What You Need To Know About Commercial Building Construction Insurance
In the Ontario area, any number of commercial building projects can range from simple to complex. The risks that you will be faced with on each job will depend on the size, scope and type of project that you are undertaking. However, it doesn’t matter if you are working at a hospital or a small apartment complex there are always going to be risks. This is why it is important to work with a qualified insurance agent that can help you build a reliable and flexible insurance plan that will protect you against all possible scenarios.
Why Is Commercial Building Construction Insurance So Important?
Anytime you undertake a commercial project there are going to be a lot of moving pieces. You are going to have your employees on the job and you will probably have to coordinate with a number of other contractors and subcontractors. This opens you and your business up to a large amount of exposure. And, since most of these projects are long-term, you will face this exposure every day. Exposure on a commercial project could include anything from lost income to liability claims, property theft, property damage, property vandalism, employee illness, employee injury or even employee death.
Not all Ontario commercial building companies are created equal. Some will have more employees; some will undertake different projects and some will even specialize in certain projects. This is why it is important to work with a qualified provider that can help you build a specialized package to protect you against the specific risks that you are exposed to.
Understanding Liability Insurance
Liability insurance will be a necessity for any commercial builder in the Ontario area. It offers unique protection that can protect you in a number of situations. In fact, liability insurance was designed to protect your assets from claims of property damage or bodily harm. It also offers another layer of protection against lawsuit related fees.
- General Liability Insurance – In the Ontario area most construction firms have to acquire general liability insurance before they are even issued their contractor’s license. However, this insurance is excellent as it offers protection against bodily injury and property damage. If you or your employees harm a client or their property, this plan will cover the expenses related to the incident.
- Commercial Auto Liability Insurance – This insurance will cover you in the event of an auto accident. It will cover the repair damages and medical expenses that the injured party or parties are faced with. However, it will not cover you or your employee’s expenses. It will also cover lawsuit related fees in the event that the injured party or parties sue.
- Professional Liability Insurance – This insurance is sometimes referred to as E&O insurance and it protects you in the event that the client loses money because of the professional services that you provided. For instance, if you forget to include a few support structures in your design and the building fails to hold the weight, E&O insurance will cover related expenses and lawsuit fees.
Understanding Property Insurance
Not only do you need to protect your employees and yourself when you are on the job site, but you need to property and equipment as well. Whether you are traveling from shop to the job or from job to home there are still a number of risks that you will be faced with.
- Commercial Property Insurance – This plan will offer coverage for your place of business. For instance, it can cover your office, warehouse or any other building that your own. It will protect them from natural disasters, theft or vandalism. It will also pay for any lost income that you experience while you are out of work due to the theft, vandalism or fire.
- Inland Marine Insurance – This plan is nothing more than property insurance except it covers your tools and equipment. However, it should be noted that this plan only offers coverage when the tools are in transit to and from worksites. It will not offer coverage when the tools are in use on the worksite.
- Builders Risk Insurance – Builders risk insurance will offer protection for your tools when they are on the worksite.
Don’t Forget To Protect Employees
Your employees are a huge part of your business and protecting them at all times is your responsibility. Being a construction pro you probably already know that construction is a dangerous profession. Not only are you always lugging around heavy tools and materials, but also there is always the risk of a workplace related injury or accident. To ensure the long-term health and safety of your employees and their families, you will need to invest in workers compensation insurance.
- Workers Compensation Insurance – When there is a workplace injury, accident or death, this insurance will offer the protection that you need. It can cover anything from lost wages to medical expenses and even lawsuit related fees.
What Can You Expect To Pay For Commercial Building Construction Insurance?
It can be hard to put the cost of commercial construction building insurance into an exact number without knowing the specifics of your business. Costs are going to fluctuate from business to business and this is because providers base their costs on several different factors. Some providers might consider the size of your business and the number of employees that you have. Others might look at the amount of money that you are bringing in each year and the types of projects that you are taking on.
Always Compare Quotes
It is important for commercial builders to shop around for quotes from different providers. You can work one-on-one with any numbers of agents in the Ontario area to get a quick and free quote for the types of coverage that your business needs. In fact, thanks to the advancement in technology this is now something that you can easily do online. However, you can still do it over the phone or in person if you prefer those methods.
Why Work With A Qualified Agent
There are a number of benefits that you can reap when you work with one of our qualified agents here at LiabilityCover. Our agents not only specialize in commercial building construction insurance, but they will dig deep within your business to discover all the risks that you face on a daily basis. They will then help you devise the perfect insurance plan that will guard you against all foreseeable and unforeseeable risks.