Rising costs of property impacts contractors
Surging inflation, supply chain issues and labor shortages have led to the largest spike in construction costs in 50 years.1 Increasing material costs put contractors at greater property exposure risks as they store, transport or have property waiting at job sites.
With material shortages and rising cost of those materials, contractors may react by buying inventory at higher costs, farther ahead of time and storing it longer. Contractors may need more coverage to protect them from loss. Additionally, there are proactive steps your contractor customers can take to help mitigate damage to property and potential losses.
Actions to take
As you’re having conversations with contractor clients about inflation and rising property costs, the following resources are available:
Explain what’s driving inflation and what’s contributing to the increase in property costs using this client facing infographic.
Discuss property exposures with your clients to ensure the property they store, transport or have waiting at job sites is protected. If the opportunity is right, have clients consider Inland Marine coverage. Information on Nationwide® Inland Marine is below for reference:
Nationwide® Inland Marine Product Guide
Nationwide® Inland Marine Installation Floater
Enable clients to take proactive steps to help mitigate damage to property and potential losses. All of your clients have access to construction specific loss control resources via Nationwide’s MyLossControlServices.com. Additional programs, resources and services are available to Nationwide policyholders who register.
Residential Remodelers & Maintenance Contractors
Contractors face unique and often dangerous risks everyday on the job. Nationwide understands the risks contractors face and are focused on providing solutions to support them. Read our focus on Small Commercial Construction or watch Peyton Manning describe it: