Podcast: The Building BITE
Episode: Essential Steps for Contractors to Improve Subcontractor Prequalification
Tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. In this episode, Peter Duggan and Mike Diercksen welcome William (Bill) Lane, Risk Manager at the Hudson Insurance Group. Bill takes us on his career journey from his experience developing first-hand knowledge working for one of ENRs top General Contractors to where he is today.
Throughout the episode, Bill breaks down what SDI is. He shares that he understands a thing or two because he has seen a thing or two from the amount of prequal files he has reviewed. Bill continues by demystifying what is in a typical prequal file.
Bill offers his perspective on why a contractor must have an effective prequalification process in place. If not, contractors can lose millions of dollars if a subcontractor defaults on a large construction project.
To improve a subcontractor’s prequalification process, Bill expands on the benefits that can be achieved if contractors:
- Implement a Financial and Operational Assessment
- Add Prequalification Data into the Bid-Leveling Form
- And Use Technology as a Tool, Not a Solution
If you are a contractor, make sure to efficiently go through your prequalification process, as it could save you millions down the road. By assessing a subcontractor’s financial and operational capacity and including them on the Bid-Leveling Sheet, you are bound to see an improvement in your prequal process.
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Connect with Bill on LinkedIn
Follow Hudson Insurance Group on LinkedIn
Visit Hudson Insurance Group on the web here
Email Bill at WLane@hudsoninsgroup.com
Connect with Peter Duggan
Connect with Mike Diercksen
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