Brokers Minimize Your Construction Risks

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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.

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Topics: Construction Trends

Construction Inclusion Week: Building the Foundation

Over these past couple of years, there has been a shift for companies and brands to be more inclusive. Often, it’s a lot of talk with some action taken at the time of the event. However, the Construction industry wanted to really make a difference. That’s why the 6 leading U.S. General Contractors teamed up to create a consortium called Time for Change.

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Topics: TSIB Community, Construction Trends, Diversity Outreach

5 Common Cash Flow Problems Construction Companies Face

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You’ve heard the saying, cash is king? Well, it really is. Managing your cash flow is key to your success in the construction industry. As a Contractor, your cash flow flexibility is critical to your business. When you look at your company’s cash flow, you can gauge how much money you are able to spend at any given time.

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Topics: Construction Trends, Construction Insurance

High-Speed Rail Funding Restored in California

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Based on the article Global Construction shared in early June, an agreement was signed ending the court case brought by both the State of California and the California High-Speed Rail Authority (CHSRA). This decision will provide $928,600,000 in U.S. Federal funding to California’s high-speed rail project.

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Topics: Construction Trends

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

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

Pre-Fab-ulous Construction Trend

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An unexpected construction trend resulting from the Pandemic is the increase in modular construction. This method is a type of prefab construction. It ranges from manufacturing basic elements such as panels and walls to full units, like kitchens and bathrooms in a factory. Then they are assembled on location like large Lego® pieces. Modular construction accounts for about 5% of all new projects in both commercial and residential real estate. Developers are embracing modular construction for everything from data centers to medical buildings. Utilizing prefabricated units has some impressive cost benefits.

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Topics: Construction Trends