Insurances
What do all the hidden insurances mean and how it benefits you.
Part of the hidden costs: What is it and why?
Liability Insurance
What is it for?
Liability insurance covers the contractor and possibly the general contractor and/or owner should there be a failure causing damage, an accident on the jobsite, claims of bodily injuries, personal injuries, and property damage.
Roaron Construction carries a standard $5 million general liability coverage and sometimes extends that to $10 million.
What if there is no liability insurance?
The party affected will have limited coverage. The damages may not get paid for and the general contractor or owner may be dragged in through the law system to cover costs of remediation.
Worksafe BC (W.C.B.)
What it is for?
Worksafe BC is an authority in BC which places guidelines on worker safety limits. It helps ensure the workers are conducting work in a safe manner. Worksafe has guidelines for tasks and defines exposure limits to risk.
Cost for this insurance range year to year and is based on the amount of labour hired within a company. The amount will vary by industry but general construction work is around 3% of wages. Indirect costs would be the paperwork in filing with WCB, meeting jobsite paper requirements for worksafe BC, and maintenance of paperwork.
Coverage can be checked through the Worksafe BC website under getting a clearance letter. Roaron Construction's account is 408329.
What if there is no Worksafe BC (WCB) insurance?
If a contractor does not have coverage and is not filing then the primary contractor and/or contract holder which may be the owner can be liable for worker damages should there be an accident or occurance of workplace disease.
Snow Clearing Liability Insurance
Why have it?
Almost all General Liability insurance plans do not cover snow clearing coverage. If they do it is normally a one time offering and will not cover claims after the first. This means the property managing firm or owner will get tied up with litigation should a claim be made.
Roaron Construction carries full snow and ice management liability insurance.
Check insurances carefully
Sometimes you have to dig deep for answers, but in the fine print we have not discovered and insurance agency that covers snow and ice clearing without a special rider to the policy.
Vehicle and Equipment (ICBC)
ICBC
As a construction business we have many vehicles, equipment, and trailers on the road. If it is on the road, it needs insurance. Roaron carries full insurances on all vehicles, equipment, and trailers with minimum $5 million coverage.
Equipment?
Yes, asphalt rollers, mortar mixers, generators, skid steers, etc require road insurances. Many people sometimes skip this, but it is a liability should there be an accident and it is required to travel with other third party vehicles on public property.
Port Liability Coverage
Why have it?
General liability insurance does not cover airside/port worksites. This must be added as an additional rider to the current policy; it can be extremely expensive.
Roaron Construction does not carry the insurance but may be able to offer it for special cases.
What normally happens
Airports and such will have trouble finding contractors and getting competitive pricing if the contractors are required to get the insurance. Almost all ports have their own liability insurance and extend the insurance to cover the contractor on site. It is the most economical way to conduct business.
Worker Insurances
Employee Health and Benefits
Our workers are our family and we value them and their health. Roaron Construction provides our employees extended health coverages.