Trends in Victoria's Construction Industry
Victoria, British Columbia, is a popular city with an attractive climate and a high quality of living. As a result, construction in Victoria is booming, with the last five years witnessing current project values increasing by 79% and the industry's contribution to the province's GDP rising 22% . Construction insurance in Victoria is extremely important with this type of growth.
The construction industry in Victoria is the third largest industry, but it has recently suffered from labour shortages, with the size of the average construction company decreasing 7% in the last five years. At the same time, salaries have risen, along with the skill levels of workers.
In addition to navigating the industry boom with fewer workers, construction companies must comply with recent regulatory measures in British Columbia, such as the Building Act of 2015, which was enacted to create consistency in building requirements across the Province. Victoria has also announced a zero-carbon construction mandate with compliance expected by 2025, putting additional pressure on the construction industry.
Business Protection With Construction Insurance in Victoria
While there are many different sectors within construction, all of them work within an industry fraught with risk. We can help you to achieve success within this highly regulated industry with affordable, proactive insurance and risk management options. We offer solutions with construction insurance in Victoria for all aspects of the industry.
Contractors
For contractors working on bidding, designing, building or delivering a finished product, the stakes are high and the hurdles many on a daily basis. Contractors have their hands full with managing cash flow, directing workers, negotiating disputes and dealing with delays, all while keeping a project on schedule. Our construction insurance experts can assist with the following solutions:
- Builders' risk
- Employee health and other benefits
- Insurance for property and casualty, individualised general contractors and project "wrap up" (OCIP and CCIP)
- Subcontractor default coverage
- Surety bonds
Construction Owners and Developers
Construction developers and owners of buildings or other construction projects have a great responsibility for the success of their projects and the safety of their workers. The multitude of competitors, regulations and risks that construction owners and developers face result in significant liability. We can create a personalised insurance solution to help your business thrive in the face of potential exposures.
Professional Construction Services
When you are in charge of a complex construction project, you are accountable to the contractors, developers, owners and subcontractors. We can help to tailor insurance and risk management products to meet the specific needs of engineers, architects and other construction services professionals.
Subcontractors
The hands-on nature of subcontracting, whether you're in electrical, masonry, painting, plumbing, roofing or another construction job, inherently involve a great deal of responsibility and risk. We can assist you with subcontractor insurance and risk protection for issues such as:
- Change orders and construction defects
- Professional, general and environmental liability
- Skilled worker shortages
- Surety bond programmes
- Workers' compensation
Waste Management
For those who work in the waste industry in the areas of CNG stations, landfills, hazardous waste, MRF's and transfer stations, recycling and residential or commercial hauling, we understand the complex needs of your operations. Our Environmental Team can help with best practices through data analytics using a proprietary product to help select limits and devise an efficient deductible structure. We can create a risk management plan tailored to the individual needs of your business. Learn more about HUB’s construction insurance offerings!