The global pandemic that began in late 2019 has changed every aspect of modern life and challenged not only ways of living but also thinking, especially in the construction industry. In the marketplace, every type of industry and business has been somehow affected—many negatively but some positively. Manufacturers of face masks and hand sanitizers, for example, have seen a business boom, and companies that did not offer these products have begun selling one or both types, sometimes combining them with skin moisturizers for a complete package. Pharmaceutical companies have seen upturns, as have technological platforms and businesses.
All industries, whether they have grown or struggled, have had to adapt. The construction industry has seen drastic changes. Even experienced contractors have scrambled to keep up in the constantly changing vortex of COVID-19. In these uncertain times, reliable Ohio construction insurance has provided security to many contractors. Still, this sector is not the same as it was before the pandemic. Here are the top five ways COVID-19 is impacting the construction industry.
Material and Supply Logistics
Contractors rely on a steady supply chain to complete quality projects on time. Logistics have been interrupted during the pandemic, resulting in delayed projects and upturned schedules. When it comes to the construction industry and COVID-19, communication is the key. Common examples include:
- Weekly reports from suppliers
- Ongoing research about available alternatives for materials
- List of replacement suppliers
Planning ahead is the best way contractors can offset this unavoidable effect of the pandemic on the building industry.
Project Suspensions and Closures
Due to many factors related to the pandemic, from worker safety to disrupted supply chains, construction industry projects that would have moved forward have been suspended and even closed. As the pandemic spread, contractors looked for ways to keep working, including tracing locations of individuals and testing on-site.
Altered Insurance Contracts
Responsible contractors and sub-contractors should have Ohio construction insurance, but as a result of the pandemic, the nature of contracts for coverage changed, since the insurance industry itself is adapting to the pandemic. Claim risks, mitigation, and indemnification have evolved in coverage packages, and contractors should understand all clauses in their insurance.
Workplace Safety and Compliance
During the time of COVID-19, keeping worksites safe for employees has become increasingly complicated, as employers guidelines and regulations from OSHA, the CDC, and the U.S. Department of Health and Human Services, or HHS. Contractors must stay current on the latest information about personal protective equipment, sanitizing methods, and virus variants.
Due to the pandemic, contractors have had to embrace technology in new ways. They rushed to set up secure internet connections and communication methods. They had to safeguard remote places of work and fend off the increased threat of malware. A number of construction businesses have adopted new digital tools and processes in a few months whereas normally they would take several years to do so. The ongoing task of contractors is to keep up with the rapid changes.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.