Contractors! Here Are 9 Key Policy Coverages That You Should Consider

As a contracting business in Canada, it’s important to have the right insurance policies in place to protect your business and employees from potential risks and liabilities. Here are 9 key policy coverages that you should consider:

  1. Commercial General Liability Insurance: Commercial General Liability Insurance is the most important coverage for contracting businesses in Canada. It covers bodily injury or property damage that occurs as a result of your work, as well as legal costs if you are sued for negligence. This policy should be the foundation of your insurance program.
  2. Commercial Property Insurance: Commercial Property Insurance covers damage to your business property, including buildings, equipment, and supplies, as well as losses due to theft, fire, or other covered events. This policy is essential to ensure that your business can recover from a disaster.
  3. Business Interruption Insurance: Business Interruption Insurance covers lost income and additional expenses that arise when your business operations are interrupted due to a covered loss. It can help keep your business afloat during an unexpected closure.
  4. Contractor’s Equipment Insurance: Contractor’s Equipment Insurance covers loss or damage to your tools, machinery, and other equipment that you use on the job. This policy is essential for contractors who rely heavily on their equipment to perform their work.
  5. Commercial Auto Insurance: Commercial Auto Insurance covers liability and physical damage to vehicles that are owned, leased, or used by your business. If you or your employees use vehicles for work purposes, this coverage is a must-have.
  6. Workers’ Compensation Insurance: Workers’ Compensation Insurance provides medical and wage benefits to employees who are injured or become ill as a result of their job. This coverage is required by law in most provinces and territories in Canada.
  7. Umbrella Insurance: Umbrella Insurance provides additional liability coverage beyond the limits of your primary policies. It can help protect your business from catastrophic losses and can be a cost-effective way to increase your coverage.
  8. Professional Liability Insurance: Professional Liability Insurance, also known as Errors and Omissions Insurance, covers claims of negligence or errors made in your professional services. If your contracting business provides design or consulting services, this coverage is essential.
  9. Cyber Liability Insurance: Cyber Liability Insurance covers losses from cyber attacks, data breaches, and other technology-related risks. As more businesses rely on digital technology, this coverage is becoming increasingly important.

Having the right insurance coverage can provide peace of mind and protect your contracting business from potential risks and liabilities.

Click here to consult with a licensed insurance advisor with our agency to determine the coverages that best suit your business needs.