Construction companies build the backbone of our communities. Thanks to your company and your crew, our societies have critical road infrastructure, new housing developments, industrial projects, and essential maintenance. Without construction companies, our society would be at a standstill. And while your company is busy working on projects that keep our communities functioning, who supports your operations and watches your back?
Construction insurance is a vital part of your financial safety net in the event of the unexpected. Let’s look at who needs construction insurance and why it’s beneficial for companies of all sizes in the construction industry.
Who Needs Construction Insurance?
Are you a contractor who manages an office and a large crew? Do you meet with clients one-on-one and employ a couple of skilled tradespeople? No matter your size of operations, anyone with a construction business can benefit from trades, contractor, and construction insurance protection.
What Do Construction Companies Need to Insure?
Insurance is a wide umbrella that covers all types of policies, depending on what it is your business needs to insure. For most construction companies, the following are vital assets and operational elements that require some level of insurance:
- Equipment, Tools, and Assets
- Physical locations
- Fleet vehicles
- Intellectual Property & Digital Assets
Protect the People On Location
Construction work can be dangerous, with many large pieces of equipment operating at any given moment, which is why safety on the jobsite is a top priority for all construction companies. Employees and contractors are expected to follow safety protocols for each phase of the job and each tool or piece of equipment they operate. Following and enforcing safety procedures is the best strategy to ensure a zero-incident project. Construction insurance is also a key component of protecting your crew on site.
Protect Your Property & Assets
Your jobsite will have valuable assets on the property that make them attractive targets. This, in addition to the rising cost of raw materials, makes construction projects vulnerable to theft. Advanced video surveillance, security systems, and construction insurance can help protect your company from damages due to vandalism, theft, and environmental risks.
Protect Your Business & Reputation
Contracts are a significant factor in securing work and growing your company’s reputation. Construction insurance can help provide protection if a project is delayed, cancelled, or something goes wrong, and you need legal liability mitigation.
Protect Your Fleet Vehicles
Your company assets need protection, including your fleet of company vehicles. Having fleet insurance coverage helps protect your employees and the company trucks while they’re on the road.
Protect Your Business Online
Every modern business has important assets online. Any digital information you store, whether it’s intellectual property, account information, or sensitive employee data, needs protection. A cyber security plan is essential, and insurance to protect you online is worth considering, too.
What Is “Trades, Contractor, and Construction Insurance”?
Each construction company is different in terms of its operational scale, the value of its assets, the number of employees, and other varying factors. Your insurance policy should match your unique needs. At Cornerstone Insurance Brokers Ltd., our team will help you find the right coverage tailored to your requirements.
The following are some of the essentials that a construction insurance policy might cover:
Commercial Vehicle Insurance or Fleet Insurance
Commercial vehicle insurance gives you coverage while your company vehicles are on the road.
Property insurance provides insurance coverage for your physical locations.
Business insurance provides coverage for your operations, including business interruption insurance for delays.
Commercial General Liability Insurance
Commercial general liability insurance protects your company in today’s litigious environment. This provides extra coverage for your company in the case of bodily injuries, equipment damage, and property damage.
Wrap-Up Liability Insurance
Wrap-up liability insurance protects everyone involved in the construction project, not just the owner, contractor, or direct employees. If your job site involves sub-contractors, wrap-up liability insurance might be what you need.
Additional Insurance Options for Construction Companies
Comprehensive insurance coverage helps protect your business from unpredictable events. However, there are additional insurance policies to consider for your company for extra protection.
For companies that focus on developing new projects, developer insurance covers the entire project from start to finish, including vacant lots, course of construction insurance, regular building insurance, and commercial tenant insurance.
In today’s highly digitized environment, cyber insurance helps protect your business from consequences caused by digital disruptions. Some business insurance policies will include some cyber insurance coverage, but it is not an automatic inclusion and is worth a discussion with your broker.
Why Work With a Commercial Insurance Broker?
With many great insurance providers operating in Alberta, finding the right coverage for your company’s requirements takes time, as well as knowing what questions to ask. When you work with our team of experienced commercial insurance brokers, you’ll receive personalized support from someone who is focused on your business’s interests.
Commercial insurance brokers meet with you one-on-one to determine what coverage you need, then take the time to search for the best policy options for you to review. They’re also available to answer all your questions so you understand what you’re getting. Here are just some of the other ways our commercial insurance brokers are here to support your business:
- Saves you time researching companies
- Finds you the right coverage at the best value
- Offers personalized service
- Provides assistance with claims and paperwork
- Are passionate about Alberta businesses
Construction Insurance Companies in Alberta
As insurance brokers, we work on your behalf to find your business the best policy with the right coverage. While we work with many reputed insurance companies in Alberta to provide our clients with comprehensive coverage, we always prioritize your interests. You can browse our trusted insurance partners in Alberta to learn more about their policy options or schedule a call with our team to narrow down your search.
Construction and Contractor Insurance in Central Alberta
While you’re busy building Alberta, we’re here to help you grow and protect your business. Talk to one of our insurance brokers today to get a policy built specifically for the Alberta construction industry.