Contractor liability insurance solutions for your needs
Building repair and installation projects each come with their own risks. Whether you require swimming pool contractor liability insurance or another type of insurance, your policy should have a high standard of quality and safety. You should never underestimate the importance of risk management. Even the most experienced contractors take a risk when they step onto a work site. That’s why utilizing the BrokerLink team to find you an insurance policy matters.
Additionally, if you need help understanding how to insure commercial vehicles, we can help. Many contractors and construction companies use these vehicles on a daily basis, so being insured for collisions and other perils is important. Theft and equipment damage are some of the risks you take when you don’t have insurance.
Having specialized in business insurance for several years, we understand how to meet the needs of your construction, repair or installation business. We address your worries, understand your needs and suggest the general contractor insurance that meets your needs. With us, you don’t have to worry about anything.
Why choose BrokerLink for liability insurance for contractors?
We’re passionate about addressing the distinct challenges and hazards specific to your business. First, we examine the possible threats to your business. This includes an overview of your workplace environment, machinery, and worker safety procedures.
By conducting an extensive risk assessment, we gain insight into the amount of coverage required to protect your business. Our team uses industry-leading techniques and instruments to recognize your vulnerabilities and develop a tailored insurance policy.
How do we find contractor liability insurance? Well, we utilize our vast network of insurance providers to compare various policies to find you the right policy at an affordable rate. We strive to ensure you are protected without breaking the bank.
You can reach us by phone, email, or in person at any of our locations across Canada. A BrokerLink insurance advisor will gladly assist you regardless of how you contact us. We also encourage you to use our online quote tool to generate a competitive, free general contractor insurance quote in minutes.
Give us a call, send us an email, or visit us at one of our locations across Canada. Let a BrokerLink insurance broker assist you. You can also use our online quote tool to get you a competitive general contractor insurance quote.
We’ve got the insurance policy you need
All contractors are different, so we offer a diverse selection of commercial insurance options for contractors. We will cater to your unique needs and risk level. It’s important to remember that business insurance and general contractor’s insurance go hand in hand. Here are the types of policies that we offer and why you should partner with BrokerLink today:
Commercial general liability insurance
Commercial general liability insurance is also sometimes called third-party liability coverage. Regardless of what you call it, it’s essential to any general contractor. It will protect you against allegations of bodily harm or property damage claimed by a third party. It falls into the category of third-party liability insurance. This type of contractor liability insurance is helpful because contractors work on various properties, and the unexpected can happen.
Let’s go over an example. If a client gets injured or their property gets damaged while you’re working, you can make a claim. Civil suits, medical expenses, and legal fees can add up if the incident results in bodily harm or damage to property. However, these costs will be covered if you have commercial general liability insurance. This will help you continue working without worry.
Commercial property insurance
Commercial coverage is mandatory for any general contractor who works from a particular space, whether it’s rented or owned. This protects your physical assets from various hazards and dangers, such as the building structure, fixtures and fittings, equipment, inventory, and materials. Having this type of coverage will compensate you for fires, vandalism, hail, smoke, lightning, and theft.
If any of these unforeseen circumstances occur, fixing and replacing your property out of pocket will be costly. However, you won’t have to suffer from these financial losses with adequate insurance coverage. Have peace of mind by opting into this policy.
Professional liability insurance
Professional liability insurance, or errors and omissions insurance, protects professionals from claims or litigation brought about by their clients. Issues can range from financial harm to mistakes or omissions during the offered services.
Having professional liability insurance can safeguard your business against allegations, including neglect, mistakes and failures, breach of contract, false representation and violations of fairness and good faith. If a lawsuit occurs, the policy will compensate you for legal defence, settlement or judgment, or other bills associated with the case.
Those who don’t have professional liability insurance are vulnerable to financial ruin without being able to make an insurance claim. Fighting against a lawsuit will cost you a decent amount of money, and you may be overwhelmed if you’re not prepared for the financial loss. Even if the case doesn’t result in a conviction, the legal fees can still cost you a lot. That’s why protection is essential, especially as a general contractor.
Mobile property coverage
Mobile property insurance is mandatory for shipping companies, transportation companies, and manufacturers who transfer or ship goods and equipment. If you are a general contractor, you’ll probably be bringing building materials between construction sites. Mobile property coverage will keep you safe from hazards and perils like theft, damage, and loss while travelling off-site.
It will also compensate you if damage occurs during loading, offloading, shipping and distribution. Consider the costs of damage that can occur if the delivery truck gets into an accident or if the materials get lost in transit due to theft. Without this coverage, you will have to pay to fix and replace defective materials, delaying your projects.
Commercial auto insurance
How do you insure business vehicles as a general contractor? Let’s find out. If you’re a travelling general contractor, you’ll need commercial auto insurance. This type of insurance is used to protect you if your commercial vehicle gets into a collision or another type of accident. It will also protect your property if it is damaged in transit.
Driving between job sites isn’t uncommon for general contractors. That’s where commercial auto insurance can help you out. It provides coverage for cargo vans, sedans, semi-trucks, dump trucks and other commercial vehicles.
What does this insurance policy cover? Well, if you have to report collision damage, liability claims, medical bills, and property destruction, it has your back. Without insurance, your business can face serious financial loss.
Whether you own a single vehicle or a fleet, having this insurance will cover the vehicles you use for your business. However, it’s important to note that fleet insurance requirements will vary depending on where you live, and you should look into this.
Surety bonds insurance
Surety bond insurance is important if your business handles large amounts of cash or money transfers. It will protect you as an independent contractor by preventing losses caused by employee theft, embezzlement or dishonesty. If money theft, forgery, modification of documents, or misappropriation occurs, you will be protected. Current and former employees of your business can use it.
There are other benefits to having a surety bond. In addition to protecting against financial losses that are a result of employee misconduct, it helps develop credibility and confidence with customers and clients. Hiring a contractor to help with your business is common, so you should be aware of the protections you can put in place when hiring one.
Outside of financial security, surety bonds also discourage theft and fraudulent activity among staff members. Since unethical behaviour results in consequences, employees are less likely to commit if there is a deterrent in place. It’s important to be aware of this because you work hard to keep your business in top shape.
Equipment insurance
Contractor equipment and tools insurance protects the machinery your business needs to function. This ranges from computer systems to particular instruments. Since accidents can happen at any time, it’s impossible to predict when tools that are expensive to replace can get damaged. Equipment insurance will compensate you for the loss and minimize the financial loss.
Workers compensation insurance
If employees get injured or fall ill at work, workers’ compensation insurance can help. It will protect employees and employers if an accident or illness occurs on the job site.
Workers’ compensation insurance covers medical bills, lost wages and rehabilitation invoices. Additionally, workers may qualify for disability benefits depending on the severity of the injury or illness. It will also protect business owners from workplace injury lawsuits. It’s important to keep in mind that workers’ compensation insurance varies depending on your province or territory. Generally, this insurance system protects Canadian workers by helping them recover and get back to work after getting hurt or sick.
It’s important to understand the importance of risk management when you’re running a business, especially if you are using expensive tools and equipment. Although all these policies are not legally required, you should find out the right insurance policy for your business. You can do this by speaking with an insurance broker from BrokerLink. How do insurance companies calculate general contractor insurance? We’ll find out in the next section.
Calculating general contractor insurance
The cost of general contractor insurance will vary depending on the client’s needs. With that in mind, the more policies you opt into, the higher the cost. Here are the factors insurance companies consider when determining your premiums:
Where your business is located
Where is your business and job site? The size of your property and geographic location affect your insurance costs. In areas with higher criminal activity, you will pay more.
The type of business you run
Construction liability insurance for contractors will be if you work in a high-risk environment. That’s because your job site has a high probability of accidents and injuries. Construction, oil and gas, and manufacturing are considered high-risk industries. As a result, companies in these industries pay more for insurance.
Business size
Do you run a huge business where commercial property insurance is essential? Maybe you aren’t just a general contractor and have several employees, large amounts of machinery and plenty of assets. If this is the case, you likely have high monthly earnings and a significant salary to go with it. All these factors affect your insurance rate.
Unlike when you’re an independent contractor, being a general contractor with multiple employees increases the possibility of injuries or mishaps. Another thing to remember is equipment and tools insurance will cost more if you work with lots of advanced machinery. The costs of repairs and replacement will be more for you than a business owner who works on their own with few tools.
History of your business
The number of years you have been in business, as well as your insurance claim history, can also affect your insurance rates. Your insurance premiums will increase if you have an extensive history of legal complaints. This is because your history will tell your provider that you are more likely to file claims in the future.
There are many factors your insurance provider will take into account when calculating your insurance premiums. Those in the construction industry should be aware because insurance will help cover legal fees and other expenses in the event that something happens on the job. When you partner with a broker, they will help you find the right insurance company with a policy that you can afford.
Contact Us
Finding the right insurance policy as a general contractor can be challenging. However, it’s essential to have one or more policies to aid with managing risk and protecting all the parties involved. You will likely have a broad range of factors to take into account. Before embarking on a construction project, you should be prepared to protect yourself and your employees with the right insurance policy.
Do you need top-notch general contractor insurance? If you do, BrokerLink is here to help. Contact us by phone, email, or in person at any of our 200+ Canadian locations. No matter how you get in touch with us, a BrokerLink insurance advisor will be happy to help. Try out our online quote tool to generate a competitive free quote in minutes. Count on us to find the right general contractor insurance for you today!
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General Contractor Insurance FAQs
Who needs general contractor insurance?
General contractor insurance varies depending on the business you run. However, it’s essential for general and independent contractors as well as subcontractors. It assists those working in construction, plumbing, electrical, and landscaping. It will protect your business from property damage, bodily injury, and liability claims. The right insurance policy will allow you to feel secure and let your business thrive. Whether you’re a carpenter, painter, HVAC technician, or any other related field, you will need this type of general contractor’s insurance.
How much is general contractor insurance in Ontario?
General contractor insurance coverage in Ontario is necessary for any independent contractor or construction business. A contractor can spend as little as $425 for $2,000,000 in general liability insurance for basic coverage. However, the number will vary depending on the business size, the job being performed, and where the job site is located. Regardless, equipment coverage is necessary to protect against damages and theft. With that in mind, if the project requires more than the $2 million limit, you have to let your broker know right away. It will ensure you have adequate insurance in case someone files a lawsuit. This type of insurance is tied to business insurance in Ontario.
How much is general contractor insurance in Canada?
The price of general contractor insurance in Canada will vary. It comes down to the coverage you need, including liability, professional liability, or commercial vehicle insurance, which can affect your premiums. Insurance companies will also consider the size of your business, the industry you work in, your claims history, your business location and the type of employment you offer. Premiums are higher for larger businesses in high-risk industries, such as construction, oil and gas. They often face higher insurance premiums.
What is general contractor protective insurance?
General contractor protective insurance protects general contractors from monetary losses caused by the subcontractor’s activities. What does this mean? In other words, if a subcontractor damages property or injures someone while performing a task, the general contractor can be held liable.
This type of insurance covers these situations as well as contract violations or if the subcontractor does not fulfill their obligations. It can also be purchased directly by the general contractor as a condition set out by the project owners. This type of insurance is essential when working on construction projects. It is especially true when many subcontractors are involved, as it increases the liability risks.
What is general contractor liability insurance for independent contractors in Canada?
In Canada, liability insurance for independent contractors protects contractors from third-party claims of harm to individuals or property on the worksite. Although this type of insurance is legally required, it can assist independent contractors in protecting their assets in the event that they get sued. Not having insurance means a general contractor will be held liable for damages and legal fees associated with the case.
Accidents happen on a construction site. Insurance is required if a client’s property gets damaged or a third party suffers bodily injury due to the contractor’s work. It’s important for independent contractors to recognize that general liability insurance does not cover injuries or property damage. A completely separate insurance policy often covers these, usually workers' compensation or equipment coverage.
Do subcontractors need insurance?
Many general contractors require subcontractors to have their own insurance coverage when participating in a project. This is often common in industries where incidents or harm are more likely, including construction. If a subcontractor does not have their own insurance and gets into an accident or causes property damage while working, they can be held personally liable for damages or injuries. This can include paying for medical expenses, loss of property, and legal fees. For this reason, private contractors should get their own insurance to protect themselves and businesses.
If you have any questions, contact one of our local branches.
