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

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

2021: The Time to Try a New Insurance Approach

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It’s evident that the cost of an insurance program rarely goes down. Unfortunately, being in a Hard Market, we’ve seen insurance coverage rates increase across the board. Brokers started observing this trend back in May of 2019, when Excess Insurance prices were spiking regardless of claims activities.

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Topics: Construction Risk Management, Hard Market