Why Construction Companies Need Cyber Insurance

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In 2020, the insurance industry not only dealt with the Hard Market but also faced a lot of new challenges. One of the most prominent ones being, Cyber incidents. The Property & Casualty (P&C) Insurance Carriers that wrote Cyber Insurance last year, reported higher claims in 2020 than prior years.

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Topics: Cyber, Hard Market, Construction Trends

What Should My Insurance Broker Be Doing for Me?

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As in any healthy, productive personal relationship, both partners must be active participants working towards a common goal(s). If one partner is passive and unengaged, it will be detrimental to the relationship as a whole. The same goes for your business relationships. The business relationships that bring the most value are those where both parties are proactively contributing – in good times and in the bad times.

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Topics: Surety Bonding, Hard Market, Construction Insurance

4 Methods On How To Manage Construction Risk

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Risk is everywhere. As a construction Owner, you have had to navigate your risks and exposures in the office and on the job site. Unfortunately, maybe some of those exposures have led to expensive losses and have forced you to reevaluate your risks. Luckily, when it comes to any type of risk, there are 4 basic methods on how to address your risk:

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Topics: TSIB Community, Construction Risk Management

The 3 Basic Categories of Risk

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No matter what type of company you own, there will always be some sort of risk. Taking a risk is inevitable in order to bring your company to the next level. However, understanding the types of risk can be confusing. It’s important that you know what type of risk you’re taking or dealing with, so you can find the proper Risk Management solution. Here are the 3 basic categories of risk:

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Topics: Construction Risk Management

What is Risk Management?

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As a construction Owner, no matter your company’s size, you are constantly taking risks. It’s part of your nature as an Entrepreneur. However, there are some risks that you can’t gamble on. These types of risks or exposures could include fires, vandalism, subcontractor delays, unidentified utilities found on a project site, design errors, site contaminations, equipment breakdown, injuries, and much more. 

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Topics: Construction Risk Management

Risk Management: Minimize Your Company’s Risk & Avoid Future Claims

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Every construction project presents a host of potential risks that need to be addressed. Although it’s no guarantee that you can eliminate all of them; you can help manage them and de-risk your business. The best way to eliminate as much risk as possible is to have a Risk Management plan. Risk Management is the practice of identifying & analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose.

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Topics: Surety Bonding, Safety, Construction Risk Management, Construction Insurance

Is Your Company An Attractive Risk For Underwriters?

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As the Insurance Hard Market continues, Carriers are reducing their appetite for risk. This means Carriers are not insuring:

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Topics: Safety, Hard Market, Construction Trends

Instill a Safety First Mentality to Navigate the Hard Market

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As your company’s insurance premiums start to renew, it’s important to understand that price increases are occurring because of the Insurance Hard Market. A variety of coverages are affected by this including General Liability, Excess Liability, and Builder’s Risk.

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Topics: Safety, Hard Market, Construction Trends

Tools to Combat the Hard Insurance Market

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As a Contractor, you are familiar with stiff competition, slim profit margins, and severe weather working conditions. One thing that you might not have been prepared for is the current Hard Insurance Market.

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Topics: Hard Market, Construction Trends

Construction Opportunities for Women Are On The Rise!

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The National Association of Women in Construction (NAWIC) and Safe Site Check-In shared the results of a workforce survey. This survey consisted of over 700 women in construction and was conducted in early February 2021, over a variety of construction jobs and titles.

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Topics: Surety Bonding, Contracts