Contractors Insurance

Why Contractor Insurance?

Contractors in all industries face the very real risk of exposure to loss, as the construction industry is among the most dangerous fields of service. There is an ongoing need to minimize the risks associated with the operations being performed by a Contractor in order to minimize the chances of a loss occurring. Although we all hope and believe that a loss will not occur on our watches, accidents can and do, happen. In the construction industry especially, this reality is all too real.

Wondering Who Needs Contractors Insurance?

If you are a Contractor in any of the following industries, chances are that you have a risk to which you are exposed:

• General Construction
• Electrical
• Plumbing
• Cleaning and Janitorial Services
• Carpentry
• Painting
• Landscaping/Snow Plowing Services
• Welding

If you are an Alberta Contractor who falls into a more specialized area, note that the list of contractors requiring insurance is not limited to the above examples. If you are running an independently owned business and are performing a service for a client, consider looking at a policy that is tailored to the type of service you are providing. In doing so, your business will be protected in the event of a risk exposure.

How Commercial General Liability Benefits Contractors

There are a number of advantages for Contractors to secure a Commercial General Liability policy.

• General Liability offers protection in the event that the contractor causes property damage to a third party during the course of their operations. If the Contractor does not carry General Liability to cover these risks, the third party may look to the Contractor to pay out-of-pocket for the damage or harm done.
• In addition to covering third party property damage, the General Liability policy covers Medical Expenses for bodily injury/harm caused to third parties who were injured in the course of the Contractors operations.
• If the coverage is elected, General Liability policies cover the cost of court fees which is extremely useful to a Contractor if a property damage or bodily injury claim goes to court. Court costs can be significant, and in some cases, could cause the business financial devastation if they do not have adequate coverage in place to cover these costs.
• General Liability policies provide coverage for Completed Operations. When a Contractor finishes a project, there is a risk that their work may cause property damage or harm, even after the product has been installed and the project completed. Even though the project is completed, the damage or harm is considered to be a result of the work done by the Contractor, and the Contractor would be held liable. The Completed Operations portion of the General Liability coverage will protect the Contractor from these exposures.
• In addition to the General Liability insurance coverages, Contractors can opt to insure the tools and equipment which are usual to their business. For example, a Landscaping/Snow Removal Contractor may have gardening tools, lawnmowers, shovels, snow plow attachments, and various tools that they carry around in their work vehicles. These tools and equipment can be covered along with the General Liability coverage under a Contractors package policy in Alberta.

Client Insurance Requirements

Choosing to purchase an Alberta Contractors Insurance product for your operations is not only a benefit to you and your employees, it can also be a requirement for many of your clients. At times, Contractors may enter into an agreement with a client for a specific project, where the client is requesting proof of General Liability insurance. In some cases, the client may also request to be listed as an Additional Insured to the policy. Being able to provide your client with proof of insurance may be the deciding factor in you being successful at securing the project. It also shows your client that you are pro-active in protecting yourself from the many risks you may be exposed to on the job.

How Leibel Insurance Can Help You

Your Leibel Insurance broker will be able to guide you when it comes to the coverage options to be included in your policy. Your insurance broker will be able to give you advice on what products are best suited for you based on the type of work you are performing. Your insurance broker will also offer you suggestions on insurance products available to you in addition to General Liability, such as Commercial Auto Insurance, Course of Construction insurance, Wrap-up Liability, Cyber Insurance, and many more.

Not all clients know exactly what coverages they need, or what the benefits of these coverages are. Your broker at Leibel Insurance is expertly trained in knowing what coverages to recommend to you and will place you with the best product for your needs. All quotes provided are free of charge and the purchase of coverage could potentially save you hundreds if not thousands of dollars in liability claims.

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