Living the Capital Life
Edmonton is the capital of Alberta. The city proper contains a little over 1 million residents, while the metropolitan area tops out at around 1.4 million. It is the fifth-largest city and the sixth-largest metropolitan area in Canada. Edmonton is the northernmost city in North America with a population exceeding 1 million. As a growing city, Edmonton provides a lot of business opportunities for construction professionals, so it’s essential for providers to have construction insurance in Edmonton.
Edmonton’s rapid population growth can be largely attributed to the annexation of several municipalities, making infrastructure an important aspect of life as an Edmontonian. Because of its location, the city is also a staging location for various operations, including major oil sands projects in northern Alberta and diamond mining operations in the Northwest Territories. From infrastructure owners to major construction companies to construction management consultants, there’s a lot to design, build, operate, and maintain in the so-called Gateway to the North.
The construction needs for a city like Edmonton don’t stop at transportation and water conveyance systems. The city is a major hub for government, education, and culture. The continent’s largest mall, West Edmonton Mall, and Canada’s largest living history museum, Fort Edmonton Park, are located here. Facilities and land development also drive demand for experienced contractors in the region.
Understanding Construction Insurance in Edmonton
While no two business entities are exactly the same, every company faces certain operational risks that insurance can help manage and mitigate. Anything from large global construction corporations to independent subcontractors need insurance plans that cover the basics:
- General Liability: Active construction zones can be extremely dangerous to site visitors, even those who are authorised to be there. General liability covers claims related to injuries of third parties.
- Workers’ Compensation: While general liability can cover injured third parties, you need a workers’ compensation policy to cover employees who are injured while working. Even with safety management and personal protective equipment, accidents can still happen.
- Professional Liability: Imagine that you’re the construction management consultant for airside improvements at the Edmonton International Airport. You make a recommendation that results in an unfavourable outcome for your client. Professional liability coverage can protect your firm from claims or lawsuits related to negligence. This coverage is sometimes called errors and omissions insurance.
- Commercial Auto: Contractors often drive company vehicles for work. A commercial auto policy provides specific coverage for business vehicle use.
Supporting Your Business With Construction Insurance in Edmonton
Once you’ve thought about basic coverages, consider other types of insurance that are tailored to the specific exposures you’ll encounter in your operations:
- Contractor License or Surety Bonds: A government agency such as the Edmonton Transit Service often requires contractors to purchase this insurance to ensure the completion of construction projects.
- Contractor’s All Risk: Considered a type of property insurance, this coverage indemnifies against property damage for facilities that are under construction. A contractor usually “owns” a project that is incomplete, and if your property is stolen or damaged, this insurance covers your damages.
- Umbrella Coverage: Construction companies are at risk of large lawsuits, especially given the size and scale of major infrastructure projects. Umbrella policies provide coverage in excess of the limits of other types of insurance.
- Inland Marine: This insurance is useful for covering contractors’ equipment and building materials that are in transit.
Learn more about HUB’s construction insurance offerings!