Insurance

In Q1 of 2024, the average cost of U.S. commercial insurance rose 6.3%. Managing costs in the construction industry is a constant challenge, especially for small to mid-sized companies, and saving money on insurance costs is top of mind for any business. As insurance costs rise, ...

Converting an office building to residential use can be a significant endeavor, and part of that process involves insuring the property adequately during the conversion. STEPS TO CONSIDER Assess the conversion: Thoroughly assess the building's conversion from office to residen...

In 2023, the construction industry reported more than 162,000 injuries and 986 fatalities to the U.S. Bureau of Labor. Even when contractors work diligently to keep their crews safe, work injuries can still occur. Fortunately, workers’ compensation insurance reduces the financial...

At this time of year, contractors must prepare for the increasing frequency and severity of extreme weather events. Heatwaves, heavy rainfall, hurricanes and other weather phenomena can pose significant risks to construction projects, impacting timelines, safety and financial sta...

As severe weather events become more frequent and costly, contractors face a greater risk of downtime on projects. Few industries have also felt the ripple effects of materials costs and supply-chain disruptions quite like construction. Combined, both trends pose a significant r...

Can regular communications with surety providers help construction firms access larger bonding capacity and more favorable terms? Scott Elliott Assistant Vice President Philadelphia Insurance Companies It is often said that effective communication is the key to a good relatio...

Every construction site holds more than the promise of a new structure—it holds millions of dollars in assets. Construction sites teem with activity by day, but by night they become quiet, empty spaces, leaving behind equipment, tools and materials that are prime targets once the...

There is no shortage of opportunities or demand for construction professionals right now. The need for new housing is at an all-time high while established industrial and commercial property owners tackle long overdue upgrades to improve the efficiency and resiliency of current ...

Every aspect of a jobsite costs more today, from materials and labor to tools and equipment. Take construction input costs for example. While relatively flat in 2023, they remain almost 40% higher than they were pre-pandemic. With borrowing costs still high in the face of a stub...

It’s no secret that water damage is a major threat to any community through storms, flooding, water line breaks, etc. However, water can also cause significant damage to a construction project. In most cases, the geotechnical reports that are prepared before a project begins stro...