A comprehensive insurance plan is necessary to protect the business and its owners from the dangers construction contractors and subcontractors face. The minimum requirement is that contractors should have construction insurance, like an insurance policy for general liability.

Insurance Coverage Needed for Building Contractors

Insurance for general liability is an essential requirement for any contractor. The policy for construction insurance must offer adequate coverage, as most of your customers will require evidence of insurance.

There are a variety of aspects of insurance for construction contractors to take into consideration:

  • Equipment coverage for contractors will ensure your equipment is protected wherever it is
  • Coverage for projects are specific to the construction and the newly constructed phase and protects you from the loss of income and soft costs, testing permanent equipment, and so on.
  • The insurance is a type of project-specific liability, Also called Wrap Up Liability Insurance, which protects everyone involved in the project.
  • Protect against environmental risks

There are environmental risks too to get considered in your insurance policy:

  • Fuel storage tanks
  • Spills on projects or other sites that occur off-site
  • Asbestos and removal of mold

Get the Correct Building Contractor Insurance to Avoid Becoming a Cautionary Story in the Trades

General contractors take on many responsibilities for each construction project they manage. In addition to general contractors, they should get covered by the correct insurance for construction, and so should sub-contractors and property owners. In these times of litigation, the general contractor cannot afford to take on risks that could lead to third-party lawsuits and claims.

The variety of issues at work could be almost too many to list. A simple renovation project can be a disaster if the accidental impact of a spike cause damage to a water pipe or a subcontractor’s employee gets injured while working. The theft of expensive equipment or tools could also disrupt projects, leading to downtime and stress. Incorporate unlicensed and uninsured sub-contractors, which could lead to financial ruin.

Consider a Comprehensive Approach to Protect Your Assets and Reputation

Construction businesses can shield their assets against a plethora list of disasters with an insurance plan for contractors that is comprehensive. Make the paperwork easy by obtaining a multi-feature insurance plan that offers comprehensive coverage since the construction process has several “working components” that require protection.

  • Commercial general liability insurance (CGL) safeguards construction companies if they are legally accountable for bodily injury or property damage resulting from their work. CGL Insurance also provides coverage for injuries or injuries that happen to people visiting the premises of the business and on the construction site and the range for completed operations.
  • Another option of liability that construction contractors should consider could be Wrap-Up Insurance for “catch-all” coverage of the entire operation. The Wrap-Up insurance policy covers the owners of the project and sub-contractors too.
  • Insurance for the property will protect the construction business’s own or leased structures, buildings, computers, software, mobile equipment, machines, fencing, signs, and employees’ salaries in the case of theft, fire, and other risks.
  • Commercial auto insurance offers security for construction companies using a specific car or fleet.
  • The insurance for equipment breakdown with enhanced coverage protects against a range of breakdown problems that can be on-site, on-premises, or while in transit from one to the other.
  • Surety Bonds in connection with bids or contractor performance, labor, and material payments will provide an additional layer of security for both the client and the contractor.

Sub-Contractors: Enhance Your Credibility by Securing the Appropriate Insurance Policy

It’s no longer enough to be on the top of your game regarding expertise, high-quality artistry, and the capability to work under stress. A small but successful construction company must also stand out as a trustworthy and accountable contractor with security. Sub-contractors who cover their businesses with a comprehensive insurance policy can boost confidence in those hiring them.

At Commercial Insurance Ottawa, We Help You find the right insurance to Meet Your Business’s Needs. Contact us today for a commercial or business insurance quote at (613) 454-5640 or email at info@commercialinsuranceottawa.com.