Contractor Insurance

Are you a general contractor in need of insurance? We provide many solutions, including property insurance for tools, equipment, and commercial vehicles. Want to get a quote and start building a plan for your business?

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HWI / Business Insurance / Contractor Insurance

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Want to learn about contractor insurance? Connect with one of our experts today to start a quote or ask questions.

Looking for some quick info? Click on one of the below topics to unpack your contractor’s insurance!

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Surety Bond/License

Whether you’re undertaking a small-scale, local project or a larger, public-facing development, it is important to ensure that you are not just capable but qualified to do the job correctly. A surety bond is a great way to ensure that you meet all of the qualifications for the job and are prepared to complete it to the best of your ability.

A surety bond will assure the customer that you can deliver the project on time and to the highest possible standards, making it an invaluable tool for any project.

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Contractor Liability

This insurance covers any costs that you may incur if you are found to be legally responsible for injury or property damage caused by your business operations, both on your property and away from it. This includes the cost of defending yourself against any legal action taken against you. Such costs could include legal fees, settlements, judgments, and other related expenses.

While Canada may not be known for outrageous personal liability settlements, the cost of these claims is rising. A five-million-dollar case may have been rare ten years ago, but not so much anymore. With inflation on the rise, the compensatory awards awarded to plaintiffs are also increasing. Keep in mind no lawsuit is a quick fix. Some take years for the court to settle, which all adds to the bottom line.

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Coverage for Tools

Your tools are essential for you to carry out your daily tasks and are the backbone of your business. Unlike many other industries, your tools are constantly on the move, which can pose an increased risk. To protect yourself and your business, tool coverage is the best way to go. This coverage can help you with the cost of repairing or replacing your tools if they are damaged or stolen, whether they are at your place of business, a job site, or on the road.

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Contractors Rework

As a general contractor, you must often meet contractual and industry standards. If these standards are not met, this coverage could pay the expenses to rewire or replace components and other costs associated with helping you make it suitable.

Disability Insurance

Disability coverage replaces some of your income if you can’t work because of an injury or illness. The idea is to help you keep your standard of living the same until you can return to work. This monetary benefit will continue until the benefit period ends or you return to work.

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Additional Coverages Available:

See below for a short list of additional coverages we recommend including for your contractor insurance.

Errors & Omissions Coverage

If your operations include a design-build function, you have a professional risk that your CGL won’t respond. If a project is delayed, a client loses revenue or experiences other financial harm due to a professional error; they may seek financial reciprocation from you. Contractors E&O is designed to respond in these circumstances.

Course of Construction Coverage

Insurance for regular commercial buildings typically does not cover properties that are either being built or undergoing big changes. When in the process of being constructed, these places are more vulnerable to disasters such as fires caused by construction heaters or structural damage due to high winds. Builder’s Risk Insurance is a form of protection that can help in the event of these types of situations.

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