Insurance Support for Grand Valley Construction Association

With a reported market size of $355.9 billion in 2022, the construction industry is undoubtedly one of Canada’s biggest sectors—and it’s only getting bigger. 

The demand for workers will remain high over the next few years. There’s room for growth and a long-term career that’s fulfilling and financially rewarding as well. However, this saturation breeds competition within the industry.

This is where the Grand Valley Construction Association (GVCA) steps in. 

What Is the Grand Valley Construction Association?

Formed in 1974, the GVCA is an organization that helps its members handle challenges in the construction industry, provincially and nationally. 

It advocates for a supportive environment for its members by offering various resources and services while interacting with relevant stakeholders.

The GVCA also provides networking, career development, and educational opportunities to give its members a competitive advantage in their respective fields.

Benefits of Joining the GVCA as a Contractor

Those working in construction, whether you’re a business owner or a contractor, need a roster of clients and professional contacts. Having both helps you keep track of industry updates and bidding opportunities, as well as access to resources you need to stay competitive in a cutthroat industry.

Here are the benefits of being a Grand Valley Construction Association member:

A Network of Industry Experts

Joining the organization gives you access to their online plans room, a space where the GVCA connects bidders with buyers. 

Here, you’ll find all the information you need as the organization already checks, verifies, and updates documents to ensure members can access the latest project details throughout the bidding process. Members also have the chance to meet and collaborate with other industry experts who can help them tackle issues. 

Specialized Training Courses

Safety in trades and construction is always evolving. The Grand Valley Construction Association provides safety training courses—available both in-class and online—to ensure its members stay updated on workplace safety hazards.

Members can also undergo Gold Seal-accredited education programs, a standard of excellence earned through education and industry experience. This certification improves job mobility and boosts professional development.

These benefits can help you get ahead. But can they protect you? 

Why You Need Personalized Insurance Solutions

As a contractor, you’ll often find yourself working in a physically-demanding and hazardous work environment. The jobs you do could include building anything from residential properties and townhouses to office buildings and malls. 

Accidents happen, whether it’s a fall, property damage, or injury. These situations can result in lawsuits that jeopardize your personal finances or bankrupt your business. Having a reputable insurance partner that helps develop your understanding of risk-management strategies is the key to avoiding financial losses. 

KASE Insurance supports the Grand Valley Construction Association by providing customized insurance coverage and plans tailor-fit to its members’ unique needs. Whether you’re a new worker or savvy expert, we’ve got your back.

Insurance Policies for Grand Valley Construction Association Members

Grand Valley Construction Association members can choose from a wide selection of insurance packages, including: 

Contractors Liability Insurance

This is a specialized insurance plan designed to protect you and your construction business from damages and hefty costs caused by third-party liabilities. 

For Grand Valley Construction Association members, a fully personalized plan provides coverage against the following:

• Third-party property damage;
• Bodily harm;
• Advertising and reputational harm; and
• Lawsuits related to completed work.

There may be the option to add additional coverage to your policy, dependent on your business and the type of work you do. Talk to one of our expert brokers to find the right insurance solution for you.

Surety Bonds

Big projects can mean big paychecks—and big risks. Grand Valley Construction Association members are well-positioned to take on these projects, but they must also be diligent to ensure they’re actually prepared to work on them. 

Surety bonds are a form of legal agreement that protect all parties involved. They ensure a project will be carried out per industry standards, putting timelines in place that must be met by those doing the work. 

If you handle government projects or large contracts, you’ll be required to follow the terms of those contracts exactly as ordered to avoid financial losses. Entering into a bond demonstrates confidence in your ability to see the project through. By making good on these agreements, you’ll boost your credibility and open yourself up to future opportunities. 

Construction Bonds for Contractors

Construction bonds for contractors are types of surety bonds that ensure all the involved parties see a project to completion. Their purpose is to protect those who issued the bond from financial losses, hence their frequent use in government projects. 

They involve the same three parties as a surety bond—an obligee, principal, and surety—and can be sorted into several types:

• A bid bond: This declares the contractor will acquire the required bond if they win the bid for the contract. Bidding for a larger project almost requires a bid bond for liability reasons. 
• A performance bond: This type of bond guarantees a contractor can finish the project on time while meeting necessary standards for quality. This is “industry standard” unless defined otherwise in the agreement. 
• A payment bond: This type of bond holds the principal responsible for paying other parties to the project—such as subcontractors and vendors—throughout the working duration of the project. 

As with other types of surety bonds, entering into this type of agreement as a contract boosts your credibility. Organizations entrusting you with projects will feel more confident in your ability to get the job done safely and on time.

Commercial General Liability Insurance

Unforeseen risks can seriously damage your business’s operations and reputation. Proper insurance coverage protects you and your business from the unexpected, helping you avoid lawsuits and crippling financial losses.

Grand Valley Construction Association members who are covered by commercial general liability insurance (CGL) can mitigate the risks they face while on the job, such as: 

• Bodily injuries, including third-party injuries;
• Product liability;
• Third-party property damage; and
• Employee injuries.

Additional coverage may be needed depending on your business’s specific needs. Nonetheless, it is always recommended you get CGL insurance to protect yourself in all situations. 

Related article: 16 Types of Contractors that Need Insurance

Protect Yourself By Partnering With KASE Insurance

With a network of industry experts backing you, you’re likely to be working on complex, long-term contracts that can grow your business. However, with great responsibility comes the potential for serious risk. 

KASE Insurance is an award-winning insurance brokerage in Ontario that offers customized insurance packages to Grand Valley Construction Association members. Our team of insurance professionals will provide a thorough explanation of each insurance type and help you find solutions that cover your business’s needs.

Get in touch to get started!