Benefits of a Construction Insurance Broker in Quebec City
The construction industry is important to the economy of Quebec City, as its many projects generate both jobs and income. In fact, in 2021 the annual investments in the construction sector equaled nearly $67 billion. Construction projects account for 287,000 direct jobs per month, which is 5% of all jobs in the area. With all of this high dollar activity, it is wise for construction businesses to hire a construction insurance broker in Quebec City.
Quebec's construction industry is unique from other sectors because many projects have a limited duration and 85% of construction companies in Quebec employ fewer than five individuals. In addition, workers and companies display a high level of mobility, and the stability of construction jobs varies cyclically and seasonally.
Recently, high levels of government investment in Quebec City's health care, education, transit and infrastructure powered strong growth in the construction sector. These demands are expected to continue through at least 2024, as the requirements for major projects accelerate even as population growth is projected to level off. Recruiting remains a critical goal for construction companies in the next five years, and the creation of a high-quality retirement plan is an important component of the recruitment and retaining process.
Create a Strong Foundation
Regardless of your role in the construction industry, you are engaged in a high-risk business. To protect your financial health and well-being, a proactive insurance and risk-management system is a requirement. HUB International can help serve the needs of property developers, general contractors, construction services firms, subcontractors and specialty trade contractors. Whatever your role in the industry, a construction insurance broker can help craft a plan that will protect you against the basic levels of risk and provide risk-management strategies to propel you into the future.
Manage Risks
A construction insurance broker from HUB International can assist in creating a specialized policy to meet your business's unique needs and protect against injuries, lawsuits and other risks. Our solutions can help you to control costs, manage claims and address a variety of risks with the following:
- Commercial Auto Insurance: covers towing, property damage, short and long-haul transportationand damage to vehicles
- Construction Defect, General and Professional Liability: protects against lawsuits stemming from accidents or negligence claims, as well as charges of errors or omission that can impact your company's reputation
- Environmental Insurance: protects in the event of a hazardous materials accident that results in environmental contamination
- Builder's Risk and Inland Marine Exposures: covers property losses for your business and your contractor's equipment in the event of fire, water, regular wear and tear, faulty design or construction
Utilize Surety Bonds
Surety bonds offer financial protection to ensure that the covered entity fulfills their contracted obligation. These bonds involve the principal (covered party), obligee (requesting party) and surety (issuing party). For the construction industry, surety bonds are typically used by investors in projects to provide protection against defects in workmanship, ensure payment for labor and materials, and guard against contractor or bidder default. The types of bonds we offer include the following:
- Bid bonds: Guarantee the principal will meet the bid requirements
- Contract bonds: Ensure that construction will meet contract terms
- Maintenance bonds: Cover workmanship and materials for up to two years following construction completion
- Payment bonds: Ensure that payments are made to laborers, subcontractors and suppliers
- Supply bonds: Guarantee that suppliers furnish promised construction materials for the covered project
Create a Quality Risk Management Solution
With the help of a construction insurance broker, you can create a risk management solution that will create financial resilience and help your business to accomplish the following:
- Construct and maintain a strong employee benefits program to attract and retain skilled workers
- Control premium rates and preserve pre-qualification status
- Protect against commercial, general, site-specific, professional and other liability claims
- Reduce premium rates
- Satisfy payment, performance and additional bond requirements
Learn more about HUB’s construction insurance offerings!