Find a Construction Insurance Broker in Calgary
Companies in the construction sector can manage risk with liability policies and bonds. Contractors and developers should contact a construction insurance broker in Calgary about coverage for businesses and building projects.
A proactive programme of Occupational Health and Safety inspections has led to decreased construction sector injury rates in Alberta, but accidents can still happen. A HUB International broker can help building professionals minimise liability and obtain affordable coverage.
Coverage for Construction Projects in Calgary
As the largest city in Alberta and the largest metro area of the Prairie Provinces, the Calgary Metropolitan Region is home to the second-highest number of corporate head offices of the 800 largest Canadian corporations. Building projects in Calgary often involve large investments and necessitate matching levels of insurance coverage. Brokers often recommend the following types of coverage for the construction sector:
- Construction Policies: An all-risk builder's policy covers a wide range of potential perils and liabilities. Course of construction coverage protects against specified catastrophes throughout a building project.
- Liability Protection: Liability coverage for injuries on the job or faulty workmanship is also available for construction companies. Errors and omissions policies can provide professional liability insurance.
- Surety Requirements: Construction bonds guarantee bids, performance or payment to obligees. A construction insurance broker in Calgary can also arrange for guarantees to the municipality.
Common Construction Policies for Alberta Firms
In addition to broad coverage, builders and those in related trades often require policies for specific exposures. From site-based insurance and options for protecting equipment against damage to a variety of coverage choices for developers and providers of professional services, here are some of the most common policies in the Canadian construction sector.
Builder's Risk
All-risk or course of construction builder’s policies cover structures under construction and can continue through a set date after completion. Reviewing policy exclusions with an insurance broker can help contractors determine whether premium coverage justifies the additional cost.
Inland Marine
Coverage is also available for equipment in transit or on job sites. Insuring tools and supplies can minimise unexpected costs due to damage or loss.
Construction Bonds
Construction firms can obtain bid, contract or payment bonds against breaches of contract. Supply bonds can ensure that suppliers deliver materials on schedule.
Employee Benefits
In addition to applying to the Alberta Workers' Compensation Board, construction firms can also recruit and retain workers by offering paramedical benefits. Dental and vision care and prescription drug coverage can make an employer more competitive in the construction sector.
Owner-Controlled Coverage
An owner-controlled insurance programme can secure blanket coverage for jobs valued under $50 million as well as larger projects. Project wrap-up policies and other contractor-controlled programmes provide comprehensive coverage.
Professional Liability
Liability policies for architects, engineers and specialty contractors can cover most claims of errors, omissions or negligence. An insurance broker can review the limits of these policies to help professionals secure sufficient liability protection.
A construction insurance broker in Calgary can help construction business owners and professionals determine the right types of policies and levels of coverage. The cost of a construction project, equipment or other assets should factor into policy limits along with the level of coverage that a builder, contractor or developer requests. Construction professionals can ask brokers about any of these types of coverage and additional policies such as commercial auto insurance. Learn more about HUB’s construction insurance offerings!