Construction Industry Slated for Growth
As the market continues to recover, recent reports show the construction industry is growing at a steady rate for the first time since 2011. Experts credit a strengthening economy and the recent increase in government spending for the industry’s current success.
According to reports, this trend is slated to continue, particularly as the housing market improves. Construction in the private sector has also been predicted to grow alongside a state level increase in conservation and development.
Ambitious Contractors Face Unseen Difficulties
Experts say that due to the recent availability of new contract opportunities throughout the US, today’s construction contractors are moving outside their comfort zone when it comes to contracting projects beyond their usual regions. In turn, they are faced with a number of regulatory and legal differences in regard to construction insurance laws, workers compensation requirements, and litigation trends.
It’s important to remember that each state has its own set of standards, including specific regulations that must be followed. Failure to comply can lead to fines, project delays, and other risky penalties.
The Growing Requirements for Wrap-up Insurance
Construction firms are seeing a growing trend in which project owners are requiring contractors and sub-contractors to carry wrap-up insurance. This type of insurance policy generally comes in two forms: owner-controlled insurance programs, which are sponsored by project owners; or contract-controlled insurance programs, which are sponsored by a contractor. These types of policies generally include liability coverage, as well as workers compensation.
While wrap-up insurance can save you money, it’s important that you fully understand your coverage details to avoid costly gaps. Complete this online quote form today to see how your current insurance compares.