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rising construction insurance
October 18, 2021

Dealing With Rising Insurance Costs in Construction

Increasing material costs, supply chain issues, manufacturing delays, and labour shortages are just some of the problems faced by contractors in the post pandemic world today. However, one cost in particular has been getting very little attention as of late; insurance.

Some of you may have noticed that your annual insurance rates have been increasing year over year over the last decade. As of late, these price increases have been happening more rapidly and I believe there is a very significant chance that this is due to a lack of skilled workers throughout the industry.

You might be wondering – How can a lack of skilled workers drive the cost of insurance to rise? Before we dive into that, it’s first beneficial to understand the types of insurance often found in construction.

No two contractors operate in the same way, therefore a contractor’s insurance coverage is often as unique as their business. It is essential to know the basics of what is required to mitigate the operational risks of your business, both now and in the future. The list below quickly outlines some of the most common types of insurance policies that you should be aware of to ensure you have the best protection.

Common Types of Insurance for Contractors

The list below typically applies to most contractors who need the bare essentials when it comes to insurance. For larger contractors or projects, there may be additional requirements such as bonding, environmental, and professional liability insurance, that are unique to their project requirements.

Keep reading this blog on OnTraccr.com


  • Procore - Leaderboard - Jan 2022
  • Keith Walking Floor - Leaderboard - Sept 2021
  • IAPMO R&T Lab - Leaderboard
  • Revizto - Leaderboard - March and April
  • Dentec - Leaderboard - 2023 - Updated
  • Premier Leaderboard - updated Nov 19
  • CWRE 2024 - Leaderboard