Contractor Insurance Calgary
Why Contractor Insurance Is a Must in Calgary
Being employed as a contractor in the electrical, construction, plumbing, or commercial services industry involves several risks on the job. Despite taking necessary precautions to safeguard oneself, there’s always the chance of unfortunate events happening. Contractor Insurance in Calgary protects the interests of contract workers and acts as a safety net during hazardous situations. If you happen to be a contract worker in Calgary specializing in construction, plumbing, or commercial services, having Contractor Insurance is essential. Contact us today to receive competitive contractor insurance quotes from top providers in Calgary.
What is Contractor Insurance in Calgary?
Contractor insurance in Calgary is a distinct type of business insurance for contractors, designed specifically to protect your contracting business in Calgary against several risks. Since the contracting sector has a high level of exposure to property damage, liability claims, equipment breakdowns, and tool theft, contractor insurance offers key protection against these risks. It also covers some non-job-related accidents, including fire, severe weather events, and certain natural disasters. Think of contractor insurance coverage as your financial toolkit. It helps you pick up the pieces after accidents, lawsuits, and other unexpected events.
If you’re looking for affordable yet comprehensive contractor insurance in Calgary, we’ve got you covered. Our experienced insurance brokers know how to get you the right insurance coverage at the right price without compromising on protection. Contact us or fill out our quote form to secure your contractor insurance today.
Why Contractors in Calgary Choose Leibel Insurance
We work with Canada’s leading insurance companies to secure the best coverage for your business at the best price. We care about insurance rates as much as you do, which is why we compare quotes from multiple trusted providers to get you the right insurance coverage that fits your needs and budget.
We know your job is already demanding: tight deadlines, busy crews, and unexpected accidents. We don’t want insurance to be another thing you worry about; that’s why we keep the claim process simple and fast. Whenever you need guidance, we’ll be here to guide you through the process and provide any advice needed.
From personal and business insurance to surety bonds, we have it all. Founded in 1981, we’ve built our reputation on trust, expertise, and an unwavering commitment to serving our community with integrity. We understand that no two clients face the same challenges, which is why we deliver innovative insurance solutions at the best value to ensure you get the protection you deserve.
As an award-winning brokerage, Leibel Insurance takes pride in delivering customer service that goes far beyond expectations. Our clients aren’t just numbers; they are partners who deserve ongoing support and expert advice whenever they need it. We believe great service doesn’t stop once a policy is signed. It continues with every phone call, every renewal, and every step of your business journey.
Why Subcontractors Need Their Own Insurance?
There is a misconception in the construction industry that a General Contractor’s insurance will cover the subcontractors performing work on their behalf. Subcontractors should ensure they have their own coverage in place to cover them if the general contractor’s insurance is invalid or does not apply to them. Subcontractor insurance is a specialized insurance that protects against perils like property damage, job site injuries, and third-party liability claims.
If you’re a subcontractor who relies solely on someone else’s insurance, it’s like you’re walking on thin ice, and you never know when it’ll break. Carrying your own insurance for builders gives you a solid ground to stand on. Contact Leibel today to secure your coverage at the best price.
How Much Does Contractor Insurance Cost in Calgary?
Contractor’s insurance cost in Calgary starts at around $1500 per year for small businesses or independent contractors. Meanwhile, larger businesses or construction companies can pay between $5,000 and $7,500 annually for the same coverage. This usually includes contractor’s liability insurance, commercial property insurance, and tools and equipment coverage. Some individuals might opt for basic general contractor liability insurance that usually costs around $450 to $800 per year, depending on the level of coverage and type of work performed. However, we don’t recommend relying on this coverage alone because it offers limited protection and won’t protect your business against several risks.
Top Factors That Affect Contractor Business Insurance Costs in Calgary
There are several factors affecting the cost of contractor insurance in Calgary, such as:
Alberta contractors working in high-risk trades, such as roofing, demolition, or electrical work, usually get higher insurance rates. On the other hand, lower-risk trades like painting get lower insurance premiums.
Businesses that have more employees and work on bigger projects have greater exposure to potential risks and liabilities, which can increase insurance premiums. That’s why insurance for construction companies handling large-scale projects in Calgary costs more than independent contractor insurance.
Contractors with a clean claims record, safe job sites, and solid risk management protocols get lower insurance premiums because they’re less likely to file costly claims. On the other hand, a history of frequent or severe claims can lead to higher insurance premiums.
Business insurance for contractors can be customized to fit the scope and nature of your work. However, the more coverage you include and the higher limits you choose, the more you’ll pay for your contractor insurance coverage. That’s why you should partner with an experienced broker like Leibel to help you choose the right coverage for you and ensure that your business is properly protected without paying unnecessary extras.
If your work involves high-value tools, expensive equipment, or commercial vehicles, your insurance premiums will increase accordingly.
The locations of the projects you take influence the cost of your building contractor insurance in Calgary. Projects located in busy urban areas or industrial zones usually come with higher premiums due to increased risks, such as property damage, theft, vandalism, or third-party injuries.
At Leibel Insurance, we are partners with top-rated insurance companies in Calgary that specialize in protecting contractors and construction professionals. This allows us to compare multiple quotes and find the right policy that balances coverage and cost.
What Is Contractor Liability Insurance in Calgary and Why Do You Need It?
Contractor liability insurance in Calgary serves to offer protection in cases where the contractor causes property damage or bodily injury to a third party during the course of their operations. Without this type of insurance in place, the contractor will be responsible for paying for third-party claims out of pocket. Moreover, General Liability policies cover court fees during the time of trial, should the contractor be sued as a result of the operations they performed.
Since these costs can add up quickly, it is recommended that contractors purchase this type of insurance to protect their livelihood. In cases where the contractor’s work/ product causes harm or property damage, even after the project is completed, the contractor can be held at fault. The Completed Operations clause of the General Liability coverage serves to protect the contractor in such cases.
What Does Contractor Insurance Cover in Calgary?
Commercial General Liability Insurance (CGL)
Commercial general liability insurance is one of the main components of insurance for general contractors and construction companies. It protects businesses and independent contractors against third-party liability claims resulting from construction activities. Contractor commercial liability insurance in Calgary helps cover medical expenses and defense costs if a third party takes legal action against you for property damage or bodily injury caused by your operations.
Contact us today to get expert advice and competitive insurance quotes for your contracting business. Even if you’re a solo contractor, we offer independent contractor liability insurance that fits your operations perfectly.
Commercial Property Insurance
If your contracting business owns or leases a fixed location, commercial property insurance is a must-have because it protects your store, warehouse, or workshop against various risks. Whether it’s a fire, theft, vandalism, or storm damage, this coverage helps your business recover quickly after an insured event. It covers repairs or replacement costs for your store or inventory so you can get back to work without major disruptions.
Commercial Auto Insurance
It goes without saying that auto insurance is mandatory for all vehicles in Calgary. However, standard auto insurance doesn’t cover work vehicles like vans, trucks, or any other cars you use for your business. That’s why you should get commercial auto insurance to protect your business vehicles against accidents, fires, and liability claims while complying with the law in Calgary.
Builder's Risk Insurance
Builder’s risk insurance, also known as course of construction insurance, is a type of insurance policy that protects buildings and structures during the construction or renovation process. For example, if you’re building or renovating a home, this policy functions as home construction insurance or home builder insurance. It covers materials, fixtures, and the work in progress against losses caused by fire, theft, vandalism, or weather damage. This type of construction site insurance provides your clients and your business with financial protection if an unexpected event delays or damages a project while it’s still under construction.
Equipment Breakdown Insurance
Contractors rely on valuable equipment that keeps their projects moving, whether they’re framing new residential developments or working on large commercial projects. However, these pieces of equipment can face mechanical failures and electrical breakdowns at the worst time possible: right in the middle of a big job. When that happens, repairs and replacements can cost thousands and disturb your progress unless you have equipment insurance. This coverage helps you mitigate risks by covering the cost of repairing or replacing your machinery if it’s damaged due to a covered event.
Professional Liability Insurance
Professional liability insurance in Calgary, also known as errors and omissions insurance, is an essential component of general contractor insurance that covers contractors involved in design, consultation, or project management. It protects them against claims of professional negligence, design errors, or omissions that cause financial loss to clients. Even if you have a contractor license and years of experience, you can still be held liable and face legal disputes if a project doesn’t go as planned. When this happens, this type of builders’ liability insurance steps in to cover any legal costs, settlements, and judgments resulting from such claims.
Tools Insurance
Besides your solid experience and skilled workmanship, your valuable tools are what turn plans into results. A broken saw or a stolen drill isn’t just an inconvenience; it’s money out of your pocket and delays to your project. Tools insurance protects your gear from theft, fire, vandalism, and accidental damage. It helps you repair or replace your tools quickly, so you can continue working on your project without any major disruptions or financial setbacks.
Additional Coverages
If you want all your insurance needs handled in one place, look no further than Leibel Insurance. We provide commercial construction insurance and contractor insurance solutions all across Calgary:
Additional Coverages
Specialized Coverage Options
We also provide contractors in Calgary with specialized coverage options, including:
For contractors who mainly rely on their vehicles to transport tools, materials, and crews, you can secure your transportation insurance or fleet insurance through Leibel at the best rates.
With our wide network of top-rated contractors and construction insurance companies, Leibel guarantees you access to the best coverage options and competitive rates in Calgary. Contact us to secure your customized policy and start protecting your business today.
We Also Provide the Following Insurance Solutions
- Landscaping/Snow Plowing Insurance
- Welding Insurance
- Cleaning and Janitorial Insurance
- Excavation Insurance
- Architecture Insurance
- Contractor Insurance, Edmonton
How Much is Liability Insurance for Contractors?
Contractors in Calgary usually pay around $450 to $1,000 annually for basic liability insurance, depending on the nature of their work, coverage limits, and claims history. It’s a small price to pay for coverage that could save your business thousands of dollars in legal expenses if something goes sideways. It takes one job site accident or one unexpected mishap to turn a routine workday into a costly nightmare. Imagine a client tripping over your extension cord, or a fallen object injuring someone passing by; this could lead to expensive medical expenses, legal claims, and even a lawsuit. General liability insurance for contractors protects your business against these events by covering legal costs, medical bills, settlements, and other fees associated with third-party liability claims.
At the end of the day, a few hundred dollars a year for liability coverage is like wearing a safety harness on the job; you hope you’ll never need it, but you’re glad it’s there when something goes wrong.
Essential Contractor Insurance Options in Calgary
Electrical contractors in Calgary need to be safeguarded from risks associated with their profession. Leibel’s Electrical Contractor liability insurance serves to protect businesses and contractors in the event of property damage or bodily injury which may occur from their operations. This type of insurance protects electrical contractors from lawsuits caused by their work.
Carpenters’ insurance provides the protection you need when accidents, injuries, or property damage threaten to disrupt your work. It helps cover costly claims that could otherwise set your business back, whether it’s a client’s damaged property, job site accident, or stolen tools.
Plumbing Contractors’ insurance protects plumbers if they cause damage, losses, or bodily harm to others. The insurance’s objective is to provide financial protection to the insured in cases where they are found liable to pay for damages in lawsuits. Contract Plumbers in Calgary would benefit from Plumber Insurance, especially with the risks associated with the profession.
HVAC specialists face a wide range of risks that can only be managed with specialized protection. HVAC insurance protects contractors from unexpected events, such as property damage, equipment breakdown, and third-party claims. It can also extend to cover tools, vehicles, and materials while they’re stored, in transit, or in use on active work projects.
Is Contractor Insurance the Same as Construction Insurance?
Many people think that contractor insurance and construction insurance are the same, but they are not, though the two are closely related. Contractor insurance is designed to protect independent contractors and contracting businesses against various risks, including tool theft, liability claims, equipment breakdown, and workplace accidents. This coverage includes many policies to cover contracting operations, such as general liability insurance, tools and equipment coverage, and commercial auto insurance.
Meanwhile, construction insurance covers the construction project itself or the entire project from the ground up. A construction insurance package usually includes construction liability insurance, builder’s risk insurance, and wrap-up liability insurance for large projects. In short, contractors’ insurance protects your business operations, tools, and employees, while construction business insurance covers the building project itself and everyone working on it.
Whether you’re a general contractor aiming to secure contractors’ risk insurance or a construction contractor looking for construction company insurance or building site insurance, you’ll find the right coverage at Leibel. Our construction insurance brokers know how to create a personalized insurance plan that aligns with your business goals and fits your budget. Contact us today for a professional and affordable construction insurance quote in Calgary.
How to Get the Best Contractor Insurance in Calgary in 3 Simple Steps
- Step #1: Contact Leibel Insurance: Contact us or fill out our quote form to start the process. Our team will connect with you to learn more about your contracting business, the type of projects you take on, and the coverage you need.
- Step #2: Compare Your Options: We’ll gather quotes from top-rated insurance providers and break them down for you so that you can understand all your coverage options.
- Step #3: Select Your Policy: Choose the coverage that works best for your business and budget, and we’ll help you finalize it. Once your policy is processed, you’ll receive your insurance documents and proof of coverage.
Common Claims for Contractor Insurance in Alberta
- Property Damage: A contractor accidentally breaks a client’s window while moving equipment into a worksite. The damage is covered under commercial general liability insurance.
- Workplace Accident: A visitor trips over construction materials and gets injured. The contractor’s liability coverage helps pay for medical expenses and legal costs.
- Warehouse Robbery: Expensive tools are stolen from a locked warehouse overnight. The loss is reimbursed under the tools and equipment insurance policy.
- A Claim of Negligence: A client alleges that improper plumbing installation caused water damage weeks after project completion. The contractor’s professional liability insurance covers the legal fees and potential settlement.
Without proper contractor insurance, these examples would have led to major financial setbacks, reputation damage, and even legal lawsuits that could jeopardize a contractor’s entire business. Contact Leibel today and get the protection your business deserves.
Contractor Insurance, Calgary – FAQs
Long-term disability insurance is necessary for contractors to protect them against workplace accidents or illnesses that prevent them from working for an extended period. It provides a steady income replacement, usually between 60% and 70% of your regular earnings, helping you cover daily expenses, medical costs, and bills while you recover.
Errors and omissions insurance, also referred to as professional liability insurance, protects contractors in Calgary by covering claims of professional negligence, misinterpretation, and mistakes that result in financial loss for a client. It helps cover legal defence fees, settlements, and judgment costs, ensuring contractors don’t have to pay out of pocket for these claims.
Contractor insurance is a type of business insurance that protects contractors in Calgary from financial losses caused by accidents, property damage, injuries, or legal claims during their projects. Meanwhile, surety bonds are a form of financial guarantee rather than insurance. They assure clients or project owners that the contractor will complete the job as agreed. Some examples of surety bonds are bid bonds, payment bonds, and performance bonds; each one of these serves a different purpose.
- Notify your insurance broker immediately.
- Share all relevant information about the incident, including the date, location, and any documentation you have.
- Our insurance professionals will help you submit the claim and complete the claim form.
- Once your claim is filed, an insurance adjuster will review it, assess the damage, and determine the amount of compensation.
- After your claim is approved, your insurer will issue payment or arrange repairs or replacements, depending on the type of coverage.
The cost of a $1 million contractor liability policy in Calgary ranges from $450 to $1,000 per year, but this estimate can vary based on several factors.
Yes, contractors working on historical buildings in Calgary need special insurance. Historical restorations use rare materials, involve fragile structures, and demand precise craftsmanship, all of which can increase potential liabilities.
Contractor insurance in Calgary doesn’t cover intentional damage, faulty workmanship, wear and tear, asbestos, or mould. Other exclusions, like pollution or environmental damage, can be covered under separate add-ons.
- Commercial General Liability (CGL): Covers third-party injuries and property damage caused by your operations.
- Tools and Equipment Insurance: Protects tools and machinery from theft, loss, or damage.
- Commercial Auto Insurance: Covers vehicles used for business operations.
- Builder’s Risk Insurance: Protects buildings and materials while under construction or renovation.
- Professional Liability (E&O) Insurance: Covers errors, omissions, or negligence in design or consulting work.
Most contractors in Calgary should carry at least $1, preferably $2 million, in general liability coverage. This amount is often the minimum required by clients, municipalities, and project contracts.
Partnering with Leibel Insurance Group is the best way to get cheap contractor insurance in Calgary because we have access to the best insurance providers, which allows us to shop the market on your behalf and get you the right coverage.
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