Did you know that nearly 50% of Canadian construction companies face significant challenges in recruiting skilled trade workers? (1) This shortage not only impacts project timelines and costs but also increases the risks associated with high-risk contracting trades. With fewer skilled workers available, the likelihood of accidents and errors rises, making robust insurance solutions more critical than ever. SWG Specialty, with its extensive experience and innovative approach, is at the forefront of providing these essential protections.
Understanding the Risks
High-risk contracting trades, such as roofing, snow removal, and motor truck cargo, are the backbone of Canada’s construction industry. These trades are not only vital to the economy but also inherently fraught with risks. From severe weather conditions to complex project requirements, contractors in these fields face numerous challenges that can lead to significant financial losses if not properly insured.
Tailored Insurance Solutions
SWG Specialty offers a range of tailored insurance solutions designed to meet the specific needs of high-risk contracting trades. These solutions include:
- Comprehensive General Liability Insurance: Protects against third-party claims of bodily injury and property damage, which are common in high-risk trades.
- Professional Liability Insurance: Covers errors and omissions that could occur during the execution of complex projects.
- Equipment and Tools Coverage: Ensures that essential tools and equipment are protected against theft, damage, and other risks.
- Builder’s Risk Insurance: Provides coverage for buildings under construction, protecting against damage from fire, vandalism, and other perils.
- Non-Owned Automobile Insurance: Covers vehicles that are not owned by the company but are used for business purposes.
Examples of High-Risk Contracting Trades Covered
SWG Specialty provides tailored insurance solutions for a variety of high-risk contracting trades, including but not limited to:
- Welders
- Roofers
- Sprinkler Installers
- Electrical Contractors
- Heating & Ventilation Contractors
- Refrigeration Contractors
Why Partner With SWG Specialty?
What sets SWG Specialty apart is our deep understanding of the unique risks associated with high-risk contracting trades. Our team of experts works closely with brokers to develop customized insurance solutions that provide comprehensive protection. This collaborative approach ensures that every policy is tailored to the specific needs of the client, offering peace of mind and financial security.
Real-World Impact
Consider the case of a roofing contractor who faced a significant financial setback due to a severe storm that damaged several ongoing projects. Thanks to SWG Specialty’s comprehensive coverage, the contractor was able to recover quickly, minimizing downtime and financial loss. This is just one example of how SWG Specialty’s tailored solutions make a real difference in the lives of high-risk contractors.
In an industry where risks are high and the stakes even higher, having the right insurance coverage is crucial. SWG Specialty’s tailored insurance solutions provide the protection that high-risk contracting trades need to thrive. By partnering with SWG Specialty, brokers can offer their clients peace of mind, knowing that they are covered against the unique risks they face every day.
For more information on how we can help protect your high-risk contracting clients, contact us.
*Content is current as of the broadcast date and subject to change.
** Insurance coverage availability may differ between provinces.
Source:
1. Made in CA
