01
Apr

Construction in the USA has seen a steady rise in recent years after the sharp decline that was spurred by the 2008 recession. As the country continues to recover from the housing market crash the construction segment has proven to be one of the fastest growing industries with output expected to reach $1.2 trillion by 2020.[1]

This spur in growth is not only a bounce back to the status quo of 2008, it also includes the massive influx of new space needed for the growing technology market, nationwide infrastructure maintenance, and the rising need of new housing for the growing population.

With this increase in construction projects nationwide the insurance industry has seen an increase in workers compensation claims. In the construction industry these costs can exceed 50% of base labor costs,[2] which puts a heavy burden on construction contractors to qualify and vet their subcontractors and provide additional safety measures in place.

The Bulow Group is a specialist when it comes to risk avoidance by working with our construction partners in finding unique ways to educate and protect their businesses. This includes but is not limited to job-site walk-throughs, classification analysis, and safety meetings with employees. We are not just your insurance broker but a partner that cares about your business.

 

[1] Tradesmen International – www.tradesmeninternational.com/construction-technology/construction-industry-growth-predictions/

[2] Site Safety, LLC – www.site-safety.com/news/​ways-to-reduce-your-insurance-costs-in-construction-industry/

 

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