Construction Insurance BC

Construction companies and independent contractors alike face a unique set of risks in British Columbia. Whether your business operates in downtown Vancouver, on Vancouver Island, or in the BC interior, you’ll want to safeguard your livelihood by choosing the right and best BC construction insurance for your company and/or project. ALIGNED can custom build or help you find a policy with the coverage you need at an affordable price. 

Construction Insurance BC
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What is construction insurance? 

Construction insurance was created to protect BC-based construction companies and tradespeople from all sorts of risks. As you can imagine, those in the construction industry face a unique set of challenges on a daily basis. Safeguarding your business and its employees all while keeping track of your construction projects and all necessary tools and equipment can be a daunting task. Thankfully, construction insurance can help. Ultimately “construction insurance” is just a term and in reality there are many types of insurance that are specifically and specially designed to cover you in the event of third-party damage or bodily injury, fire, theft, natural disasters, vandalism, and/or severe weather. 

What are the benefits of construction insurance? 

Construction insurance offers many benefits. For example, if someone breaks into your utility van and steals your construction tools in the middle of the night, your insurance company can help pay to replace the stolen equipment. Another situation in which construction insurance would be beneficial is if one of your employees accidentally damaged the client’s property in the course of their work. Further, if a forest fire erupts near the property, damaging the property under construction or any building materials on-site, you can be compensated under your policy. 

Is it mandatory to have construction insurance in BC, Canada?

It is mandatory for some construction companies in British Columbia, Canada to have insurance based on the requirement to bid and win a job or job, but outside of Workers Compensation coverage the requirements for coverage differ dramatically and are typically driven by contracts rather then regulatory enforcement. For example a large general contractor will typically require any/all subcontractors to carry at least $2M of commercial general liability insurance and provide a certificate which adds the general contractor as an additional insured to the subcontractors policy.   Regardless of your size, skills or trades a wide range of construction companies, contractors, and tradespeople in BC can benefit from construction insurance including, but not limited to roofing, plumbing, demolition, electrical, junk removal, HVAC, renovation contractors, carpentry and framing companies etc. etc. 

What can construction insurance cover? 

Construction insurance is just a very broad category and is actually made up of many specific coverages.  Some of the most popular are below:

  • Commercial general liability insurance: This protects your construction company against third-party bodily injury and property damage claims from third parties.
  • Builder’s risk insurance: This coverage is basically property coverage for a building while under construction and includes the building, on-site construction materials, and any losses or damages that occur following a covered peril, like a fire. 
  • Wrap-up liability insurance: construction projects come with their own unique liability risks which are addressed by a wrap up liability policy.
  • Tools and equipment insurance: This covers any tools and equipment you transport and use at the construction site in the event they are stolen, vandalized, or damaged.
  • Commercial property insurance: This protects your construction company’s place of business and the physical assets in it’s care, custody and control from insured perils like theft by a third party, fire etc.
  • Commercial Auto insurance: There is risk just getting to and from a jobsite and auto insurance is key to protect your business from potential costly litigation or expensive vehicle repairs.

Get ALIGNED with the best Construction Insurance BC on the market. 

You can call us at +1-866-287-0448. Click Here To Get A Quote or contact one of our Construction Insurance experts for information or with any questions you may have.

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