The construction industry is a cornerstone of economic development, and insurance plays a pivotal role in safeguarding projects and businesses from unforeseen risks and challenges.
To celebrate the companies that excel in providing such solutions to construction professionals, Insurance Business Canada has unveiled a list of the best construction carriers for 2023, identified in a nationwide survey of brokers.
Asked about the criteria they consider when selecting an insurance company, brokers ranked coverage as the most importance, followed by service to brokers, underwriting expertise, claims payment/processing speed, and value for money.
Other considerations include the ability to create bespoke policies, access to risk mitigation partners, and an online platform.
Brokers were also asked about the changes they wish to see from carriers over the next 12 months, and their responses shed light on the industry’s evolving needs:
“As the construction industry continues to develop, the true partner carriers in this class will need to invest in the technology, tools, and people to work with our mutual clients in developing leading-edge risk technologies,” said Doug Lyall, HUB International Canada’s chief sales officer for the Prairies. “The focus will be on people, safety, and risk mitigation.”
Lyall, who offered expert insight for the 5-Star Construction 2023 report, highlighted focus areas for leading construction insurance carriers:
Learn more about what brokers want from their construction carrier partners in Insurance Business Canada’s 5-Star Construction 2023 report.