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Construction workers at a big project. “Technology can enhance your risk management efforts, but you need to understand the overall investment and you need to have the skill set within your company to use it properly,” says Lawrence Barone of Sentry Insurance. (Credit: Bannafarsai_Stock/Shutterstock.com)

Construction projects are becoming more complex, while the timeframes to complete them are shortening. On top of these challenges, supply chain troubles and labor shortages are raising the potential risks for builders, insurance industry sources tell PropertyCasualty360.com.

“Each of these factors can increase business expenses and insurance rates, which underscores why it’s more important than ever for contractors to manage their risks, reduce incidents and remain safety conscious,” says Michael Teng, assistant vice president of regional products, pricing, and underwriting for Sentry Insurance. “Technology has an opportunity to help contractors improve safety — but only if it’s used effectively and leads to better loss results over time.”

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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