You have a lot of decisions to make on a regular basis that have big impacts on your business. So we’ve got big news that can help you! As part of our series of industry-specific benchmark reports on the purchasing decisions of insurance buyers, we just published a 2021 Construction Benchmark Report that dives deep into the decisions made by construction company insurance buyers.
With the report, construction company executives can find insights, statistics, and other valuable information gleaned from the purchasing decisions of hundreds of peer companies, all of which can help build a good framework for your own insurance purchasing decisions.
According to the Associated General Contractors (AGC), construction companies generate $1.3 trillion of economic activity annually, producing more than 7 million jobs. This constitutes approximately 9 percent of the U.S. economy. Economists are forecasting continued growth in the construction industry in the coming years.
The 2021 Construction Benchmark Report is the second annual survey of the purchasing habits of contractors that are insured through Assurex Global Partner firms. This report focuses on North America and 1,983 construction companies of varying sizes and specialties, generating revenues from less than $1 million to more than $880 million.
The report covers property, contractor’s equipment, builders’ risk, general liability, excess liability, contractor’s professional liability, environmental impairment, and workers’ compensation. Additional data was collected with less detail regarding management liability, subcontractor default insurance, cyber liability, and the use of alternative risk financing techniques.
This study and its findings provide buyers with peer-related data to compare with their contemporaries. Additionally, it highlights current employee benefits trends in areas such as voluntary benefits and wellness programs.
Here at Kapnick Insurance we are well-equipped with solutions, resources, and experts who can assist you. Contact us at email@example.com to discuss how this report can help you or to receive a copy of the full report.