Commercial construction projects face various challenges, including labor shortages, rising material costs, and ongoing risks like delays and safety incidents. Effective risk management begins with clear project scope, coordination, and communication between all parties, which can help avoid costly overruns. Builder’s risk insurance is essential, but acquiring coverage has become more complex and expensive, requiring early planning and thorough documentation. However, improving economic conditions are making it easier to secure insurance with more favorable terms, allowing companies to manage risks more effectively and keep projects on track. 

Ready to learn more? Check out the full article featuring Bryce Craig, Builder’s Risk Practice Leader, and Jason Wilsey, Vice President and Construction Team Leader, Property Casualty.