Risks are inherent to the construction industry, which is why building companies should protect themselves with quality building company/corporate insurance. ALIGNED can help you find a customized and flexible insurance program that suits your construction company’s needs. We are experts in construction insurance and will ensure you receive the coverage you want and deserve.
What is building company insurance?
Building company insurance is designed to protect construction companies from the specific risks that they face. Accidents happen in every line of work, but building companies may be especially prone to them. Safeguard your business, employees, tools and equipment, and construction projects by investing in a building company insurance policy that will cover you in the event of third-party property damage or bodily injury. The right policy may even protect you against fire, theft, vandalism, and severe weather.
What are the benefits of having building company insurance?
The main benefit of having building company insurance is that you will be protected should something go wrong. Without it, you open yourself up to potentially catastrophic financial losses. Third-party injuries and property damage are not uncommon on busy construction sites. If you or one of your employees is named in a lawsuit, having building company insurance can help.
What does building company insurance cover?
Building company insurance policies vary but may include the following coverage:
- Commercial general liability insurance: This protects your building company from claims of third-party bodily injury and property damage. Under this portion of your policy, you can receive compensation for legal fees, medical expenses, and repair or replacement costs.
- Builder’s risk insurance: This insurance protects your business’ construction project from beginning to end, including the building itself, any building materials on-site, and losses or damages that occur following a covered loss, like a fire.
- Tools and equipment insurance: This covers the tools and equipment you transport and use at the construction site. With this coverage, you can be reimbursed if any tools are stolen, vandalized, or damaged.
- Commercial property insurance: This protects your building company’s place of business or office space and its contents from damage, so long as the loss is insured (the most common insured losses are fire, theft, vandalism, natural disasters, and severe weather).
What is not covered by building company insurance?
What your building company insurance covers is ultimately up to you. Depending on the policy you choose, it may or may not include the coverages listed above. However, in addition to those coverages, building company insurance does not always cover the property being built. Whether it’s a residential or commercial property, coverage for the property under construction (and any belongings inside of it) is often up to the property owner.
When do I need building company insurance?
You need building company insurance from the moment you start your business. Building company insurance is necessary for a wide range of construction companies and tradespeople in Canada, from window cleaning and tree removal companies to HVAC, roofing, plumbing, pest control, demolition, and carpentry companies.