When you look at your business, you can see the risks you face every day. If you have employees, they too, face risks. Protecting yourself, your employees, your equipment, your vehicles, your tools, your materials, and your clients is critical to your operation. Failing to protect them can have serious consequences for people’s lives, and for your livelihood. Having a customized liability coverage for builder firms is imperative to your business. Does your current insurance policy cover all of the areas that it should? How can you know?

There are many reasons why you should pursue customized liability insurance for your building operation. Customized insurance policies are designed specifically for a particular business after a process of assessment is completed. Insurance professionals take into account all of the various types of activities and risk exposures particular to one company, and develop a policy that addresses each of the areas that company needs to protect.

Unique Needs

For a builder, this may include many areas that are not common to other businesses. For example, it’s common to insure your office contents and equipment like computers. It’s also standard to insure tools, equipment, and materials kept at your place of business. But builders often need "floater” insurance for equipment, tools, and materials that are in transit or at a job site. They may also need insurance for equipment and vehicles that are rented, rather than owned.

Some companies offer types of protection that are designed to help you to weather the financial downtimes that are inherent in the building trade in Canada. Does your policy include these? Insurance companies such as Aviva provide business income insurance that addresses issues like:

·       An increase in the cost of your operations due to loss or damage,

·       Fines incurred if you can’t meet contract requirements due to a loss at your premises or a contract site,

·       loss of income that may result from loss or damage to your equipment while on the job site or in transit.

Builders may also need special protection against catastrophic events such as fire, theft, lawsuits, or equipment failure. Depending on your operation, you may need any number of other types of protection, including contract surety bond or commercial surety bonds.

Partner with a Broker

If your insurance needs, like most builders, are complex, you should consider partnering with an insurance broker. These professionals assess your business needs and connect you with insurance companies that provide you with a customized policy. Because it’s designed specifically for your business, you can be sure that there are no "holes” in the coverage. You also know that you won’t be paying for types of coverage that you don’t need.

Another advantage of working with a good broker is that their firm will conduct a comprehensive risk analysis. A safety specialist will visit job sites and suggest ways in which you can:

·       comply with health and safety legislation,

·       avoid risks,

·       reduce risk exposure.

These specialists should be knowledgeable about any new safety guidelines or risk-reduction techniques, as well as any new safety equipment that may be available. Strengthening your safety protocols will be a factor in lowering your insurance premiums.