Tag

Construction Benchmark report

Sep 12

Navigating Professional Liability in the Construction Industry

By Business Insurance, From the Experts
In the evolving landscape of construction, contractors often provide professional advice, blurring the line between design and construction. This shift has increased exposure to professional liability, making contractor’s professional liability insurance more essential than ever. As the industry grows more complex, contractors must protect themselves from risks that go beyond traditional coverage.
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Jul 31

Unlock Insights with Our 2023 Construction Benchmark Report

By Business Insurance, Insurance, Insurance Update
As a business owner, you know that the decisions you make can have significant impacts on your success. That's why we have exciting news to share! Our latest industry-specific benchmark report focuses on the purchasing decisions of insurance buyers in construction, and we've just released our benchmark report for 2023. The construction industry generates $1.3 trillion of economic activity annually and employs almost 8 million people. As we navigate the uncertain economic climate, knowledge is power. In 2021, overall construction spending increased by 7 percent, while residential construction spending decreased this year. Infrastructure spending has seen an uptick-- thanks in…
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Mar 28

How Insurance Purchasing Decisions Vary by Construction Specialty

By Business Insurance
The recently published Construction Insurance Benchmark Report by Assurex Global provides valuable insights into the insurance purchasing decisions of 1,983 construction companies across five specialties. This data helps validate industry experiences and offers contractors a clearer understanding of how insurance policies and limits vary by specialty. INSURANCE TRENDS BY CONSTRUCTION SPECIALTY The report categorizes construction companies into five specialties based on NAICS codes: General construction (NAICS 2361XX and 2362XX) HVAC, electrical, and plumbing (NAICS 2382XX) Highway/underground (NAICS 2371XX and 2373XX) Trade contractors (NAICS 2381XX and 2383XX) Other specialties (NAICS 2389XX) Key Findings: Highway/underground contractors purchase higher limits of contractor’s equipment and excess liability coverage due to their exposure…
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Mar 14

Should You Consider Contractor’s Professional Liability Insurance?

By Business Insurance
General liability insurance covers bodily injury or property damage caused by a contractor’s negligence. However, it does not protect against financial damages resulting from negligent professional advice. As claims for monetary damages from professional advice become more common, contractors need contractor’s professional liability insurance to safeguard their business from these risks. WHAT IS CONTRACTOR’S PROFESSIONAL LIABILITY INSURANCE? Professional liability insurance protects contractors who provide advice or services from claims that their errors or omissions caused financial losses to clients. Unlike general liability insurance, it does not cover bodily injury or property damage, making it a complementary policy rather than a replacement. According…
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Feb 28

Construction Benchmark Report Now Available

By Business Insurance
Making informed decisions is critical for your business, especially when it comes to insurance. That’s why we’re excited to share the 2021 Construction Benchmark Report, part of our series of industry-specific reports. This comprehensive study provides construction company executives with valuable insights, statistics, and peer comparisons to guide their insurance purchasing decisions. WHY THE 2021 CONSTRUCTION BENCHMARK REPORT MATTERS The construction industry plays a vital role in the U.S. economy, generating $1.3 trillion annually and supporting over 7 million jobs, according to the Associated General Contractors (AGC). With economists forecasting continued growth in the sector, having the right insurance coverage is…
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