Construction Business Owner

JUNE 27, 2024

Water damage has long been one of the most common insurance claims in the industry, and it now accounts for up to one-third of all payouts on builder’s risk policies. The cost of those payouts has been rising steeply for several years, and insurers have consequently taken severe steps to mitigate their risks.

Insurance 316

Insurance Risk Claims Accounting 316

Construction Business Owner

MAY 30, 2013

The cost of theft in the construction industry is estimated to be a billion dollars by the National Insurance Crime Bureau. Additionally, heavy equipment owners can’t rely entirely on insurance to offset the cost of theft. Unsecured equipment and materials are especially at risk.

Insurance 304

Insurance Equipment Estimating Risk 304

Construction Marketing

DECEMBER 27, 2021

Between the potential for accidents and injuries on the job site and the risk of lawsuits, it’s important to have insurance to protect yourself from financial losses, but what kind of insurance do you need? Here’s an overview of the most important types of insurance for contractors. General Liability Insurance.

Insurance 156

Insurance Contractors Accidents Liability 156

Construction Business Owner

FEBRUARY 18, 2016

Like many businesses, the insurance industry is cyclical in nature. The insurance cycle is important to business owners because it directly impacts insurance premiums. As for insurance pricing today, Table 1 provides a historical picture of insurance industry rates calculated by MarketScout, with 2004 as the base year.

Insurance 120

Insurance Forecasting Profitability Industrial 120

Construction Business Owner

MARCH 25, 2015

With the start of a new year, the construction insurance market is showing signs of ambivalence from most insurers. Insurance underwriters will likely focus on keeping existing clients happy (through pricing flexibility, broad coverages and service commitments), while simultaneously trying to grow business.

Insurance 120

Insurance Finance Industrial Construction 120

Construction Marketing

JANUARY 24, 2022

If you, as an employer, have 1099 employees on your staff from time to time, you may be wondering whether you are required to provide health insurance to them. Some widely known examples include building subcontractors, doctors in hospitals, and freelancers in various industries. What is a 1099 Employee?

Insurance 156

Insurance Plans Contractors Employment 156

Construction Business Owner

OCTOBER 27, 2016

Part of an effective risk management program involves monitoring the industry and economic trends that could affect your business. Cal Beyer is the director of risk management at Lakeside Industries in Issaquah, Washington.

Risk 272

Risk Management Insurance Washington 272

Construction Business Owner

APRIL 5, 2021

The still-evolving circumstances of the COVID-19 pandemic paired with construction’s already demanding work environment has the industry operating at the height of caution and risk management. But for business owners, now is as crucial a time as ever to assess some of the more familiar pillars of protection: insurance. Alex Headley.

Risk 334

Risk Insurance Safety Environment 334

Contractor Connection

OCTOBER 11, 2023

In today’s ever-evolving insurance landscape, the importance of swift and efficient claim resolution cannot be overstated. Let’s embark on a thorough exploration of how Contractor Connection partners with the insurance industry, delivering a holistic, efficient, and dependable claim journey.

Insurance 105

Insurance Contractors Industrial Claims 105

Construction Business Owner

OCTOBER 30, 2015

Unmanned aircraft systems (UAS), commonly referred to as drones, represent an enormous growth industry with potential uses across many trades. Drones are well suited for applications in construction, agriculture, energy, wireless communications, insurance, search and rescue, law enforcement, firefighting, real estate, photography and film.

Insurance 120

Insurance Industrial Construction 120

Construction Business Owner

DECEMBER 5, 2014

Throughout the last decade, the construction industry has spawned an entirely new black market industry—construction theft. According to the National Insurance Crime Bureau, as much as $1 billion in construction tools, equipment and materials is stolen nationwide each year, 90 percent of which is taken directly from construction sites.

Security 272

Security Risk Insurance Equipment 272

Construction Equipment

FEBRUARY 8, 2021

Insurance companies offer usage-based insurance (UBI) in the automotive industry, but heavy equipment managers will probably not find anything similar for several years. UBI uses telematics to tie insurance costs to the way a vehicle is operated. Equipment managers may still benefit from telematics…

Insurance 118

Insurance Equipment Management Industrial 118

Construction Business Owner

JUNE 26, 2013

For most businesses, workers’ compensation is the largest insurance expense line item. Being able to secure the lowest possible premium and reduce the impact of an audit will help you avoid the headaches many companies face in managing this insurance.

Compensation 244

Compensation Insurance Security Management 244

Construction Business Owner

OCTOBER 1, 2024

The goal is to identify and address dangerous behaviors before an accident happens, protecting your company’s equipment from damage … your employees and others on the road from harm … your company from costly litigation … your insurance rates from skyrocketing … and your brand name from bad publicity. In a recent J.

Accidents 367

Accidents Construction Insurance Risk 367

Construction Business Owner

JANUARY 15, 2017

Currently, the construction insurance marketplace, excluding health insurance, proves to be a favorable environment for the insurance buyer.

Risk 208

Risk Insurance Negotiation Commercial 208

Construction Business Owner

FEBRUARY 3, 2025

To obtain an insurance policy renewal at the lowest possible premium, a company must be able to share with an underwriter: The level of risk regarding recent crash and loss experience, The root cause of severe crashes and high-frequency minor crashes, and The actions to address those root causes and to improve the safety program.

Safety 191

Safety United States Risk Regulation 191

Construction Law

MARCH 1, 2021

Insurance has never felt cheap to companies in the construction sector, although many or most of them never took the sort of risk management measures highlighted in our regular insurance articles, so to a large extent often had only themselves to blame if they were paying higher premiums than they need have.

Insurance 97

Insurance Risk Industrial Plans 97

Construction Business Owner

SEPTEMBER 27, 2013

One risk facing the construction industry is liability for defects in a company’s work.

Insurance 151

Insurance Liability Residential Commercial 151

Green Building Law Update

MAY 12, 2019

In a case having broad implications given the wide mandatory recycling of restaurant waste cooking oil across the country, in a decision filed on April 29, 2019, a federal appeals court held that contaminated recycled fat could trigger the “pollution exclusion” in an insurance policy. In Restaurant Recycling, LLC v.

Insurance 120

Insurance Employment Commercial Products 120

Viewpoint Construction Technology

AUGUST 8, 2012

Whether you're new to the construction industry or have been working in it for decades, you've probably realized that getting a surety bond can be confusing. To help make the process quicker and easier, this article will outline six steps that will make you more confident when purchasing this special type of risk mitigation insurance.

Insurance 236

Insurance Contractors Risk Industrial 236

Construction Dive

OCTOBER 4, 2023

Construction industry news, trends and jobs for building professionals who want mobile-friendly content.

Insurance 138

Insurance Mobility Construction News 138

Viewpoint Construction Technology

SEPTEMBER 27, 2018

We know many of you have had a busy summer, so it’s a good time to take a breath and see what’s been going on in our industry (like rising material costs), as well as what’s on the horizon (like more green building ). Wearables’ ROI Is in Safety and Insurance, Expert Says. 19 Mayors Pledge to Make All New Buildings Net-Zero by 2030.

Industrial 162

Industrial Construction News Insurance 162

Green Industry Professionals

JANUARY 5, 2018

Fines totalling more than £150,000 handed down over use of private detectives to illegally obtain private banking records An insurance firm and two senior figures connected with the company have been given record fines for using private detectives to illegally obtain the private banking records of a businessman they were investigating.

Insurance 111

Insurance Banking Security Industrial 111

Construction Business Owner

DECEMBER 6, 2017

As more technology infiltrates the construction industry, physical borders are no longer enough to protect a site from potential costly damages.

Travel 187

Travel Insurance Site Industrial 187

Construction Business Owner

DECEMBER 4, 2023

mhodges Mon, 12/04/2023 - 08:13 According to Joe Tejeda, Practice Leader for PCF Construction, one of the most pressing issues in the construction industry today is the unforeseen or unintended increase in risk exposures due to rising construction material costs.

Insurance 156

Insurance Risk Security Contractors 156

Construction Dive

OCTOBER 3, 2024

Contractors can recruit this group of workers with benefits like tuition reimbursement, mental health counseling and even pet insurance, according to an industry executive.

Insurance 152

Insurance Contractors Industrial 152

Construction Business Owner

NOVEMBER 10, 2015

While proper staffing is an area of constant concern for business owners, one area of particular concern is the impact of substance abuse on the construction industry. With this increase in project volume, project owners, developers and contractors will have a greater challenge finding employees to adequately staff projects.

Insurance 120

Insurance Residential Commercial Contractors 120

Construction Business Owner

MAY 23, 2018

This modifier is an actuarial factor used to adjust your WC insurance rate higher or lower than the average for your industry class code, based upon the frequency and severity of your claims.

Compensation 165

Compensation Insurance Claims Industrial 165

Construction Business Owner

DECEMBER 1, 2016

now known throughout the industry as IRMI, was founded in 1978 with the main purpose of providing education, by way of seminar and print publication, to risk managers, insurance agents/brokers, underwriters and other insurance professionals. The International Risk Management Institute Inc.,

Security 136

Security Insurance Risk Education 136

Construction Business Owner

JUNE 1, 2023

Turner-Moffatt is the CEO and president of the certified minority- and women-owned business enterprise (MWBE) safety firm CDT EHS Consulting LLC, established in 2007, and she is proud to be a woman of color in a male-dominated industry. Turner-Moffatt is a Ph.D.

Safety 287

Safety Equity ASPE Consulting 287

Construction Business Owner

JUNE 27, 2023

How AI Solutions Can Ease Water Woes & Control Costs ccapoccia Tue, 06/27/2023 - 18:58 Water waste and damage are enormous problems for the construction industry.

Insurance 156

Insurance Materials Contractors Management 156

Construction Business Owner

JANUARY 12, 2017

Currently, the construction insurance marketplace, excluding health insurance, proves to be a favorable environment for the insurance buyer.

Risk 120

Risk Insurance Negotiation Commercial 120

Autodesk Construction Cloud

SEPTEMBER 13, 2022

As with every industry, everything ultimately boils down to the bottom line. However, the industry is at a pressure point and unfortunately, the unexpected is one of the few things companies can expect. It’s currently difficult for insurers to quantify and price risk effectively for construction companies.

Autodesk 105

Autodesk Risk Industrial Construction 105

Business Facilities

OCTOBER 7, 2021

Biometrics, artificial intelligence and blockchain are being embraced by the financial services and insurance sectors, fueling a wave of fintech startups. The post Finance & Insurance: Fintech’s Future Is Now appeared first on Business Facilities Magazine - Area Economic Development, Site Selection & Workforce Solutions.

Insurance 64

Insurance Finance Site North Carolina 64

Constructonomics

SEPTEMBER 9, 2016

Every industry is being affected by what is happening, but is having an especially big impact on the construction sector. The insurance industry believes that the cost could be even higher than that. In the meantime, the construction industry is doing its best to provide protection for the buildings that they are working on.

Industrial 100

Industrial Construction Insurance Commercial 100

Construction Business Owner

JANUARY 10, 2024

Cutting-edge technologies are being integrated into every stage of the construction process and revolutionizing the industry in several ways. Ultimately, those who fail to embrace some of these emerging technologies will find themselves paying for cost overruns, project delays, liquidated damages and potentially higher insurance rates.

Insurance 156

Insurance Accounting Innovation Sustainability 156

Building Radar

NOVEMBER 18, 2024

The construction industry is complex, with various costs that influence project profitability. These include expenses like payroll taxes, benefits, insurance, and other indirect costs understanding labor burden. One of the critical factors in determining project expenses is the burden rate. What is Burden Rate in Construction?

Construction 52

Construction Insurance Profitability Bidding 52