Developing Abbotsford
Abbotsford is a vibrant city located in British Columbia, Canada. With a little over 150,000 residents, it stands as the second-largest municipality in the province next to Greater Vancouver. By area, Abbotsford clocks in at almost 380 square kilometres, making it the largest British Columbian city in size. It is bounded on the south by the Canada-United States border. Infrastructure is a big deal here, making construction insurance in Abbotsford a necessity for local contractors.
Transportation has been a critical focus for the local government in Abbotsford. Population growth, climate change, and mobility are some of the main drivers for transportation and transit solutions in the area. The city updated and approved its Transportation Master Plan in 2018, anticipating its population to reach 200,000. Over the next quarter-century, the City of Abbotsford seeks to invest its resources in transportation, transit, and public infrastructure programmes and projects that serve locals, prioritising sustainability and multimodal approaches.
Abbotsford’s infrastructure initiatives will rely on experienced contractors and construction professionals with the knowledge, experience, and resources for successful project delivery. Construction companies like yours understand the importance of having the right tools for the job. You understand many of the exposures that come with construction operations. Whether you’re building a new bus line for the Central Fraser Valley Transit System or private residences for Abbotsfordians, you need to protect your operations with construction insurance in Abbotsford.
Exploring Construction Insurance in Abbotsford
Construction companies must consider the following typical coverages when contemplating a comprehensive insurance approach. Whether your business delivers the built facility or provides oversight, these coverages are essential for your plan:
- General liability: Imagine a material vendor or owner’s rep visiting your project site and getting injured by falling construction debris. General liability insurance covers claims related to third-party injuries.
- Workers’ compensation: The presence of heavy machinery, power tools, and harsh working conditions expose your employees to injury and illness while working. Workers’ compensation covers medical bills and lost income to workers.
- Commercial auto: This coverage protects property damage and bodily injuries that arise from operating company vehicles.
- Errors and omissions: Also known as professional liability insurance, E&O protects your company from claims or lawsuits due to negligence or mistakes in your deliverable or work product. If you make a recommendation that has an unfavourable outcome, you’ll be glad for this coverage.
Digging Deeper With Construction Insurance in Abbotsford
When it comes to insurance, it’s important to have the basics covered; however, construction companies must consider industry-specific exposures. Depending on your operational needs, consider these protections:
- Builders’ risk: This insures companies for losses on jobs that are under construction, such as a fire that destroys equipment or theft of building materials and textures.
- Construction defects: This protects the insured from claims of negligence or lawsuits due to defects in the finished work.
- Contractor license: Public owners, such as the City of Abbotsford, may require contractors to have insurance, via surety bonds, to guarantee the delivery of projects.
- Environmental liability: Suppose you were building a road for the city and some asphalt got mixed with stormwater runoff causing pollution. This coverage would protect your company from claims or lawsuits.
Learn more about HUB’s construction insurance offerings!