In the construction sector, the risk of damage is serious if we consider all the hazards associated with construction sites, equipment, and tools. Whether you are general contractors, promoters, subcontractors, or other stakeholders, it is crucial for companies to obtain adequate coverage to protect their assets and operations. Our brokers will offer you a solution based on a range of insurance products and services geared to your needs.
Here are some of the main solutions we offer for the construction industry:
Commercial general liability (CGL)
Commercial General Liability (CGL) is the most well-known coverage and most purchased policy issued to businesses to protect them from liability claims resulting from bodily injury and property damage arising from their operations, products or completed operations as well as advertising and personal injury (PI). Liability coverage is intended to protect your business against both legal costs and any claim payments for which you are ultimately held legally responsible.
Property insurance
Whether you are renting a commercial space, operating in a building you own or working from home, commercial property insurance provides protection against loss or damage because of events such as a fire, theft, vandalism, and other perils. This coverage protects against damage to your company’s physical assets, inside and out, such as buildings, inventory, equipment, furniture, and machinery, as well as exterior fixtures like outdoor signs, fences, landscaping, and debris removal.
Business interruption coverage
This coverage applies when the commercial property is damaged due to events such as fire, water damage or other covered perils resulting in the lack of access in or to your business premises because of the damage incurred. Business interruption coverage will compensate for the loss of income and other expenses such as rents, relocation cost, employee wages and more. This policy provides insurance for the loss of income securing the fact that a temporary shutdown does not turn out to be a permanent one because of a lack of income.
Equipment breakdown
Whether you are a building owner or, a tenant in a leased building, your standard property insurance covers damages to your equipment from perils such as a fire, theft, water damage, windstorm, and others. However, property insurance policies do not cover damage from causes such as mechanical failure of equipment, electrical short circuit, explosion from a boiler or other pressure vessel, change of temperature and mechanical breakdown. Coverage for these types of losses requires specific equipment breakdown coverage.
Course of construction-equipment breakdown
For the period of a builder’s risk, electrical systems, heating, air conditioning, and other major equipment may be operating for months during the construction. This equipment can be damaged by mechanical and electrical breakdown. Course of construction equipment breakdown insurance provides coverage during the phases of testing and commissioning, and during the operation of equipment, until the project is delivered to its owner. This protection is important since it may not be covered under any of your other policies.
Crime insurance
Employee fraud can happen in any business even the most well-administered ones. Your new or long-time employee, - even the one you never suspected -, may defraud your company for huge amounts of money. Your company may still be at risk despite the fact you are performing screening and background checks and teaching your employees on how to identify fraudulent employees. This coverage is usually excluded from a standard commercial policy and can be specifically added or issued on a separate one.
Surety bond for contractors
Surety Bonds for contractors is a financial security to your customers and suppliers that guarantees your obligations. If you are a contractor and looking for contract bonds or licence bonds, LMBF has the expertise to help you find the right solution.
