Insurance Coverage for Lumber and Timber Companies
The city of Saint-Felicien in Le Domaine-du-Roy Regional County Municipality of Quebec is near the 1.3 million-hectare Lac-Saint-Jean Model Forest. The Saguenay-Lac-Saint-Jean region is also home to forestry camps, pulp mills and manufacturing facilities for wood products. A HUB broker can work with firms that operate in the logging, lumber and manufacturing subsectors of the forestry industry and help these firms find the best policies for forestry insurance in Saint-Féliciento manage liability and minimize loss.
Why You Need Forestry Insurance in Saint-Félicien
Over 3,000 mills and plants across Quebec produce forest products, including several operations in Saint-Félicien. The forestry sector in this province exports nearly $12 billion of forest products each year, which ranks second in all of Canada. From limiting the risk posed by forest fires to obtaining essential liability and property policies, here are several reasons why forestry firms need insurance:
- Equipment Coverage: Commercial property policies provide essential workplace coverage, while inland marine policies can cover mobile equipment such as harvesters, processors and log loaders. A HUB International insurance broker can recommend policies for logging, lumbering or manufacturing wood products.
- Natural Products: Nearly 60,000 hectares of forest in Quebec burned in Insurance coverage can help to manage the risk run by firms in Saint-Félicienthat harvest or process natural products.
- Workplace Hazards: CNESST and the Association of Workers’ Compensation Boards of Canada processed 4,809 lost time claims and 110 fatalities in 2021. Workers’ compensation coverage and employee benefits are also important policies for enterprises in the forestry sector.
Comprehensive Coverage for Forestry Firms
Forestry insurance in Saint-Félicienenables businesses to manage many risks associated with harvesting and processing wood. Enterprises that operate pulp mills or run forestry camps in the Saguenay-Lac-Saint-Jean region should consult a broker to assess current levels of coverage and obtain quotes for policies to close gaps in coverage and further reduce exposures to loss and liability. Learn more about several of the most common policies for forestry operations in central Canada:
- Employee Benefits: The employment rate in Saint-Félicienwas 52.8% in 2016, with 7.2% of workers employed in the sectors of agriculture, forestry, fishing and hunting. Employee benefits packages can attract more applicants to forestry positions and raise retention rates.
- Inland Marine: Many forestry firms use costly mobile equipment in regular operations. Inland marine policies can cover risks associated with the damage or loss of equipment, tools and materials.
- Loss Control: Insurance coverage for other forestry-related risks such as fire losses can limit losses. Discuss policies that cover the destruction of trees and other potential causes of loss with a HUB insurance broker.
- Timber Bonds: A timber bond can be useful for logging companies or other firms involved in harvesting timber, producing forest products or providing services. The premiums on surety bonds are calculated based on bond amounts and local regulations.
An insurance broker can work with business representatives to identify areas where coverage is needed and compare policy costs. Logging, lumbering or wood product manufacturing enterprises have unique coverage needs. Brokers can also factor in regulatory requirements for forestry operations in Saint-Félicien, Le Domaine-du-Roy Regional County Municipality and the province of Quebec.