Learn More from the Experienced Contractor Insurance Brokers at BIC
News about the COVID-19 virus is on everyone’s lips, and it doesn’t look like it is going away anytime soon. States across the country are battening down the hatches with stay-at-home orders in anticipation of a storm that threatens the economy. Who would have thought that a microscopic virus could wreak havoc not only in America but across the world? As organizations across all industries slow down their operations, it begs the question, how the coronavirus will affect the construction industry?
Take heart. We will bounce back, and when we do, things may look a little different. The team at the Business Insurance Center stands ready to help you navigate through any changes to ensure that your business is safeguarded. We work with a variety of industries, such as construction, plumbing, and HVAC, in obtaining the correct type of contractor insurance for your needs. We understand you need someone in your corner, and we are happy to help!
6 Ways COVID-19 May Affect the Construction Industry
It may be hard to narrow down the lasting effects of this pandemic; however, one thing is for sure, few of us are coming out unscathed. According to an article at ConstructionDive.com, there are several areas where this virus will cause disruption. They include:
- Your Employees Health and Safety: The construction industry is hazardous, to begin with. Tie in a very contagious respiratory illness, and it may seem like a sci-fi flick in real life. The good news is that according to OSHA, the risk of transmission in this sector is lower than others. However, anxiety levels will still be elevated.
- Delays Receiving Materials: Many commercial builders rely on Chinese-made goods and materials. With that country only now starting to open up, prices could potentially increase.
- Lenders and Clients Reluctant to Move Forward with Projects: Obtaining financing could potentially dry up, especially in the hospitality sectors. Lenders could resort to much more conservative underwriting.
- Quarantines and Travel Bans Affecting Projects: An outbreak can occur near your job site. Do you know how you will respond? Many companies have to consider this and the contracts tied to projects.
- Potential Legal Issues with Not Completing Projects: This microscopic mayhem maker is threatening to stop many projects which may bring about legal issues. A missed deadline and increasing costs are just two issues many construction companies will have to face.
- Future Uncertainty: As we get back to normal after the pandemic subsides, no one knows what the future holds. The markets may be scared and many envision a recession.
Ensure Your Employees’ Safety and Bolster Your Company – the Business Insurance Center Helps
The experienced team at the Business Insurance Center helps companies across the country with all their coverage needs. We work with stable insurers so you can rest assured that your company is covered with the best policies for your needs in this time of uncertainty. Let us partner with you now and in the future.
Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center about contractor insurance. We have a 24/7 call center to serve you and an online Live Chat operator.