Managing cash flow in the construction industry is difficult in any economy, but during a recession, specialty contractors face even more financial challenges than usual.  During the Great Recession, more than 150,000 construction firms closed their doors, and 2 million construction workers lost their jobs. One of the most significant challenges during that time was the lack of financing for commercial construction companies. At Levelset, we understand the construction industry and the importance of cash flow security for specialty contractors. That’s why we’ve built Materials Financing t ..read more

Construction is a risky business by almost any measure: It not only has one of the highest business failure rates of any industry, but construction work also sits atop the list of the most dangerous jobs. In 2019, the construction industry accounted for about 20% of all work-related fatalities in the U.S. Because this line of work has a greater chance of injury or death than others, contractors must take great care to make sure work zones are safe and workers are protected.  In this article, we’ll explore the most common jobsite safety risks — and what contractors can do to improve safety ..read more

Construction activity is incredibly intensive work — creating the built environment is inherently disruptive to the natural environment. Governments balance the needs of both by requiring contractors, property owners, and others involved in construction to mitigate the effect of building activity on the environment, including air, water, and animal and plant life.  Environmental laws provide the backbone for permitting and reporting requirements on construction projects, while a wide variety of state and municipal laws impose even stricter rules. Failure to follow local and federal enviro ..read more

When a property owner wants to finance the construction of a new building, they typically have to obtain two loans: one loan for the mortgage on the completed home, and another for the land purchase and construction expenditures. A construction-to-permanent loan can help owners save time and money — one loan and closing transaction streamlines the financing procedure. However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. What is a construction-to-permanent loan? A construction-to-permanent ..read more

If necessity is the mother of invention, consider scarcity and inflation the grandparents of throwing your hands in the air and saying “Well, what can I order?” In recent years, material shortages and volatile material prices slowed so many projects to a grinding halt. As a result, contractors and property owners are increasingly considering alternatives to traditional building materials. And while these materials sometimes buck tradition, they’re often just as good—and sometimes even better. We’ll take a look at some of these lesser-known building materials, how they’re used, and their pros a ..read more

Plumbing contractors should include business insurance as an integral part of their financial strategy. When you tackle the jobs you’ve secured, it’s also important to plan for the unexpected.  With numerous policies available, the plumbing contractor’s insurance landscape offers many ways for you to protect your physical and financial business assets. Obtaining an insurance policy is a key step in planning for the success of your plumbing business, and we’ve developed a guide to help answer some of your questions.  What is plumber’s insurance? Plumbing contractor’s insurance may hel ..read more

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. Before you can get hired and begin work, you’ll need to prove to owners and/or general contractors (GC) that you have policies in force. A certificate of insurance (COI) is a valid form used to prove that you carry the appropriate insurance policy. It is typically provided to a GC or project owner by the insurance company or a representative of the company. Construction contracts o ..read more

As a commercial specialty contractor, it can be frustrating to have the crew, time, and skills you need to take on construction projects but not enough cash to purchase materials. Add in being denied a bank loan, and the frustrations mount. With your back against the wall, dipping into your personal bank account may feel like an easy solution. But when you take into account how long it takes for specialty contractors to get paid, it gets risky quickly, especially if you’re just starting out.  Many contractors feel using their personal accounts is the only way to get the cash they need to ..read more

Insurance is one part of a strategy to keep your carpentry business financially healthy. You can practice safety and use common sense on the job, but there’s no way to predict when accidents or injuries might occur. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet.  What is carpenter insurance? Carpenter’s insurance is a financial instrument that helps protect your business if accidents, injuries, or illnesses occur in a work-related capacity. For protection from financial consequences that could be small or large, you pay a premium to an insuran ..read more

Podcasts are now an essential medium for sharing information, and experts across the construction industry share their wisdom every day with listeners interested in growing a construction business, learning about the latest construction trends and technology, and building their understanding of construction law and finance. Our list of the best construction podcasts of 2022 will help you find shows to help you grow your knowledge, career, and business. Use the table of contents to find shows about the specific construction topic you’re interested in. Construction career podcasts 1. Laying Foun ..read more