CONSTRUCTION INDUSTRY
BY : TAMARA CLANDENING WAYPOINT INSURANCE
The Future Is Bright For The Construction Industry
Employment Growth
The construction industry employs over one million workers in Canada . Population growth combined with aging buildings and infrastructure will ensure continued employment growth in construction for years to come . College trade programs are filled and even have waiting lists for students wanting to join .
Many of the people in the construction industry are either self-employed or are small-business owners . Whether it ’ s as a general contractor or a specialty trade contractor such as an electrician , painter , plumber or roofer , having the proper insurance coverage can make a huge difference to the bottom line .
While some small contractors may view insurance as simply one of the largest expenses they incur in running their business , having the proper insurance coverage can actually be what keeps their businesses afloat should a loss occur .
That certainly was the case for Carl . Carl owns a small business operation called Midland Construction and employs five workers . When Carl set up his insurance , he initially looked at purchasing a commercial general liability policy only , without coverage for tools or equipment . Carl had a secure , locked trailer at the
job site where he could lock up the tools and equipment each night . He felt that he could afford to save a few dollars on his insurance coverage because of the precautions he had taken . Carl ’ s broker posed one question that changed Carl ’ s mind : “ Carl , if you arrived at the job site one morning and found the entire trailer had been stolen , would you be able to afford to replace all of the tools and equipment immediately to keep time commitments to your client ?”
Not only would Carl be faced with putting up the money to replace the stolen tools and equipment , the client ’ s project could be delayed and impact other trades . In this scenario , Carl would incur the additional expense of paying his staff overtime to complete the job and salvage the client relationship and his company ’ s reputation . These costs could total thousands of dollars , which is much more than if he purchased the additional coverage . Having a clear understanding of the risks he was facing made the decision to purchase coverage for tools and equipment an easy one for Carl . He had the peace of mind of knowing that should a loss occur , he would have proper coverage .
Contractor packages can be tailored to our clients ’ needs with coverages and extensions such as installation floaters , equipment rental reimbursement , shop / building coverage and extensions to home offices .
At Waypoint Insurance , our producers take the time to ask questions , get to know our clients , and offer solutions that protect their life ’ s work . We understand that having the proper insurance coverage can be the difference between keeping your business profitable and successful , or not . We appreciate the impact small businesses have in all of the communities where we operate , and we are committed to protecting our clients with best-in-class insurance options . Meet with one of our Commercial Insurance Specialists today . +
Tamara is a Commercial Insurance Specialist located in the Campbell River office of Waypoint Insurance . Tamara has over 13 years industry experience and finds her greatest joy in working closely with businesses of all sizes helping them grow , which in turn helps her community grow . Tamara takes pride in building strong relationships through learning and understanding about her clients ’ businesses and being their trusted advisor . Contact Tamara , or any one of our Waypoint offices , by calling 310-8442 or visit us online at waypointinsurance . ca
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