The words “insurance coverage” printed in bold on a page below a pair of glasses

Insurance Support for Surety Association of Canada

Sep 7 2023

In an ever-evolving world of risks and uncertainties, safeguarding your business’s future has never been more critical. For members of the Surety Association of Canada, who understand the intricacies of risk management, the significance of comprehensive insurance coverage cannot be overstated.

As a trusted insurance brokerage dedicated to serving the unique needs of the association, we are committed to providing the utmost support and guidance to our valued partners.

The Surety Association of Canada plays a pivotal role in fostering industry growth, promoting best practices, and maintaining the highest standards of professionalism. Members of this esteemed organization are well-versed in the complexities of the surety and bonding industry. However, even experts require the right support when it comes to protecting their assets, liabilities, and operations.

That’s where we step in, as your insurance partner, offering a range of tailored solutions that complement your industry knowledge and ambitions.

Why You Should Join the Surety Association of Canada

The Surety Association of Canada (SAC) is the national body for the Canadian surety industry, with its members representing more than 90% of surety premiums in Canada. Since its formation in 1992, SAC has been a reliable resource for contractors, suppliers, and other professionals and stakeholders in the construction and business industries.

It pledges that it will:

  • Educate relevant stakeholders to help increase understanding of risks in the industry, enabling its members to make informed decisions.
  • Consult with and understand the issues of third parties before developing surety-related solutions.
  • Encourage the development and design of surety products.
  • Become a means to allow collaboration with other organizations that provide related services to the surety industry.

While the benefits of joining the Surety Association of Canada can help you grow in your chosen career path, they won’t be able to protect you from unforeseen circumstances that can drain your finances—but insurance will.

A close-up of the word “membership” in a terms and conditions booklet

The Value of Personalized Solutions

Just like any industry, surety providers aren’t immune to risks and hazards. Workplace accidents can happen at any time, from simple slip-and-fall incidents to vehicular accidents. These instances can add up and leave you with financial stress.

Lawsuits can jeopardize your career by negatively impacting your reputation. This is why it’s important to have an extensive risk-management strategy ready to ensure you keep your business operating and avoid potential losses.

KASE Insurance supports the Surety Association of Canada by offering personalized insurance packages that cater to its members’ unique needs.

Insurance Policies for SAC Members

Members of the SAC can choose from a vast selection of insurance solutions, including:

Cyber Insurance

Today, sensitive data is typically stored online for easy access. However, this convenience comes with a price. Data breaches are more common than you think, and the cybercriminals behind these attacks are now using sophisticated tools. They’ve become better thieves and are more difficult than ever to catch.

Cyber insurance is designed to protect your finances in case of a security breach infiltrating your client’s sensitive information. This policy covers a wide range of events, including employee negligence, phishing, ransomware, or direct and forceful hacking.

Directors and Officers Liability Insurance

Whether you own a surety firm or are a part of your firm’s board of directors, prepare to be held responsible when something goes awry in your company. Your actions are monitored by your investors and other stakeholders, meaning the smallest mistake could cost you an investment or even lead to a lengthy legal battle.

However, directors and officers liability insurance (a.k.a. D&O insurance) protects these individuals from costs related to negligence or errors that could result in litigation. It may also cover costs during investigations by regulatory bodies.

General Liability Insurance

Your surety business requires general liability insurance because it covers a wide range of risks that could threaten daily operations. It provides protection for:

  • Employee injuries, both at the office or at an off-site location;
  • Third-party property damage;
  • Third-party injuries, including clients that visit your workplace or vendors making deliveries; and
  • Reputational liability, which includes slander.

Two people discussing an insurance plan that’s been printed on paper

Professional Services Insurance

SAC members are diverse and unique, with many coming from various sectors that provide complementary services to the surety industry.

Professional services insurance covers a wide range of needs, depending on the insurance holder’s profession and unique needs. However, you can expect coverage to include third-party injuries caused by accidents in the workplace. It also covers costs related to employee harm and negligence, including theft or damage to the workplace and business interruptions resulting in a halt of cash flow.

Construction Bonds

The majority of the surety industry’s revenue comes from construction bonds. They are a guarantee that all parties will complete a project within its given deadline and in accordance with the terms and conditions stipulated in the contract.

If you’re a contractor who is a member of the Surety Association of Canada, then it’s a great idea to enter into this type of bond. It will boost your professional credibility by showing your commitment to the projects you’ve started.

Get Comprehensive Coverage at KASE Insurance

Being a member of SAC gives you a competitive advantage, but having a comprehensive risk-management strategy is what helps cover unexpected expenses and hazards that may present themselves while you’re at work.

KASE Insurance is an award-winning insurance brokerage that supports Surety Association of Canada members by providing fully customized insurance solutions. We have worked with clients across industries and can offer you and your company complete coverage.

Our team of expert insurance brokers are happy to answer any questions you may have, so get in touch with us today to get started!

The comments are closed.