Trades and Contractor Insurance Calgary
Easy Solutions for Insurance for Contractors and Tradespeople
Every contractor or trade insurance policy we provide in Calgary is custom-built insurance for contractors or tradespeople. Whether you’re a general contractor, construction tradesperson or subcontractor, and no matter your industry, we have specialized contractor insurance policies that can help you manage that risk and protect your company, your equipment, and your employees. When it comes to contractor insurance, Calgary workers have peace of mind knowing they are protected should the worst-case scenario occur.
Krywolt Insurance can assess your needs and provide you with a comprehensive no no-obligation quote for your trades insurance or contractor insurance. Alberta contractors can give our insurance brokers a call today to see how we fulfill your business needs with insurance for contractors.
Who Needs Trades and Contractor Insurance in Calgary?
If you are a general contractor or a tradesperson in Calgary who focuses on a specific trade such as window cleaning, plumbing or energy sector work, you need trades or contractor insurance. Calgary workers, such as a building contractor or tradesperson for example, are exposed to some major risks. Construction sites involve risks that range from working with hazardous chemicals and volatile materials to working at height or in confined spaces. Without protection in the event of injury, theft or property damage with the right contractor insurance, Alberta contractors could be on the hook to cover legal defence costs, settlements, medical bills and more.
The costs that result from bodily injury, damage or property loss can be absolutely staggering. Without the protection that insurance for contractors coverage affords you, those expenses could leave you bankrupt and put an end to your career. Don't let that happen. The experienced brokers at Krywolt Insurance can help you design the ideal Calgary trades and contractor insurance package to meet your unique needs.
Protection against having to pay legal, medical and property damage costs out of pocket is the main reason why you need contractor insurance. Alberta contractors and tradespeople should be aware that there's a second reason as well: if you are not insured, it will severely limit the number, type and quality of jobs you are able to get. Most property owners are not interested in hiring an uninsured contractor or tradesperson, so if you can't provide proof of a comprehensive insurance policy, you'll be passed over, and your competition will walk away with the contract instead.
Ultimately, by having proper trades or contractor insurance, Calgary workers are covered in the event of an incident and can give your clients peace of mind knowing that you have adequate coverage should the worst-case scenario occur. Speak to one of our Krywolt Insurance brokers today to learn how business insurance for contractors and tradespeople can help you.
The Solutions We Provide for Trades and Contractor Insurance: Alberta
When it comes to trades or contractor insurance, Calgary residents should know that one size does not fit all. There is a wide variety of skills and professionals available, so there isn’t a singular type of insurance for contractors or tradespeople. No matter your profession or specialty, when you need trade or contractor insurance, Calgary workers can rely on their knowledgeable broker to help craft the right insurance for contractors for you.
Some of the different types of insurance for contractors Calgary workers can get include:
Contact our Krywolt insurance representatives to see how we can fulfill your needs for contractor insurance. Calgary workers are in safe hands!
Types of Coverage Are Available for Trades and Contractor Insurance: Calgary
Your needs are unique, so you need a unique policy for Alberta trades and contractor insurance. Calgary workers need an insurance policy that addresses the specific way they like to operate and offers full coverage insurance for contractors against a wide range of risks. With an expert Krywolt Insurance broker on your side helping you get the right coverage for your contractor insurance, Calgary contractors and tradespeople will have peace of mind knowing you are protected against financial disruption.
Some common types of contractor insurance Calgary workers can get include the following:
Commercial General Liability Insurance
It's critically important for any contractor or person working in trades in Calgary to have commercial general liability coverage. In the event that you are sued for legal claims relating to third-party bodily injury, personal harm or third-party property damage, commercial general liability insurance protects you so you don't have to pay out of pocket for legal fees and settlement costs.
For example, say you were working on the roof of a building, and a gust of wind blew a piece of sheet metal off the roof, injuring a pedestrian on the street below. Or, say you were cleaning a client's building and used a harsh chemical cleaner that caused serious damage to a marble floor. Should the pedestrian or building owner in those scenarios decide to sue, you'll be covered under commercial general liability as part of your policy for insurance for contractors, and won't have to pay your own funds for legal settlements and defence fees, medical expenses, replacement costs and more, up to the coverage limits on your policy.
Builder’s Risk Insurance
Also referred to as "course of construction" insurance, for contractors and other types of workers, builder's risk coverage exists to protect you against the costs associated with damage to the building or construction site you are working on while it is being constructed or renovated. It covers specific perils that are named in your policy, which may include:
- Damage caused by natural disasters such as severe hail or flooding
- Accidental damage related to explosions, fire or impact by a vehicle or heavy machinery
- Other types of damage caused by factors such as theft and vandalism
Builder's risk coverage is absolutely necessary for any building that is under construction or undergoing a major renovation, as typical property insurance will not provide coverage for a building until the construction is complete. Many people assume they can add builder's risk coverage to their insurance for contractors after the construction is already underway, but it's important to make sure the coverage is in place before the building process starts. The period of greatest risk is when a building is nearly complete because that's when there's the most to lose. That's why obtaining a builder’s risk coverage after the start of construction is a lot more costly than having it in place before the construction site opens.
It's common for property owners to purchase builder's risk coverage so they can ensure that their building is protected while under construction, but in some cases, property owners will expect the contractor to assume that cost. It's important to clarify with the property owner what type of coverage they have before beginning work and make sure you are fully protected with the right additions to your contractor insurance. Calgary professionals can contact their experienced broker at Krywolt Insurance at any time for help figuring out which types of coverage they need for any given project.
Professional Liability Insurance
No matter what type of contractor you are, your profession requires expertise and skill and comes with an expectation that you will provide quality workmanship. There are many situations where you may need to make a judgment call based on your professional experience or provide advice to clients who naturally don't know as much about your trade as you do. Providing services and advice puts you at risk for litigation related to issues such as allegedly giving bad advice, negligence, failure to deliver a promised service, and more. That's why you will likely need professional liability coverage as a part of your contractor insurance. Alberta workers or professionals may also know this type of insurance as errors and omissions insurance, and this type of liability insurance for contractors provides coverage for your legal costs should you be sued for one of the above reasons.
Contractor Pollution Liability Insurance
Not all types of property damage in Alberta are covered by commercial general liability insurance for contractors. With pollution liability as part of your contractor insurance, Calgary workers are covered in the event that a pollutant is accidentally spilled or a contractor fails to prevent it from escaping, and it causes property damage, bodily injury or environmental devastation. Examples of pollutant events that can be covered by pollution liability insurance for contractors include a sewage line that is accidentally ruptured by an excavation contractor, causing raw sewage to pour into the soil, or carbon monoxide from a gas-powered generator that wasn't properly vented, causing illness among the occupants of a building.
If you work in an industry such as mould, lead or asbestos abatement, you probably already understand why contractors' pollution liability coverage is so important. But those aren't the only trades that need this type of coverage to be included with their contractor insurance. Alberta contractors deal with a wide range of toxic substances during the course of their work, from plumbers and painters to landscapers and drywall installers, and those individuals can also benefit from contractors’ pollution liability insurance.
Commercial Vehicle Insurance
Many contractors and tradespeople in Calgary need to use a vehicle to transport coworkers, materials and tools to and from job sites, so it's important to have commercial auto insurance to provide accident benefits and vehicle liability, and you may also opt for collision and comprehensive coverage as part of your contractor insurance. Calgary residents know it is not uncommon for contractors to have a vehicle that they use for both personal and commercial reasons and may assume that they are fully covered by personal auto insurance, but that's not necessarily the case. If you use your personal vehicle for business purposes, your personal auto insurance will not provide sufficient coverage. But by having coverage for your commercial vehicle as part of your trades or contractor insurance, Calgary workers are covered in case of an accident or damage.
Commercial Property Insurance
It is, of course, important that your job site be protected by contractor insurance in Alberta while you're working there—but the commercial property you operate your business out of needs coverage as well. This type of insurance for contractors protects your business property, such as an office, along with the products, merchandise, equipment and supplies that are kept there, against perils such as fire, natural disasters and theft. If you operate your contractor or trades business out of a physical, brick-and-mortar location, you need commercial property insurance as part of your contractor insurance. Calgary workers will find that this includes a business that is operated out of your home, as if you are storing business equipment in your home garage, for example, and it is damaged in a flood, your home insurance policy will not cover it.
Tools and Equipment Insurance
When the valuable equipment you need to do your job is stored at your business property, it's covered by commercial property insurance. But your circular saw or floor polisher isn't going to do you any good just sitting there—you need to take it with you to the job site, and as soon as it leaves your commercial property, it's no longer covered. That's why tool and equipment coverage is an important addition to contractor insurance. Calgary workers with this type of coverage will find that it protects you from paying to repair or replace transportable tools and large equipment that is lost, damaged, vandalized or stolen while it's being used or stored at a job site.
Additional Coverage for Contractor Insurance Calgary Workers May Need
Depending on the unique needs of your particular trades business operation, you may need other coverage options as well, including additions such as:
- Equipment Breakdown Insurance
- Business Interruption Insurance
- Cyber Liability Insurance
- Crime Insurance
- Legal Expenses Coverage
- Mobile Property Insurance
- And more!
To determine what type of coverage you need included in your trades or contractor insurance, Calgary residents can give Krywolt Insurance a call today to discuss your coverage options.
FAQs On Trade And Contractor Insurance: Calgary
How Much Does It Cost to Get Contractor Insurance?
Calgary residents often wonder how much a particular insurance will cost them before getting it, and it makes sense that you want to know upfront how much you can expect to pay for trade and contractor insurance. Calgary clients like to make sure they understand all applicable costs so they can budget accordingly. But because there is so much room for variation in the type of policy and coverages you may need, there's no way for us to give even a ballpark figure until we find out more about your specific business needs when you’re seeking insurance for contractors or tradespeople.
Some of the various factors that will influence the cost of your Alberta contractor insurance premiums include:
- Which coverage options you choose
- Type of trades industry
- How your business functions
- Annual revenue
- Location of your business
- Number of employees
- Past claims history
Once you've spoken with an Alberta contractor or trades insurance expert at Krywolt Insurance, we'll get to work finding the right coverage for your needs with competitive quotes for your contractor insurance. Calgary workers can rest assured that our insurance brokers will help you craft a policy based on your unique needs and business.
Am I Legally Required to Have Contractor Insurance?
Calgary contractors or tradespeople are not legally required to have contractor or trades insurance to operate as a general contractor or specialized tradesperson in Canada. That being said, the vast majority of contractors and tradespeople do have some level of insurance coverage for two main reasons:
- When you work in a trades industry that involves factors such as heavy machinery, toxic chemicals, power tools and other things that are prone to causing injury and damage, it's not so much "if" something goes wrong as "when." Even the most talented and conscientious contractor can't prevent every single mishap—and you could potentially be accused of something you didn't even do. When those unfortunate events happen with comprehensive contractor insurance, Calgary contractors and tradespeople can rest assured that they are protected against paying out of pocket for fees such as medical expenses, legal bills, settlement costs and damage mitigation costs.
- If you don't have contractor or trades insurance, the pool of jobs available to you will shrink dramatically because most people aren't interested in hiring a contractor who is not properly insured with the right types and amounts of contractor insurance. Calgary workers will find it much more difficult to get the kind of work they prefer to do without proof of insurance, and you may not be able to get much of any kind of work—allowing your competitors to snap up all the contracts you left on the table because you didn't have insurance.
What Kind of Information Do I Need to Provide to Purchase Contractor Insurance?
Alberta’s contractor/trades sector is obviously very large and includes a huge number of possible industries and specializations, so it's important to give the team of Krywolt Insurance specialists plenty of information about the specifics of how you operate your business to help them craft your ideal contractor insurance. Calgary workers should keep a couple of things in mind when contacting your Krywolt broker for insurance for contractors:
- What is the value of the assets owned by your business?
- How much liability coverage do you have with respect to other people’s property on your business premises?
- Do you own your business premises?
- Is there liability for the services you are providing? If so, think about those risks and jot some down.
- What would happen if you were injured and couldn’t work? Could your business stay in operation?
There are many more questions to consider for your perfect insurance coverage, but this is a start. Once we know more about how you would like to run your particular business, we can get started on hunting down the best options for a comprehensive package of contractor insurance Alberta tradespeople can rely on.
As a Subcontractor, Do I Need Insurance Coverage?
As discussed above, while it is not legally required to have contractor insurance, Calgary subcontractors should still have their own insurance coverage for a lot of the same reasons why it’s important for someone to have contractor insurance. Calgary subcontractors will not only be prevented in the worst case scenario or unforeseen events, but it can also help them appear more professional and help them get jobs. Our team will be happy to help you craft your perfect insurance policy when you contact Krywolt Insurance.
Are There Different Insurance Requirements for Different Types of Contractors?
While Alberta tradespeople or contractors are not legally required to have certain types of insurance coverage, depending on your industry, it is often a good idea to add specific coverage to your trades or contractor insurance. Calgary plumbing and electrical contractors, for example, should consider adding Completed Operations coverage to their policy to protect them in case property damage or bodily harm arises from their work after they’ve finished projects.
Because your needs can wildly differ from another contractor—even if you are both working in the same region and industry— it’s important to speak with an experienced broker about the specific needs of your business in order to determine the best type of coverage for you.
Are There Unique Needs for Contractor Insurance Calgary Workers Should Be Aware of When Working in High-Rises?
Those working on high-rise buildings do need special coverage for their contractor insurance. Calgary workers, for instance, will need higher general liability insurance limits and the addition of umbrella or excess liability policies to their contractor insurance. Calgary workers also may need riggers liability insurance, crane insurance, increased limits on their contractor pollution liability insurance, and modifications to their builder’s risk insurance.
No matter your unique needs for your contractor insurance, your Krywolt Insurance broker can help you get the coverage you need for a safe and protected work site.
