A construction worker receives insurance support from an expert at KASE

Insurance Support for Toronto Construction Association

Oct 18 2022

The construction industry in Canada is one of the country’s largest sectors. According to reports, the sector’s market size was worth $325 billion in 2021. Because of the growth of the construction industry, it’s only natural that the market becomes highly competitive, too.

If you are part of the Toronto Construction Association, you already have the support you need for development opportunities. Not only that, but the TCA is considered a strong industry voice—meaning you are surrounded by industry experts and a network of professionals. In short, you’re in good hands.

However, as you propel your business forward and build your reputation in this industry, you’ll need to be aware of the different risks associated with managing your business. Understanding and staying on top of risk-management strategies will give you the peace of mind to continue your operations and stay ahead of your competition.

For TCA contractors, some of the most common risks that you’ll face include third-party injuries, loss of tools and equipment, and third-party property damage. In an ever-changing landscape, purchasing contractor insurance is a must-have if you want to protect yourself and your business from liabilities.

But before we dive into what we can do to help you succeed, we need to explain what contractor insurance is first.

Two people holding construction helmets

What Is Contractors Insurance?

Contractors insurance is a “blanket” term for a package of insurance policies specifically tailored for your business. Most contractors need to purchase several insurance policies to ensure that their business is protected against various risks.

Some examples of the types of insurance you might need are the following:

General Liability Insurance

Accidents can happen at construction sites, and these incidents can result in claims or lawsuits.

Falling debris could hit someone on the head, and result in a serious injury or even a lawsuit. Mishandling tools and heavy equipment can lead to overexertion and back injuries in contractors. Even a slip-and-fall accident can result in a lengthy court battle—and the legal fees alone could ruin your business financially.

General liability insurance helps alleviate or can even fully pay for the costs arising from the situations above. That includes coverage for third-party bodily injury, property damage, equipment and tools repairs or replacements, and more. Depending on the policy you get, this insurance type can help cover legal fees as well.

Workers’ Compensation Insurance

Some insurance policies are required by law, depending on where you live. If you have a bigger business and employ several people, your employees’ safety needs to be your top priority.

 They could be in the middle of renovating spaces, installing lights and wiring, or fixing floorboards when an accident happens. Whether this incident happens in a client’s home or a commercial infrastructure, you may be liable to pay for damages or medical fees in these cases.

Luckily, these expenses, such as medical bills, are covered by workers’ compensation insurance. 

Tools and Equipment Insurance

Contractors use numerous tools and equipment on the job, and sometimes these tools have to be left overnight at a project site. These items might get stolen overnight or get lost while on the move from one construction site to another.

TCA Contractors need tools and equipment insurance to help pay for costs related to repairs or cover expenses for lost and/or stolen items. This type of insurance also includes coverage for replacements of compromised items.

Why Choose KASE Insurance?

Industries that need manual labour are more vulnerable to risks and hazards while on the job. KASE Insurance is an award-winning commercial insurance brokerage with years of experience in the industry. Partnering with us means teaming up with one of the top insurance providers in Canada—so you can rest assured that we always have your best interests at the forefront of our minds.

We have continuously been a partner of choice for clients from various industries because we cover all your needs. From the personalization of your insurance policies and bundles to utmost transparency, we will make sure you have the best possible insurance policy for your business.

A contractor overlooking the city

What Do We Offer?

Although you’re putting your business a step ahead of competitors by partnering with the Toronto Construction Association, you can still take it a step further by trusting us with your insurance needs

At KASE insurance, we strive to exceed expectations through the quality of service and transparent advice we provide our clients when it comes to their policies. That means no unnecessary riders or additional costs that don’t need to be in your insurance plan, and we offer comprehensive explanations for each insurance type you get. 

Some of our commercial insurance services include:

  • Annual Insurance Cost, Design & Service Analysis; 
  • Insurance Market Analysis;
  • Claims Management & Settlement;
  • Loss Control & Loss Prevention Strategies; 
  • And more. 

We are committed to supporting your business like it’s our own.

Contact us today to get started! With KASE Insurance, you’re in good hands.

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