Ontario Construction Insurance
So, your job site has just been burglarized. Do you know what you need to do next? Carpenters, homebuilders, specialized contractors, remodelers, general contractors and others in the constructions industry have a need for Construction Insurance in order to help reduce their risk exposure. Fortunately, Bethel Insurance Brokers of Ajax, Ontario has the dedicated coverage that you need, which is tailored to protect against the explicit hazards of your unique profession.
With just the right mix of coverage, you will have all that you need to successfully limit your monetary risks that can be brought on due to equipment damage, jobsite injuries and automobile accidents. Your broker can set you up with the ideal Builders Risk Insurance package to help protect you against all the risks to which you are exposed during the course of each of your construction projects.
Risks That Construction Professionals Must Face
As a professional in the construction industry, there are four major risk types that you are faced with on a regular basis. In order to obtain the best coverage for your construction business, it is crucial that you understand each of these risks, which include:
- Employee Injuries - Death, injury or illness sustained by your employees during the course of their job with your construction company.
- Liability Risks - Property damage or injuries that are caused to other parties that have no direct association with your construction company.
- Loss of Income - Income loss that is caused by business interruption due to covered events, such as severe storm or fire damage.
- Property Damage - Damage to your equipment or other property that is owned by your construction company.
Course Of Construction Insurance Explained
Coverage from Bethel Insurance Brokers can make all the difference between your business losing money or turning a profit on your projects. It is vital that you have adequate coverage of the highest quality. The specific coverage options that you choose to include in your policy will depend on several different factors, such as the number of people you have working for you, the type of construction work you perform and the size of your business.
One way to think about this policy is as a specialized liability coverage. It will provide you with coverage that is specific for property damage that occurs onsite during construction. This type of coverage varies, buy can also include coverage for the construction materials that are onsite awaiting to be installed. The policy has a coverage limit that is based on the total value of the structure upon completion.
Some of the Construction Insurance coverage that you should consider for your policy includes:
- Commercial Auto Insurance - If you have cars, vans, trucks or any other vehicles that you sue in the course of doing business, then you need to invest in commercial auto insurance to protect you against any property damage or bodily injury to others for which you are responsible.
- General Liability Insurance - This is critical coverage that you need to protect you against financial risk if you are ever held accountable for the property damage or bodily injury of a third party. Working in the construction industry, this type of insurance will be required in most instances in order to obtain proper licensing for your profession.
- Loss of Income Insurance - This type of coverage will protect you against a loss of income caused by business interruption, typically for up to one year.
- Professional Liability Insurance - If your construction company provides advice, design work or consultation with the services that you offer, then you need the professional liability portion of your Builders Risk Insurance to protect you. Often referred to as errors and omissions coverage, this protection is designed specifically to provide coverage for potential claims of loss experienced by a client in relation to the services that you provide.
- Workers Compensation Insurance - In most cases, this type of coverage is required to protect against on-the-job injuries, death or illness of your employees. It will provide coverage for medical diagnosis and treatment as well as a percentage of lost income should the employee not be able to return to work for some time.
An Ontario Course of Construction Insurance policy is appropriate for most business owners in the industry. If you have a construction company, Bethel Insurance Brokers has the coverage combination that is right for you at the most affordable rate. The cost of your Builders Risk Insurance policy premium is a small price to pay for the immense coverage that you will receive.
You never know what will go wrong on a construction site, so it is best to be prepared for everything. The only way to do that is with the right insurance coverage. Click on the quote request button now to connect with an experienced broker for your risk free, no obligation Course of Construction Insurance quote before it is too late.