Construction is one of Canada's big business industries, and it provides jobs to more than 1.2 million Canadians. The compound annual growth rate is up to 8.5% by the year 2024, and it makes growth around $354.9 billion. Due to its increasing growth, it is also essential to get it insured so your workers can work without any worry and efficiently.
Planning for future
risk management and construction
coverage insurance for any construction company is key to staying
ahead. However, there are two common types of risk are involved
- Property
damage
- Causing
injury to third party
All the
contractors, electricians, renovation contractors, and HVAC technicians need to
obtain a minimum of $200,000 contactor liability insurance and maintain valid construction
insurance in Canada. In a risk-laden construction business and for a
risky environment, construction coverage insurance in Canada is a must.
This Construction
insurance in Canada will protect the contactors, companies, and
sub-contractors safe from third-party liability. This insurance not only gives
you peace of mind, but it is also mandatory for business.
Why is it essential
to have a construction policy, and how is it beneficial for your business?
- Protection
against Financial Loss
Canadian groups are forced to shell
out millions of dollars every 12 months for lawsuits filed through customers.
Some solo contractors thought they were free from this law because they work
solo or have fewer employees. But it doesn't matter how many workers there are;
there is always a chance of an accident. However, you are liable as owner after
the injury, and you are forced to cover the bodily injury or property damage.
The builder's
risk insurance will provide you with the funds to pay for the amount of
the settlement that is associated with the third-party lawsuits. If you are not
taking this insurance, you have to bear this expense to pay the injury amount
out of your pocket.
2.
Moral Obligation
While you are at it, you should
understand that some law in Canada requires all the contactors to maintain and
obtain construction coverage insurance. In some areas, it is illegal if
you are serving the clients without having an appropriate policy and the right
amount of coverage. It is something that comes under your moral obligation as a
citizen of Canada. Consult with a professional lawyer and get the right amount
of property
insurance to avoid huge losses and lawsuits.
3.
Customer Expectations
Even the consumers in Canada expect
their contractors to have valid contractors' insurance policies. However, they
are likely to ask about it before hiring your services, and if you don't have
it, you may lose the job. Roofing contractors are the most common type of
professional that always asks about your certificate of insurance before the
owners are allowed to work on the property.
However, customers are not very well
aware of protecting themselves if any claim arises. It is worth it because
Canadian consumers are not going to work with uninsured companies. That is why
you should take builders' risk insurance to work safely.
Now that you know
all the importance of Construction
insurance in Canada buy it from a trusted and reputed insurance
solution provider in Canada. Ches Special Risk is the best insurance company in
Canada for dealing with construction insurance and other commercial insurance
plans. For any other further enquiries contact them here.
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