What Contractors Can Expect With Their Insurance in 2023

What Contractors Can Expect With Their Insurance in 2023

As we head into 2023, construction contractors should prepare for rate increases of at least 10 percent. Of course, this will vary business to business depending on changes to things like payroll, property values, and previous years’ losses. In addition, different insurance markets are harder than others, depending on current economic and social...

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Employers: Document Workplace Safety Training and Disciplinary Measures

Employers: Document Workplace Safety Training and Disciplinary Measures

Do you have clients who want to challenge certain Workers’ Compensation claims by citing employee misconduct? According to this recent Business Insurance article, if employers want to challenge federal citations for workplace safety violations, they must demonstrate that they: Provide proper training. Document the organization’s workplace...

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6 Common Questions Your Clients Need to Answer When Hiring Subcontractors

6 Common Questions Your Clients Need to Answer When Hiring Subcontractors

Suppose your client’s construction company hired subcontractors to help renovate a multimillion-dollar home. During the renovation process, the arborist your client hired cut down a tree that fell the wrong way, causing extensive damage to the house. The homeowner sues your client for the damage. Even if your client has General Liability...

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Higher Construction Costs Lead to Increased Insurance Rates

Higher Construction Costs Lead to Increased Insurance Rates

The construction industry is facing their share of challenges lately. COVID-19-related shutdowns are causing ongoing product shortages. Supply chain disruptions are making it difficult to secure materials and leading to project delays. Soaring inflation is causing construction material prices to skyrocket by as much as 26.7%—which is having a...

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The Benefits of Owner-Controlled Insurance Programs

The Benefits of Owner-Controlled Insurance Programs

Owner-controlled insurance programs (OCIPs), also known as “wrap-ups,” are insurance policies taken out by a property owner during a construction or renovation project. Wrap-up policies offer numerous benefits to the insured, including cost savings, better coverage, more control, and more efficient resolution when incidents occur.  An OCIP...

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The Infrastructure Investment and Jobs Act and Its Impact on Insurance

The Infrastructure Investment and Jobs Act and Its Impact on Insurance

The Infrastructure Investment and Jobs Act (IIJA) marks one of the most significant physical infrastructure investments in the U.S. in more than five decades. It will lead to a growing number of projects and jobs across multiple industries. The insurance industry will need to be armed and ready to provide appropriate policy coverage for the...

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