With labor shortages and limited availability of construction materials due to ongoing supply chain disruptions, construction businesses are facing unexpected consequences from these ongoing challenges—one being the potential for increased insurance policy costs.
Hiring untrained workers or using lower-quality materials due to product shortages may lead to unintended risks that can impact construction businesses’ insurance policies far into the future. Here are how these two challenges can potentially impact commercial insurance premiums, and the steps companies can take to ensure their business is protected.
Reprinted courtesy of John Lack, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.