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Alberta Contractor Insurance
Carpenters, contractors, home builders, re-modelers and specialized contractors have a constant need to minimize the risks to which they are exposed. At Leibel Insurance Group, we can offer you a Contractor Insurance policy that will not only meet the needs of your company and adhere to the restrictions of your budget, but also can be customized to address the specific hazards of your profession.
With the ideal combination of coverage, you will be able to effectively reduce the financial risks that you face due to damaged equipment, auto accidents and job-site injuries. These are all things with which you must contend on a daily basis in the construction industry. Therefore, it is vital that you make certain that you have the right policy in place before taking on your next construction project.
Unique Risks Of The Construction Industry
The construction industry is among the most dangerous. This means that you face the risk of financial ruin every time you go to work. While there are the usual business risks with which you must deal, there are also a number of additional risks that are unique to the construction industry.
Some of the most common risks that contractors face include:
- Damaged property – This includes any property or equipment that is owned by your construction company.
- Injured employees – With every project you run the risk of an employee falling off a roof, getting in the way of heavy machinery or otherwise being injured in the course of their employment with your company. The risk of illness, injury and even death is high in the construction industry.
- Liability claims – Your company and your employees are not the only ones who are at risk. The public and your customers may also encounter bodily injuries and property damage for which you, your employees or your company may be held liable.
- Lost income – When your business operations are interrupted due to severe damage from a store or fire, you stand to lose revenue until the problem is fixed.
An Explanation Of Contractors Insurance
A quality Alberta Contractors policy can mean all the difference between losing money and making a profit on your next project. It is crucial that you have coverage of the right type and in the right amount. The exact coverage options that you choose for your policy will depend on several different factors, such as the number of people that you have working for your company, the size of your company and the specific type of construction work that you do.
While your Leibel Insurance Group broker will be able to guide you in the right direction when it comes to the coverage options that you need to include in your policy, some types of insurance that you may want to take into consideration include:
- Builders risk insurance – This is a form of Contractor Insurance that will provide you with protection against property damage while a project is under construction. The exact coverage will depend on the specifics of your company, but should include the construction materials that you may have stored on site before it is installed. The value of the structure will dictate the coverage limits.
- Commercial auto insurance – If your company uses vans, trucks, cars or other vehicles to conduct business, you will need Commercial Auto Insurance in order to provide you with coverage for any property damage or bodily injuries for which you are responsible.
- General liability coverage – This is perhaps the most important type of coverage to include in your Contractors Insurance policy because it will protect you against the financial risks that are associated with property damage or bodily injury of others. In many cases, you will need this type of insurance in place before you will be able to obtain proper licensing in the construction field.
- Loss of income coverage – If your business is interrupted by a covered loss, this type of coverage will provide you with replacement income for up to a year.
- Professional liability coverage – If giving advice, doing design work of providing consultations is a part of the work that you do, you will need this type of coverage, which is also known as errors and omissions coverage, to protect you against potential claims that the service you provide led to a loss.
- Workers compensation – This coverage will pay for the medical diagnosis and subsequent treatment of an employee’s on-the-job illness or injury. It will also provide the employee with a portion of their income until they are able to return to work.
You may be thinking that your Alberta company is too small to pay for quality Contractors Insurance. However, companies of every shape and size are at risk, especially small contracting companies in the construction industry. The price that you pay for your insurance premium is minimal in comparison to the high price you will have to pay for a loss. Click on the quote request button now to obtain the coverage that you need before it is too late.
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Leibel is a friendly, courteous and very professional company! The services they offer are incredible and plenty. An incredibly helpful staff who make dealing with insurance painless and easy. They've saved me money too! I can't say enough great things about them and recommend them highly!