Explosive Growth Requires Construction Insurance in Grand Prairie
The population in Grand Prairie has been rising over the last few years, as the local economy remains strong. Backed by industries like commerce, forestry, agriculture and the energy market, the area is an entrepreneurial destination ripe with opportunity. In addition to plans to tap into the hydrogen economy, there are projects underway to build more plants and invest in geothermal energy. The rail lines linking the area to ports on the west coast are significant to new development, particularly commercial ventures that aim to export. This growth means construction crews are going to be in high demand, along with construction insurance in Grand Prairie.
Continual growth and development bring investment and business opportunities to both commercial and residential sectors. Real estate continues to move quickly, and there is an expectation that the construction market will experience a significant increase over the new few years from the major projects on schedule and the residential investments. You need HUB International's expertise to prepare your company for this explosive growth.
The area has seen recruiting challenges in the construction market, but as the economy brings new potential, many people will be looking for work. It’s estimated that over 20,000 workers will need to join the labour force from the local population to help accomplish all the projects on the horizon. This gives your company an invaluable opportunity to expand and bring on new talent. You can prepare for these changes and address any potential challenges through one of HUB’s construction insurance policies.
The Benefits of Construction Insurance
Regardless of how big or small your company is, working in the construction industry means you are a high-risk business. In addition to the general liability risks you face, you must contend with labour shortages, high material costs, supply chain issues and health and safety hazards for your crew.
Everywhere you look on a construction site, you find liability. In fact, liabilities start from the moment a job is quoted and a contract is signed. Because of these risks, it’s important to have the right insurance partner working with you to manage the risks.
HUB International offers the most comprehensive construction insurance in Grand Prairie thanks to the years of experience and industry expertise our team of brokers has. We work with your company to cover the following significant risks:
- Accidents or negligence
- Commercial auto incidents
- Employee injury or illness
- Errors and omissions
- Construction or material defects
- Loss due to water, fire, damage or theft
- Environmental hazards and concerns
Having a comprehensive insurance plan means reducing the financial liabilities of adverse incidents, and it also enables you to secure more favourable contracts and satisfy any bond requirements for a project. In some cases, your insurance solutions impact your ability to attract and retain the most skilled labourers in the area.
The Applications of Construction Insurance
The solutions for construction insurance in Grand Prairie we offer apply to more than a general contractor tasked with a building project. Each policy is customised to address the policyholder, whether working as a developer, owner, subcontractor, professional construction firm or specialty trade contractor. Within these divisions of construction services are a number of professions our policies can accommodate. These include:
- Electrician
- Painters
- Carpenters
- Plumbers
- Roofers
- Interior workers
There are different risks with each of the services, which is why HUB will work to craft a policy that meets your unique needs. Our solutions will help protect your assets and reduce liabilities. Learn more about HUB’s construction insurance offerings!