Embracing Innovation
When it comes to innovation in building, the number of new concepts or ideas intended to improve practices or offer unique solutions seem endless. Industrywide, a desire to meet housing demands, a motivation to comply with energy efficiency, and a desire to trim costs, have paved the way for alternative approaches. While growth and change are vital, retaining a healthy dose of concern over future implications is still wise.
That is not to say new concepts or ideas are cause for concern, many hold a tremendous amount of potential. For instance, the uptick in builders leaning into utilizing prefabrication materials or weaving manufactured products into build processes certainly indicates a positive change in mindset. Neither of these factors impede any part of the building process and may potentially reduce time as well as overall costs.
More and more builders are bridging the gap between outdated thinking in favor of out-of-the-box solutions to meet public demand. Many of our manufacturing partners are reporting an increase in requests for Additional Dwelling Units or ADU’s. This concept is allowing families to have additional living space for short-term renting, boomerang children, or aging parents. While these ideas are incredibly marketable and wonderful solutions, it is advisable to remain vigilant in understanding the pitfalls.
Regardless of good intentions, it is important to familiarize yourself with the potential for increased liability, no matter how innocuous it may seem. As an example, adding a complete solar system to increase the demand for greener living may really appeal to your customers and set you apart from competition. While, on the flipside, there may not be coverage in place under your current liability backing leaving you vulnerable to costly repairs or replacements. During the planning phase, prioritizing an understanding of where liability or coverage caps remain helps to alleviate future headaches or frustration.
The pros of implementing new ideas far outweigh the cons and can pave the way for expansion which helps foster a stronger foothold in the future. Tapping into experience starts within, but a strong plan should also include using all the resources at your disposal. Being prepared and educated regarding the presence of loopholes can be made easier by imparting the wisdom of a trusted advisor such as an attorney or builder mentor. In addition to these options, our RWC Representative team and our Integrity Underwriters insurance team are always available and willing to assist with questions.
Ultimately, with a little due-diligence and research, safeguarding against open ended liability or costly mistakes is preventable. Embracing innovation is a remarkable way to increase appeal, stay on top of a changing market, and stand out above the rest.
By Staci Cool, Account Executive
