Changing Workforce Dynamics
Construction Defect
Contractual Risk Transfer
Design Errors
Crane
Cyber Risks
Material Costs
Fire
Fleet Safety
Supply Chain Disruptions
Pollution
Weather Events
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Workplace Injuries/Fatalities
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Theft/Vandalism
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Taking the necessary steps to attract, hire and retain qualified people can be difficult. Travelers Workforce Advantage® can help. From developing the right job description to designing safety leadership strategies and post-injury management plans, Travelers offers a unique set of tools and resources to help businesses manage risk by focusing on the employee, from recruitment through retirement.
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Learn to create a workplace safety culture in four steps >
In 2022, 83% of construction employers reported difficulties finding suitable skilled labor,¹ and 66% reported project delays due to skilled labor shortages.²
¹AGC Construction Outlook
²AGC Workforce Survey
NEXT RISK: Contractual Risk Transfer >
It requires expertise and experience to properly manage a construction defect claim. The Claim professional must be able to investigate the cause of loss, interact with multiple parties, understand contractual risk transfer, know the applicable jurisdictional laws and manage litigation, if necessary. Travelers has more than 200 dedicated construction defect Claim professionals across the U.S., including forensic specialists. Travelers Commercial General Liability (CGL) coverage can provide protection for many damage claims, which can include construction defect claims.
Understand more about common construction defects >
From a leaking water pipe to a slowly shifting foundation, construction defects can be identified immediately or may appear over time. These issues may result from design deficiencies, product failures, improper installation or faulty workmanship.
NEXT RISK: Crane >
Construction projects come with potential financial and operational risks for contractors working with third parties, including subcontractors and other providers of products and services. Travelers contractual risk transfer (CRT) expertise can help protect your business from the costs of a covered loss event, injury, property damage or a construction defect claim related to third-party services or products.
Learn what to include in a strong contractual risk program >
Written contracts that define roles, responsibilities and requirements – including financial – of subcontractors, vendors and service providers are at the heart of a CRT program.
NEXT RISK: Cyber Risks >
Making sure crane operators have the necessary training can mean the difference between preventing a loss and incurring one. Through Travelers Safety Academy, customers are offered crane training in a variety of formats – from in-person multiday workshops that prepare attendees for certification exams to self-service online training resources.
About Travelers Professional Crane Operations Workshop >
Being struck by objects is a leading cause of construction-related death. Approximately 75% of struck-by fatalities involve heavy equipment such as trucks or cranes.*
*OSHA
NEXT RISK: Design Errors >
Travelers CyberRisk coverage is designed for contractors of all sizes and offered as a stand-alone policy or as part of a management liability suite of coverages. CyberRisk provides a combination of coverage options to help protect businesses if they are faced with a cyber event. In addition, CyberRisk customers get access to Travelers pre-breach services provided by HCL Technologies, including a cyber resilience readiness assessment and consultation, Security Coach Helpline, Cybersecurity awareness training videos and more.
Learn more about cyber insurance coverage and solutions >
New ways of accessing company systems such as mobile and cloud-based platforms can increase a firm’s exposure to cybercriminals.
NEXT RISK: Fire >
Contractors who provide design services, who are involved in design-build projects or who hire subcontractors that provide architectural or engineering services risk design errors. Travelers Contractors Professional Liability coverage helps protect contractors from design-related losses.
Learn more about Travelers ECP Custom Contractors Professional Liability Insurance >
Subcontracting design does not shift all liability away from the contractor, even when contracts contain strong indemnification provisions.
NEXT RISK: Fleet Safety >
Buildings under construction have a greater potential for significant property damage from fire, especially before fire suppression systems are installed and operational. Travelers’ dedicated Construction Risk Control consultants help customers develop plans to reduce the risk of fires on-site. Travelers’ Builders Risk policy helps protect you from the costs of covered job site fires.
Learn more about how to prevent construction fires >
The leading factors contributing to the ignition of fires in structures under construction include heat sources that are too close to combustible materials, abandoned or discarded materials or products, and electrical failures or malfunctions.*
*NFPA
NEXT RISK: Material Costs >
Fleet vehicle accidents are among the costliest of injury claims for businesses. Without a formal fleet safety program, you may be putting the welfare of your employees and company at risk. A fleet safety program establishes the policies and procedures that are needed to help ensure a safe work environment for employees. It can also help protect against liability from vehicle accidents.
Understand the 8 elements of a fleet safety program >
For any company with a fleet of vehicles of any size, a formal fleet safety plan can provide a number of advantages, including improved safety, employee satisfaction and the potential to improve fleet efficiency.
NEXT RISK: Pollution >
Even when contractors get the materials they need on time, everything costs a lot more these days – and passing that cost along to clients isn’t always easy. Travelers can help protect against the costs of loss and damage to expensive equipment and materials – from storage to transportation and installation.
Learn how to protect valuable construction materials and equipment >
*AGC Construction Outlook Survey
Material costs are consistently ranked as a top concern by contractors.*
NEXT RISK: Supply Chain Disruptions >
Pollution loss claims have the potential to cause significant reputational and/or financial harm to a business. That’s why it’s important to have one team with the expertise to help you handle them. Travelers Environmental and Commercial General Liability subject matter experts work together to help provide continuity of coverage and claim handling for Travelers customers.
Learn more about Travelers ECP Custom Contractors Pollution Liability (CPL) and Custom Site Pollution Liability (SPL) Insurance >
Pollution liability claims may be infrequent, but when they do happen, they are often large, expensive and complicated.
NEXT RISK: Theft/Vandalism >
Supply chain disruptions and the resulting shortages and delays are likely to be a reality for the construction industry for some time. Because new vehicles are harder to acquire these days, contractors need to get the most out of their current fleet. Travelers safety and fleet management programs help keep drivers, cars and trucks on the road. Additionally, Travelers customers have access to discounts* on Procore® construction management software, which focuses on schedules, budgets and quality control to help contractors boost productivity and avoid material cost overruns.
Explore Travelers supply chain management resources >
82% of contractors say longer lead times or shortages of materials have delayed projects.
64% reported delivery delays, leading to unpredictable scheduling and uncertainty over when jobs will be completed.*
*AGC Workplace Survey
*Discounts may vary by state and individual risk characteristics. Discounts are subject to eligibility, availability, do not apply to all coverages and are not guaranteed.
NEXT RISK: Transit >
Travelers Special Investigations Group (SIG) is composed of highly skilled investigators, many with law enforcement backgrounds. SIG can assist customers with equipment recovery, theft vulnerability analysis to assess job site risk levels, and training on security planning and theft prevention. Travelers contractors’ equipment policy covers not only owned equipment, but also personal property on job sites.
Learn how to protect your construction site from theft >
In addition to the financial loss of valuable materials and equipment, stolen items need to be replaced, which can result in project delays.
NEXT RISK: Water Damage >
When equipment damaged in transit is rendered unusable, significant project delays may result. Travelers customers have access to Risk Control resources to help address this risk, including content on driver management best practices and flatbed cargo securement (loading, hauling and unloading equipment safely).
Learn more about Travelers Inland Marine Construction Insurance >
Equipment may be vulnerable to loss during transit due to a number of factors, including collisions with bridges or overturns.
NEXT RISK: Weather Events >
Water leaks, whether from pipes, windows or roofs, can cause extensive property damage. Travelers’ dedicated Risk Control consultants can help customers develop water damage prevention plans. A Travelers Builders’ Risk policy can help protect against these types of losses.
Learn how Travelers Builders’ Risk coverage protects construction projects >
Water damage is one of the most frequent claims affecting the construction industry.*
*Business Insurance
NEXT RISK: Work Zone Accidents >
Natural disasters and weather events threaten equipment and project timelines. Travelers contractors equipment coverage helps cover expenses to move equipment to protect it from the threat of imminent loss or damage from fire, severe storms or flood.
Learn how to prepare your construction site for severe weather >
Since 1980, the U.S. has sustained 310 separate weather and climate events. Each resulted in damage-related costs in the billions.*
*NOAA National Centers for Environmental Information
NEXT RISK: Workplace Injuries/Fatalities >
Working near moving vehicles and other heavy equipment can create significant risks of injury and property damage for construction workers, road maintenance workers and the public. Travelers Construction Risk Control consultants provide resources including on-site safety academies and interactive online tools to help you identify, manage and mitigate work zone risks.
Learn more about Travelers insurance for contractors >
60% of contractors reported a vehicle crash in their work zone in the past year.*
*AGC
CONCLUSION >
In addition, the Travelers Construction Risk Control team offers a wealth of safety resources, including tools and training on topics such as fall protection, work zones, hazards of working with electricity, heavy equipment safety and more.
Learn how to stay safe around heavy equipment >
In 2020, there were 174,100 total recordable nonfatal incidences of injuries and illness in the construction sector; over 40% of those (74,500) resulted in time out of work.*
*U.S. Bureau of Labor Statistics
*Travelers Claim Data, three-year average, current 12-month reports (December 2018-2020)
Travelers workers compensation coverage can help protect business owners and employees after work-related injuries or illnesses. As a leading workers compensation insurer, we have more than 500 nurses who help review treatment plans and address any medical impediments to recovery. That’s one big reason more than two-thirds of injured employees covered by Travelers are able to return to work within 30 days.*
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