Autonomous Equipment: The New Normal
We are seeing a rise in autonomous technology throughout many industries. Therefore, it’s no surprise that robotics is already revolutionizing the construction industry.
If machines can do specific jobs with few to no errors and without human intervention, why wouldn’t every construction company be trying to get their hands on this new technology? As we have seen with self-driving vehicles, there are certainly still obstacles to tackle, but there is no doubt that our world is heading towards increased automation.
As the construction industry changes with the technology tide, the insurance industry must also adapt to the new normal.
Construction Insurance with Autonomous Equipment
Construction insurance will change dramatically as a result of autonomous equipment. Here are a few factors to consider:
Safer Job Sites
One of the main goals of autonomous equipment is safer job sites. With operators able to control machinery at a distance and autonomous equipment having exceptional precision, there should be a decrease in the number of work-related injuries.
Training
In many industries, training programs can significantly reduce insurance risks. With the introduction of autonomous equipment, there is still uncertainty about what job site and safety training should be required.
System Malfunctions
There is an obvious risk of property damage or injury if an autonomous piece of machinery malfunctions. Construction insurance will need to determine how said system malfunctions are or are not covered.
Cybersecurity Breaches
Increased reliance on internet connection, GPS, and censors creates more opportunities for cybersecurity breaches on construction sites. Does cyber insurance need to be included with construction insurance when a business uses autonomous equipment?
Liability Confusion
One of the most glaring issues with the introduction of autonomous machinery is liability confusion. Who is at fault if property damage or injury occurs due to the equipment? The developer, construction company, and operator will all come under the microscope.
Are You Properly Covered?
If your construction business plans to use autonomous equipment in the future, you may wonder if you are properly covered. Please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont, and we would be happy to answer all of your commercial insurance questions.
We give out $25 gift cards for referrals that become our insurance clients.
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