catch the eyes of your party guests. Trim your shrubs and trees. Rake fallen leaves and dead branches.

- Wash the inside and outside of your windows.

We look forward to putting the best possible policy for you at the most competitive price we can find. We have long-term relationships with several of the most respected insurance companies in the country. Once we have your information and the features you want to be included, we can start putting together the right solution for you. Call or email us today for more information about our Westminster, MD Homeowners Insurance programs.

Source:  http://realestate.aol.com/blog/gallery/spring-home-maintenance-checklist/#photoID-4883933

Health Impact Assessment Growing in Construction Industry

Construction plans have increasingly been leaning towards greener, more sustainable methods that limit their impact on the environment. Now the construction industry is expanding on that trend, using health impact assessments to measure and alleviate building conditions that are hazardous to occupants’ health.

Health impact assessment methods are used to evaluate the impact that community design, transportation, and other projects traditionally outside the public health arena has on individual and overall community health. It is part of a growing social awareness that land use, transportation, and other environmental and social factors can have a significant impact on public health. This trend has been particularly seen in the construction industry.

One example in the New York Times is the La Alma/Lincoln Park neighborhood near downtown Denver. The city’s housing authority used health impact assessments to create a redevelopment plan that encourages physical activity and environmental sustainability. The plan includes ecologically advanced construction materials, and uses a combination of geothermal and solar power that will generate up to 60 percent of the development’s energy.  In addition, residents will find naturally lighted, centrally located staircases enticing them away from elevators and neighborhood gardens to encourage a better diet.

Health assessment impacts examine environmental, economic, and social influences on health. The health assessment impacts are being utilized on a multitude of construction projects, including road construction, energy developments, and neighborhoods, and infrastructure improvements.

The studies on the impact have been positive. One 2010 study found that Breathe Easy residents, living in a housing complex that was designed to be a healthy, low allergen environment, saw emergency room and urgent care visits decrease by 67 percent and that symptom-free days increased by 61 percent.

Contact the Advantage Group today for more information about our Maryland Contractors Insurance programs & Maryland Surety Bonds. 877.867.9270

Maryland Contractors: What Homeowners Want in a Contractor

There are thousands of articles with the same title: “How to Hire a Contractor.” Whether renovating or building from scratch, homeowners and business owners alike want to know what to look for in a credible, competent contractor. There are always stories of bad experiences and hiring “shady” contractors. While it is not indicative of the industry, negative stereotypes can at times make it difficult for contractors to market themselves to clients. So, as a Contractor, what can you do to make sure you put your best foot forward?

We looked at articles across multiple news sources all with the same idea on that elusive phrase, “how to hire a contractor.” By flipping that information on its head, we’ve narrowed down what homeowners are looking for in a contractor and how to develop a marketing strategy to fit that.

Transparency. Communicate clearly with potential clients. Discuss a realistic timeline, and explain the process of the project. Go over what’s included in the bid, so they have a clear understanding of the project. They will appreciate the upfront honesty.

References. Another top request from clients, they want to talk to people and see references from past work. Having a set of great references can boost your credibility and give potential clients a chance to see the projects you’ve completed.

Network. One article had the advice, “Choose pros you know.” In a both a physical and digital world that has advertisements crammed in every possible nook, the average consumer is much more jaded than they were previously. The benefits of “peer-to-peer” recommendations has become paramount. An owner is much more likely to choose a contractor they know through a friend, or recommendation. So get out there and network. Talk to family members and neighbors and volunteer in the community. Participating actively in your local community is a great way to help out and meet potential customers.

Contact the Advantage Group today for more information about our Maryland Contractors Insurance programs & Maryland Surety Bonds.

How Maryland’s Surety Bond Guarantee Program Helps Contractors

The construction industry has battered severe economic headwinds over the last few years. According to the Office for National Statistics, the construction industry has seen the largest decline in output since 2008. Fewer projects are available. And with more companies going after each one, it can be difficult for smaller contracting companies to compete.

According to Construction Digital, even some of the bigger construction firms are winning projects by quoting at a minimal profit margin, the goal being of course to win the contract and find ways to make savings along the way without compromising quality. Long term, this can be a difficult approach, but during the tough economic circumstances it has been utilized as a strategy to get through drought periods and to keep employees working.

The low availability of jobs is augmented by the tightening market for surety bonds. An unprofitable streak has made the surety industry conservative, narrowing the definition of acceptable risk. As a result, small contractors really feel the squeeze.

The situation created a lose-lose situation for smaller, independent contractors. Small or new contractors without much experience may not be able to qualify for larger surety bonds. But almost all government contracts and most private contracts require surety bonds. Without those surety bonds, contractors are unable to compete for business.

This is where the Maryland Surety Bond Guarantee Program can help. Through the Advantage group, we can help you obtain surety bonds that you, for whatever reason, are otherwise unable to get.

Here’s how it works:

Contact an agent at the Advantage Group. We can help you go over the specifics of the program, and determine if it’s the right fit for your business.

Submit the required forms. You will need to complete a couple forms about your personal and business financial status, bank information, and business plan, among others. You can file electronically or by paper application.

Wait for SBA processing. After your submit your forms, the SBA will conduct a process to decide whether to approve your application. Generally, it takes about 3-5 days for an SBA Area Office to process a properly completed application.

Contact The Advantage Group today to learn more details about the SBA Surety Bond Guarantee Program. Call us - 877.867.9270

Contractors Insurance: Why You Should Start a Construction Blog

Blogging is the newest darling of the social media world. For contractors it is a great opportunity to establish their knowledge and credibility in the industry. And that will boost leads.

A blog is not a sales pitch. It is not a detailed history of the company or what projects you are currently working on. Rather, it can help you accomplish several goals.

• It will help you position yourself as an expert in your field.
• Enables you to interact with your customers and other professionals in your industry- you can learn more about customers and what they are looking for.
• A new marketing medium to communicate various company messages and promotions.
• An educational resource that can be of value to your clients and even other business professionals.
• Providing original, valuable content will help boost your website’s rankings.

The blogs should be relevant to your business and expertise. Some companies provide technical advice or answer questions on their blog. Others provide before and after shots of their work, showing completed projects. You might have industry topics, such as information on contractors insurance, that might be useful. Maybe you specialize in commercial or residential construction- your blog should reflect that. Including high quality images whenever possible in your blog post can also help boost visual appeal as well.

As an industry professional, you have plenty of experience and knowledge to use for your content. It just takes a little time and dedication. But sticking with it and regularly posting content that is original and relevant to your customer base will help you connect with customers and generate more leads.

Contact the Advantage Group today for more information about our Maryland Contractors Insurance programs & Maryland Surety Bonds.

Stress Management Tips for Construction Workers

Stress is a commonplace factor at work. Demands from our personal lives and jobs can be taxing and detrimental to our health. There is a particularly high risk in the physical, demanding workplace of the construction industry, where a slip-up could have disastrous consequences.

According to Safe & Healthy Executive, the top five most stressful aspects of construction work are an overbearing workload, traveling or commuting, having responsibility for the safety of others, working long hours, and the dangers of construction jobs.

Working on building sites can be stressful. Working with dangerous, heavy equipment while on a deadline can be a taxing task for contractors and construction workers. Workers who experience stress, anxiety, or depression on the job are unlikely to perform as effectively. This can have serious consequences in safety-critical industries such as construction. Take a moment to look over these stress management tips:

Assess the current situation. What is the current workload of your employees? Is it manageable? How are they coping with it? What could be managed better? Assessing your current environment can help you spot the hazards and address them before they start.

Talk. Check in with your workers. Learn to recognize signs of stress, including health effects, depression, short temper, or other emotional effects. Develop better communication skills to improve your relationship with your workers. This will not only help improve working relationships, but is also vital in the case of an emergency.

Well-being. Health is number one priority. Construction is a physically and mentally demanding occupation. It is essential that you and your workers take care of themselves to they can cope on the job. Exercise, a healthy diet, and enough sleep can all help reduce stress.

Review. What steps have you taken to insure workers’ health and well-being? Have the tactics worked? What could be done better? Reviewing your progress periodically can help you better aid your workers in managing stress.

Contact the Advantage Group today for more information about our Maryland Contractors Insurance programs & Maryland Surety Bonds at 877.867.9270

Contractors: Are Productivity Tools a Waste of Time?

As a contractor, you have a million things to manage. Between multiple sites, contracts, projects, and managing your employees, it is easy to get sidetracked by the little details of running a company. You want to be organized and increase your productivity. But do all those technological productivity apps actually help?

In some cases, it may make it harder. The number of productivity apps and products has skyrocketed in the last few years. Our smartphones make it easy to instantly download a productivity app, and the design and accessibility of the productivity apps make them an appealing solution to your hectic workday. So what’s the problem?

Productivity apps and methods are not a one size fits all solution. Many people choose something that doesn’t fit the way they think and work. Or, they are app-happy and jump from one productivity solution to the other, wasting time and money. Other systems are so complicated they are more of a time drain than a helpful tool.

The key is to pick an app or productivity tool that fits your particular needs. Have trouble focusing? Set up chunks of concentration time where you focus on one specific task for an allotted amount of time. Have several construction projects and tasks going on at once? A to-do or task manager app might be the best solution for you. Struggling to keep track of your documents across your iPad, smartphone, and desktop while you travel from site to site? Maybe switching your documents to a cloud service you can access from any device is a smart move.

Whatever the tool is, don’t listen to the hype. Take a look at your own methods, find where you need to improve, and find the right productivity tools and methods that work for you. You may find, despite the cool apps out there, the best method for you is a good old pen and paper.

Contact the Advantage Group today for more information about our Maryland Contractors Insurance programs & Maryland Surety Bonds.

Source: Wall Street Journal

When A Construction Project Goes Sour

The Harmon Tower was planned to be a 49 story luxury towers to compete in the sweeping Las Vegas skyline. Construction has halted at Floor 26 after Clark County inspectors uncovered construction defects in 2008.

The result is a convoluted mess of lawsuits and placing blame that has let the Harmon Tower sitting idly by, half finished.

A trial is scheduled to take place this year. MGM Resorts International, one of the principal owners, blames its contractor, Tutor Perini Building Corporation for the construction defects. They are seeking to force the company to pay for damages and the cost of dismantling the Harmon, approximately $400 million.

Perini has countered that it was a design flaw rather than a building issues. Building inspectors spotted metal rods designed to provide structure support for concrete-rebars- were incorrectly placed or missing. They feared the building would not be able to handle its own weight and could collapse in the event of a natural disaster or earthquake.

The tower is described by the New York Times as a “symbol of overconfidence and an overextended construction industry rushing to keep pace with a boom of building and profits that gripped Las Vegas 10 years ago.” Billed as the “world’s most expensive billboard,” it is also a sign of the huge financial calamity that can result from a construction project gone awry.

The result of this is a financially crippling, endless litigious mess. While most of us don’t have multi-million dollar high end projects, the incident still shows in importance of obtaining surety bonds and quality coverage for your construction projects. A surety bond is a guarantee that the contractor, or “principal” in the bond, will perform the “obligation” stated in the bond.

At the Advantage Group, we understand the importance of bonds for license contractors. You need various bonds to show evidence that you operate your business in compliance with state or local government rules and regulations. We’re bond specialists and through are relationships with large, respected bonding companies; we’re able to give our clients very affordable, competitive rates. Contact us today for more information about the Maryland bonds that we offer, as well as our Maryland SBA Bond programs .