Trades and Contractors Insurance Calgary
Contractors and Tradespeople – Easy Solutions for Your Insurance
Every contractor or trade insurance policy we provide in Calgary is custom built for each contractor or tradesperson. Whether you’re a general contractor, sub-contractor or a construction tradesperson, we have specialized contractor insurance policies that manage your risk and protect your company, your employees, your equipment and your building materials.
Krywolt Insurance can assess your needs and provide you with a comprehensive no obligation quote for your contractor insurance or Calgary trades insurance.
Who Needs Trades and Contractors 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 contractor and trades insurance. As a building contractor or tradesperson, you are exposed to some enormous risks. Construction sites involve risks ranging from working with volatile materials and hazardous chemicals to working at height or in confined spaces. Without protection in the event of injury, theft or property damage with the right contractor insurance, Calgary, AB contractors could be on the hook to cover legal defense 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 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 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. Calgary, AB 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.
The Solutions We Provide for Trades and Contractors Insurance in Calgary Include:
What Types of Coverage Are Available for Trades and Contractors Insurance in Calgary?
Your needs are unique, so you need a unique Calgary trades insurance policy that addresses the specific way you like to operate and offers full coverage against a wide range of risks. With an expert Krywolt Insurance broker on your side, you can get the right coverage for your contractors insurance in Calgary, and have peace of mind knowing you are protected against financial disruption.
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 injuries, 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 and won't have to pay your own funds for legal settlements and defense fees, medical expenses, replacement costs and more.
Builder's Risk Insurance
Also referred to as "course of construction" insurance, 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
Often, property owners will purchase builder's risk coverage to ensure that their building is protected in the scenarios above, but some property owners will expect the contractor to assume that cost. It's important to clarify what exact coverages a property owner has before beginning work, and make sure you are fully protected with the right additions to your contractor insurance. Calgary, AB professionals can contact their Krywolt Insurance broker at any time for help determining which types of coverage they need for any given project.
Contractors' Pollution Liability Insurance
Not all types of property damage in Calgary are covered by commercial general liability. With contractors' pollution liability, you 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 contractors' pollution liability 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 mold, 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. Calgary, AB 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
Most contractors and tradespeople in Calgary need to travel to and from their work sites by vehicle, 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. If you use your personal vehicle for business purposes, your personal auto insurance will not provide sufficient coverage.
Commercial Property Insurance
It is, of course, important that your job site be protected by Calgary trades insurance coverage while you're working there—but the commercial property you operate your business out of needs coverage as well. This type of insurance 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. That includes a business that is operated out of your home. 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.
Tool and Equipment Coverage
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 where tool and equipment coverage comes in. It protects you from paying to repair or replace 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 Calgary Trades Insurance
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 Insurance
- Crime Insurance
Frequently Asked Questions on Trade and Contractors Insurance, Calgary AB
How Much Does Contractor and Trade Insurance Cost?
It makes sense that you want to know upfront how much you can expect to pay for trade and contractor insurance. Calgary, AB 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.
Some of the various factors that will influence the cost of your 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 a Calgary trades insurance expert at Krywolt Insurance, we'll get to work finding the right coverage for your needs with competitive contractors insurance quotes.
Am I Legally Required to Have Contractors Insurance in Calgary, AB?
You are not legally required to have trade or contractor 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, AB 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. It will be much more difficult to get the kind of work you prefer to do, 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 Contractors Insurance in Calgary?
The contractor/trades sector is obviously very large and includes a huge number of possible industries and specializations, so it's important to give your Krywolt Insurance specialists plenty of information about the specifics of your business. Here are a couple of things to think about before we chat:
- What is the value of the assets of the business?
- How much liability do you have with respect to other people’s property on your premises?
- Do you own the business premises?
- Is there liability on the services you are providing? If so, think about those risks and jot some down.
- Are you integral to the business? What would happen if you were injured and couldn’t work?
There are many more questions but this is a start. Once we know more about how you like to run your particular business, we can get started on hunting down the best options for a comprehensive contractor and trades insurance package.
