Insurance for Construction in Chilliwack
Construction insurance is crucial for builders, developers and contractors in British Columbia. WorkSafeBC reported nearly 130,000 work-related injuries in 2020 alone. This figure indicates the importance of construction bonds and builder's risk policies that limit liability and losses in this province. Consult with a HUB International broker about options for construction insurance in Chilliwack.
Construction Coverage in British Columbia
Located near the Canada-United States border, Chilliwack is a desirable location for building projects. Whether a job site is in Downtown Chilliwack, the southern commercial district of Sardis or any other area, policies for construction insurance in Chilliwack can protect professionals from unnecessary exposure to risk. Here are several types of coverage for job sites and structures under construction:
- Course of Construction: General property or liability policies typically exclude incidents that occur during construction. Builder's risk policies that cover the course of construction can extend from breaking ground to a set date after project completion.
- General Liability Policies: Builders, contractors and developers can be held liable for many risks. Construction liability policies cover faulty workmanship, worksite hazards and specified exposures.
- Surety Bond Insurance: Bonds provide assurance to obligees regarding bid proposals, project contractors or payment. In addition to bonds that cover the building process, construction professionals can also offer maintenance bonds or warranties.
Options for Construction Insurance in Chilliwack
Businesses in the construction sector can also benefit from more specialised insurance coverage. Maintaining an appropriate level of coverage for a building project can help to reduce liability and promote compliance with safety regulations. In 2020, the WorkSafeBC Prevention Services team imposed 412 penalties that represented a value of over $7.5 million. The following types of coverage can help to minimise exposures to regulatory fines and liability risks.
Commercial Auto
Cover construction vehicles or fleets and workers who drive these vehicles with commercial auto coverage. These policies can cover liability, physical damage and uninsured motorists.
Construction Defects
Faulty construction work can be a source of liability during and after the building process. Maintenance bonds for defective workmanship and liability policies to protect against claims of negligence broaden the scope of coverage.
Environmental Coverage
Policies that cover the handling of hazardous waste or materials during or for a set period of time after construction can reduce liability under provincial regulations. These policies may extend to business interruption, legal costs or decontamination and remediation processes.
Equipment Exposures
The risks posed by damage or loss of equipment en route to a job site or during a build can be considerable. When considering construction insurance in Chilliwack, speak to a HUB International broker who can recommend inland marine exposures or other types of coverage to minimise losses.
Paramedical Benefits
Recruit and retain skilled workers by offering coverage for dental and vision care or prescription medications. Policies that provide additional worker benefits can make any construction firm more competitive.
Site Damage
Builder's risk coverage and similar policies can reduce liability for job site property losses and setbacks. Consult with a broker about policies that cover natural catastrophes or faulty design and workmanship on the part of contractors or subcontractors.
A HUB International broker can work with construction firm owners, contractors, subcontractors and developers to identify and address risks. Coverage for defects, environmental consequences or errors and omissions can limit liability, while other types of policies can protect equipment and help to recruit and retain qualified workers. Learn more about HUB’s construction insurance offerings!