Unsafe worker actions contribute greatly to the frequency and severity of construction injuries. Recently, contractors have expressed concern with the high rate of injuries that occur when workers violate company safety policies. To enhance knowledge associated with this topic the following four objectives were targeted: (1) quantifying the current level of safety risk as perceived by construction workers; (2) quantifying the risk tolerance of workers and managers; (3) comparing the risk perceptions and tolerance of workers with managers; and (4) identifying factors that may affect one’s risk tolerance. Fifty‐one risk perceptions were gathered through interviews with managers and workers of nine different construction firms in the Pacific Northwest region of the United States. The results indicate that the level of current perceived risk is approximately five times higher than the tolerable risk value, workers are most dissatisfied with the frequency of high severity injuries, and there is a statistically significant difference in the risk tolerance between workers and managers. The findings presented can be used by project managers to increase awareness of risk tolerances, current areas where workers feel improvement is most needed, and for goal setting.