Construction insurance rates have trended upward as claim values have increased, fueled by recent workforce upheaval, supply chain shortages, and record-high inflation. According to MarketScout Barometer, the contracting industry class experienced an average insurance rate increase of 6.2% in Q2.

As the construction industry rebounds from the COVID pandemic, supply chain issues and inflation are creating new challenges. Both building materials and skilled labor are in limited supply, and costs are increasing at rates not seen in decades. These market conditions affect construction insurance and risk management in many ways.

What do high-tech wearables, bird-friendly windows, and ancient ruins have in common? They’re all part of today’s evolving construction industry. In this week’s blog, we’ve tapped our sources to bring you some recent developments in the industry to keep you informed. Here are just a few.

Construction is a dangerous industry. In 2017, the construction industry suffered 971 worker fatalities. Cranes, which are on many construction sites, present unique hazards. Recent accidents highlight the dangers posed by cranes and the importance of new regulations designed to promote crane safety.

From 2012 through 2016, three hundred twenty-five U.S. contract workers died as a result of electrical injuries. And construction trade workers represented a whopping 57 percent of fatal electrical accidents during that time.

With the rise in construction excavation and trenching fatalities in recent years, the Occupational Safety & Health Administration (OSHA) is taking action by ramping up its education and prevention initiatives.

When you’re a construction contractor, there are a lot of “moving parts” to your operation, and a successful project requires that those parts work in sync. Your insurance coverage can be one of the most complex of those parts. And since it’s likely one of your biggest costs, it pays to get it right.

The recession of 2008 was tough on the construction industry. Thousands of construction workers left the industry for greener pastures, and many companies were forced out of the business altogether. Luckily, the industry has come back strong, and many would even say it’s booming today. And there seems to be a renewed enthusiasm in the industry for improving efficiency and focusing on risk management strategies that offer the most bang for the buck.

Everyone knows that construction sites are some of the most dangerous places to work. Add alcohol to the mix and it can be a recipe for a deadly and costly disaster. With the building boom happening in New York City and other cities around the country, there’s been a spike in construction fatalities. While there’s no way of telling how many of those have involved alcohol, it’s clear that alcohol use among construction workers remains a serious risk.

Today’s “gig economy” and its heavy reliance on independent contractors is one indication of how our modern workforce is evolving. The tech industry is a perfect example. But look a little closer and you’ll see that many tech startups are facing a new threat: lawsuits from workers who allege they were misclassified as contractors when they should be employees.