Artisan contractors face unique challenges in the construction industry, particularly when it comes to finding skilled labor and ensuring adequate insurance coverage. With the industry facing a shortage of skilled workers and the need to attract new talent, artisan contractors must navigate these obstacles to continue delivering quality craftsmanship.
According to Scott Zemberi, Central’s Director of Construction Underwriting, the lack of skilled labor in specialized trades is a significant challenge for artisan contractors. With many construction workers nearing retirement age, the industry needs to attract around 500,000 new skilled workers by 2024 to meet demand. This shortage of skilled labor can make it difficult for artisan contractors to find workers who are knowledgeable and experienced in their specific trade.
To protect their businesses and focus on their work without worrying about unforeseen setbacks, artisan contractors must have adequate insurance coverage. Insurance can cover a range of risks, from liability claims to equipment damage, providing a safety net for contractors in case of accidents or damages on the job site.
Zemberi emphasizes the importance of having essential insurance policies in place, such as General Liability Insurance, Workers’ Compensation Insurance, Commercial Auto Insurance, Contractors Errors and Omissions Insurance, Inland Marine Insurance, Commercial Property Insurance, Umbrella Insurance, Electronic Data Liability Coverage, and Business Owner’s Policy. These policies can help protect artisan contractors from financial liabilities and ensure they have the coverage they need to operate their businesses effectively.
In addition to insurance coverage, implementing effective loss control measures is crucial for artisan contractors to minimize accidents and costly incidents on job sites. By working with insurance providers like Central and taking proactive steps to prevent losses, artisan contractors can safeguard their businesses and focus on delivering quality work to their clients.