As a road construction company, your services are a vital part of transportation throughout Canada. Roadways and sidewalks are in constant need of repair, improvements and expansions. You are relied upon to perform your job safely and meticulously from the planning stage of each project all the way through to completion.
There are many moving parts involved in your business including grading, leveling, paving and road signage. This can leave your company exposed to a number of risks. Hazards to road contractors can come in many forms including fire, theft, equipment damage and injuries to employees and third parties.
Since your road construction projects differ from the next company, your insurance package should reflect that and be customized to cover the risks specific to your business. Having the proper insurance coverage in place will help protect your business from project interruption, equipment damage and financial loss.
Who is Road Construction Insurance for?
- Highway, street and road contractors and tradespeople
- Highway, street and road construction companies
- Road and sidewalk paving
- Road construction and surfacing
- Grading for highways, streets and roadways
What types of insurance should road construction companies consider?
There are several types of policies that road contractors would benefit from. The specific policies that your construction company will need are best determined by speaking with an insurance broker about the details of your unique operations.
Commercial General Liability
As a road contractor, the work you do may result in injuries or property damage to passerby or motorists travelling by your construction site. Commercial General Liability can provide coverage against claims of third-party injury or property damage that occur on or around your job site. It also provides financial coverage for common claims involving legal liability or lawsuits, which would cost your business tens of thousands of dollars without insurance.
Builder’s Risk (also called a Course of Construction or COC policy)
Course of Construction protects all parties that have an insurable interest in a construction project including the owner, contractors, and subcontractors. It protects you from a property loss during the course of your construction project due to fire, extreme weather, flooding or accidents.
Contractors Equipment Floater Insurance (CEF)
Your equipment and machines are valuable parts of your business that get transported across multiple jobsites. Due to the mobile nature of your equipment, you need additional coverage to ensure you are protected. Your equipment and machines are at risk of being lost, damaged or stolen, which could lead to project disruptions. A Contractor’s Equipment Floater protects your machinery and equipment from direct physical damage and loss.
If your construction company has an office, warehouse or other location for storing your equipment, vehicles and tools, Commercial Property coverage can help protect these items that keep your business running smoothly.
When you are transporting materials to and from job sites, there is room for accidents to happen, which can damage your equipment and slow down your projects. If you are using a vehicle to drive to work, your warehouse or anywhere in between, Commercial Auto Insurance may help cover you for accidents that happen while traveling on the job.
Errors and Omissions (also called Professional Liability)
If you provide light design work, recommendations or are in charge of choosing the materials used for your project, you are exposed to professional liability risks. This policy can provide coverage from allegations of error or oversight in your work. It can help cover the costs associated with lawsuits, administrative expenses and settlement costs.
As a road construction company, your projects vary in duration, size and complexity. While there are many hazards involved in your industry, the right insurance can help get you back on track as soon as possible while minimizing your financial loss. At Fuse Insurance, we build out road construction insurance around the needs of your business. We work with the top construction insurers across Canada to find you coverage that protects your operations, machinery and employees. To learn more about road construction insurance today contact our team at 1-866-387-FUSE (3873) or get a free quote now by filling out our online application.