Filing an insurance claim can be a very complex and overwhelming process. So can defending a claim against your company. This is especially true in the construction industry, where workers compensation and auto claims are filed frequently. The emotional and financial toll of experiencing losses that are often personal—involving injury or loss of life—can be …
Why Your Insurance Broker Should be Your Claims Advocate Read More »
The language of construction contracts is often complex, nuanced and in many cases, difficult to understand. That’s especially true for indemnification clauses. This part of the contract basically describes who is responsible in the event of a loss to a third party—such as a bodily injury or damage to property. Indemnification is a risk-shifting strategy …
Contract Language: A Closer Look at Insurance Indemnification Clauses Read More »
With property/casualty insurance being such a major cost factor for construction companies, it’s important to understand how the marketplace works. How do carriers view you as a potential client? What is the role of your broker? What should you look for when evaluating who will represent you? Here is a behind-the-scenes look. The realities of …
Who is Representing You in the Marketplace and Why It Matters Read More »
For the majority of construction companies, Workers Compensation, General Liability, Commercial Auto, and Umbrella Liability insurance policies are a must. Many contractors also carry commercial property policies to protect their computers, furniture, and valuable documents. But that can still leave major gaps in protection that could bring business to a halt, stymie growth and leave …
Where are the Holes in Your Construction Insurance? Read More »
GBCA’s Construction Leadership Council (CLC) is a group of young construction professionals committed to education, networking, and service. MRG Producer Ray Prince has served on its steering committee since 2020. We talked to Ray about the importance of volunteerism and about what it takes to gain recognition and connections. Q: First a little about you. …
How Young Professionals Can Position Themselves for Success Read More »
Controlled Insurance Programs (also known as CIPs or Wrap-up insurance) are growing in popularity because they allow owners or general contractors to control and protect their business and/or project under one policy in which every subcontractor enrolls. The advantage: a uniform safety program for a safer construction site and less finger-pointing among subcontractors if an …
Controlled Insurance Programs Streamline Risk Management Read More »
Why should your company have a Cyber Liability policy? After all, the construction industry has traditionally dealt in brick and mortar not data. That’s changing with advancements in technology and hackers are taking note. It’s no surprise that half of construction executives believe their company will be the victim of a cyberattack at some point. …
Cyber Liability Insurance: Protection from Invisible Threats Read More »
Mistakes can happen. For contractors offering design-build or construction management services, Professional Liability insurance can cover economic losses and the costs of repairs. While Commercial General Liability insurance covers financial losses due to bodily injury or property damage, Professional Liability insurance ordinarily protects construction companies for design mistakes, and errors and omissions. For example, maybe …
Professional Liability Insurance Provides Protection and Peace of Mind Read More »
The Bureau of Labor Statistics named construction work as one the top ten professions for workplace accidents in 2019. Since construction sites buzz with activity, no matter how many safety policies are in place, accidents are bound to happen. Workers’ Compensation insurance covers work-related injuries, disease, and fatalities with disability benefits, missed wage replacement, medical …
Workers’ Compensation Insurance in the Construction Industry: Best Practices Read More »
You are in the business of saving lives and limbs. You are among the safest construction companies around. Why should you share in the risk of companies that are not as safety conscious as you are? That was one of the key messages delivered by a consultant from Captive Resources, who spoke with 35 contractors …
