A construction site is prone to dangerous accidents and mishaps due to natural circumstances. The contractors insurance policy provides comprehensive or specific protection against damage or loss occurring at the construction site due to accidents, injuries, site asset management, etc. This insurance is mainly for builders, architects or site engineers. In Canada, CHES Special Risk is the best commercial insurance companies in canada.
Some of the benefits of buying contractors insurance are as follows:
1. Covers damage due to unforeseeable circumstances
An infrastructure under construction is subject to several threatful events like damages due to fire or wind, the unexpected occurrence of natural calamity, and numerous other unforeseeable events. Buy contractors insurance that specifically endorses such events and helps in making up for the losses caused by the events. However, compensation can be availed only for the limited sum of the amount mentioned in the policy.
2. Protection from third party liability
Several legal concerns can affect the contractor especially third party liabilities. It includes third party property damage during the project or injuries caused to their workforce. Third party liability also includes lawsuits filed against the contractor for harming their reputation through marketing communication or any other negligent ways. Contractors insurance protects from liabilities like settlements, compensation for damages or legal charges for any lawsuit filed against such events, provided it is mentioned in the policy.
3. Protects Contractor’s Mobile Assets
Without heavy machinery and other assets, the construction of any infrastructure is not possible. Insurance protects a contractor from expenses of high maintenance or damage to assets. Negligence in buying a contractors insurance often leads the contractor to spend his savings and thus bankrupt. Risk insurance agencies in Canada like CHES Special Risk Inc. offer construction insurance covering contractor’s mobile plant and equipment up to CAD$30,000,000.
4. Insures workmen injury expenses
Workers at construction sites use heavy machinery or do other risky jobs and are directly exposed to various kinds of dangerous accidents. The contractors insurance includes the worker’s compensation category, which provides optimum protection against big or small worker injuries due to unforeseen accidents. With enough coverage, the contractor and the worker is relieved from the financial burden of medical expenses. Business owners should acquire such insurance for their employees’ safety. In some policies, the workers are also compensated with a fixed sum of their lost wages.
5. Attracts Clients
A contractors insurance can be used as a marketing model for attracting more clients by building trust through damage protection. To ensure safety, clients prefer a contractor with insurance coverage over anyone else. Not having contractors insurance in Canada will stagnate your company’s growth and lead to difficulty in acquiring contracts. Use this insurance as a business investment or a marketing strategy for client acquisition and buy contractors insurance that benefits clients as well.
Having comprehensive contractor’s insurance helps you relieve the financial burden from the inevitable mishaps at the construction site. It also lets you remain carefree and focus more on the business aspects. Buy a contractors insurance from a special risk insurance agency like CHES Special Risk Inc., Toronto, Canada.
CHES Special Risk Inc. is different from other business insurance companies in canada as they have extensive expertise that helps identify and protect clients financial risk.
Visit our website to learn more about risk insurance policies.
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