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There is a windfall of new construction projects coming due to an infrastructure bill that President Biden signed into law in 2021. The bill indicates that $1 trillion will be spent in the next 5 years. In order to capitalize on this influx of new activity and grow their businesses, contractors should obtain assistance from their trusted advisors such as their insurance broker.
This creates a larger opportunity for insurance professionals to assist their clients in understanding how the projects they bid on will impact their businesses. Insurance professionals such as a Broker, will be able to provide a more strategic role to their clients. This includes both Brokers and insureds looking at capacity and expertise. However, some risks that contractors should be aware of include:
- Understanding the job requirements between Public vs Private
- Material and supply chain issues
- Labor shortage challenges
- Helping customers prepare for risk
The contractors who will be successful in winning these bids will be the ones who surround themselves with the right insurance broker whose goal is to help them navigate pitfalls and risks. As a contractor, you will want to work with a Broker, like TSIB, who focuses primarily on construction insurance. Reach out to TSIB and speak with one of our Risk Consultants on how we can help your company win more bids.
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
