Do you know what your policy states regarding insurance for lost productivity? During 2018 the Western Washington construction came to a standstill for 17 days due to workers downing tools. This is one of many examples of how the construction industry is vulnerable to lost productivity.
Lost productivity can incur unplanned costs to your project due to fines imposed on missed deadlines, hiring additional staff to get the job done and more. This makes lost productivity insurance an important aspect of your insurance policy.
Lost productivity can be the result of both human as well as natural factors. This can result in the productivity rate to be lower than expected for the specific kind of construction project.
The team that you have in your service affects the cost of productivity. When you have the element of people as a variant determining profit or loss, it is a risk that you need to deal with. This is why insurance for cost due to lost productivity can protect your business.
You can discuss your insurance policy with your insurance agent to determine if it includes lost productivity insurance in your Against All Risk policy.
There are several ways that you might need protection when it comes to lost productivity. Your trusted insurance provider will be able to guide and advise you on your available options.
For insurance advice you can trust call Builder’s Risk. Speak with a licensed agent 887 960 0221 now.