Category Archives: Construction

Understanding the Five Types of Construction Contract Bonds

When a building is under construction, the building owner expects that the contractor doing the work will complete the project on time and within the budget. In some circumstances, this may not happen and this is why contract bonds are issued to a contractor, to give the building owner peace of mind. When corporate surety […]

Kentucky Removes Prevailing Wage from Law

The new Right to Work law will give all Kentucky workers the right to choose whether or not they want to pay union dues.  An employer cannot force an employee to pay dues as a condition of employment as Kentucky has fully repealed Prevailing Wage (PW) from law. The following will be written into Kentucky […]

Cross it Off: A Checklist to Prevent Structural Failures

Risk management professionals who specialize in construction projects for commercial properties identify a building’s safety as one of their top concerns for any project. This concern can be eased by verifying that the building has a solid foundation and that none of the materials used to construct the building are defective. Structural failures are accompanied […]

How to Navigate the Construction Insurance Process

In the construction industry, obtaining business insurance and being able to provide proof of that coverage to an owner, general contractor, or even another subcontractor can make or break the beginning of business. Without protection for employees, employers and the public, contracts and state laws make it incredibly challenging to operate. Since insurance plays such […]

The Coverage Many Contractors are Lacking

Contractors know they need general liability insurance, but they often aren’t fully aware of the potential gaps in coverage versus their exposures. Design firms and contractors work together to complete a project, but when something goes wrong, who is responsible for the damages? Contractors are assuming nontraditional risk that their core coverages may not provide […]

The Risk in Employees Driving Their Own Cars on Company Time

“Non-Owned” auto exposure is created when you have employees working on company business in personal vehicles.  This is a significant potential exposure to loss on your Commercial Auto Policy if an employee is involved in an at-fault accident in the course of employment, and the resulting damages are high.  If the employee does not have […]

Top 4 Construction Industry Trends

Construction professionals have predicted new technology trends, workforce concerns, homebuyer preferences, strong demand and a booming business. Here are the top four trends to keep an eye on: Skilled labor shortage will continue to torment construction companies Many employees left the construction industry or were laid off during the recession, so companies still fight to […]

Construction Industry Challenges Part 3 of 3: Succession Planning & Developing Leaders

Every industry faces its own set of unique struggles, and despite the recent economic improvement, the construction industry still has its challenges. In our previous parts of the three-part blog series, we discussed the challenges of attracting and retaining talent. Another issue we face is succession planning and developing future leaders. The greatest value an […]

Lowering the Risk of Subcontractor Defaults

In 2016, U.S. construction starts are estimated to grow at least 6% to $712 billion. This comes after increases of 9% in 2014 and 13% in 2015. There is enough work, more than an industry can handle, which is why it is not expected to slow down any time soon. However, general contractors must watch out […]

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