Insurance for Flooring Contractors in Calgary
Every building features floors, which means that as a flooring contractor, you provide a skilled service that is an absolutely essential part of any construction or major renovation project. Many people wrongfully assume that flooring installation is simple—how hard could it be to make a comfortable flat surface to walk on? But experienced flooring contractors know better. In the same sense, people often assume that Calgary flooring contractors insurance isn't really necessary—because what could go wrong when you're just laying down floorboards or grouting tile?
Realistically speaking, a lot could go wrong that could result in the destruction of your materials and tools, forcing you to soak the cost of replacement if you don't have the support of Calgary flooring contractors insurance. But those costs are a drop in the bucket compared to the major expense of being sued for allegedly causing harm or damage, which can easily exceed a million dollars. When you have insurance for flooring contractors that is customized to give you coverage for the perils you are most likely to encounter in your professional life, you can sleep easily at night knowing you and your business are protected against paying out of pocket for ruinous unexpected expenses.
Coverage for Calgary Flooring Contractors Insurance
No two contractors or flooring businesses are exactly the same, so it doesn't make sense for every Calgary flooring contractors insurance package to be the same as the last one either. There are different types of coverage, such as commercial general liability insurance and commercial property insurance. Both are a standard part of almost any business insurance policy. There are also plenty of other coverages that may or may not be necessary to address your unique insurance needs.
Commercial General Liability (CGL) Insurance
Commercial general liability coverage is an important type of liability insurance that is designed to offer you financial protection against the costs of litigation and settlement should you be sued because you or your employee allegedly caused third-party bodily injury or third-party property damage. For example, if you were carrying some long planks of hardwood into a client's home and got too close to an expensive painting, accidentally punching a hole in the canvas, the client could choose to sue you for the cost of replacing or repairing the painting. In that type of situation, the CGL coverage on your Calgary flooring contractors insurance would prompt your insurance carrier to provide funds to cover the repair or replacement up to the coverage limits on your policy, as well as expenses such as attorney fees, legal mediation, court costs and more. In the case of third-party bodily injury settlements, it would cover medical costs and potentially other settlements, such as compensation for loss of income during recovery.
Builders Risk Insurance
Also called "course of construction" insurance, builder's risk insurance coverage is the solution to protect you against paying out of pocket for expenses related to damage to the construction site or building you are working on while it is in the process of being renovated or constructed. It is typically in the form of a "named perils" policy, meaning it covers perils that are specifically named in your policy. That could include perils such as:
- Damage or destruction from natural disasters like overland flooding or hailstorms
- Damaged or destruction caused by fire or explosions
- Accidental damage that results from an impact by a vehicle or heavy equipment and machinery
- Vandalism damage or loss related to theft
It's not uncommon for property owners to have builder's risk coverage themselves so they can ensure they will benefit from insurance compensation in the types of situations listed above, but many property owners will expect the contractors working on the site to assume that replacement or repair cost because the property is technically in their care during the construction or renovation process. It's important to find out exactly what type of coverage a property owner has before starting a project and to ensure you have the right policies in place to protect you when it comes to your Calgary flooring contractors insurance. Floor installation professionals should contact their Krywolt Insurance broker for assistance with determining which types of coverage they need for any given project.
Commercial Auto Insurance
Most tradespeople in Calgary, including flooring contractors, need to travel to and from job sites by vehicle, and it's often necessary to transport materials and tools as well. That's why it's required that you have commercial auto insurance for commercial vehicles to provide vehicle liability and accident benefits, according to the mandatory insurance laws in Canada, and you may also choose to add collision coverage. If you use your personal vehicle for business reasons, your personal car insurance will not give you the necessary coverage during periods of commercial use.
Tools and Equipment Coverage
As a flooring contractor, you naturally need the right tools and equipment at your disposal in order to complete jobs efficiently, effectively and safely to the highest standards of the flooring industry. Your equipment and tools are a crucial part of your professional life, and you wouldn't be able to continue working without them if they were stolen, damaged or destroyed.
Replacing all your professional tools and equipment would represent a major financial burden, and the longer it takes to get them back, the longer you'll go without working and bringing in money. That's why coverage for tools and equipment is a critical component of Calgary flooring contractors insurance. Floor installation professionals require this type of insurance because it covers the expense of replacing equipment and tools that are necessary to do your job, so you can get back to work as soon as possible and prevent even more financial strain caused by an extended period of time without working.
Additional Coverage Options for Calgary Flooring Contractors Insurance
- Commercial Property Insurance
- Pollution Liability Insurance
- Installation Floater
- Completed Operations Liability Insurance
- Cyber Liability Insurance
- Crime Insurance
- Inland Marine Insurance
- Business Interruption Insurance
- Equipment Breakdown Insurance
- Mobile Property Insurance
- Accounts Receivable Insurance
- Surety Bonds
- Professional Liability Insurance
- Umbrella Liability Coverage
FAQ: Calgary Flooring Contractors Insurance
Do you have questions about Calgary flooring contractors insurance? Get in touch with the experienced brokers at Krywolt Insurance by calling 403-879-8660. We would be happy to answer any questions you may have. We'll consult with you to find out more about how you work and run your business so we can track down the best possible coverage options for your Calgary flooring contractors insurance policy.
Who Should Have Calgary Flooring Contractors Insurance?
Every contractor who works in the flooring installation business needs adequate Calgary flooring contractors insurance coverage, including those who offer services such as:
- Hardwood and engineered hardwood installation
- Tile installation
- Carpet installation
- Laminate and vinyl installation
- Flooring renovators
- New construction flooring installers
With the right flooring installer insurance, you can rest easy knowing that you’re covered as a contractor. This will make any successful installation or flooring project that you provide all the more rewarding.
Is Insurance for Flooring Contractors Really Necessary?
Like most varieties of commercial insurance in Canada, Calgary flooring contractors insurance is not legally mandatory (with the clear exception of commercial auto insurance). But going without it isn't an option, either. It's not just about the ability to get insurance compensation and avoid financial ruin if you encounter an insured peril, though that is a very key reason to have the right insurance for flooring contractors.
It's important to understand that many clients, property leasers, subcontractors and building site managers will simply refuse to work with you if you can't provide proof of insurance that includes relevant coverages. Not being able to produce a certificate of insurance (COI) means you'll fail to secure the majority of contracts that would otherwise be yours, and you may find it difficult to keep up a steady stream of revenue.
Does Insurance for Flooring Contractors Need to Include Liability Coverage?
While it's easy to understand the need for property insurance coverage—after all, no one can stop something like a natural disaster from occurring—contractors aren't always certain that they need a liability policy. You may assume you'll never be subjected to litigation as long as you're really careful in your work. That's just not the case. No one can prevent every mishap or error that could lead to damage or injury, and legal costs can be astronomical. Commercial general liability insurance is a must-have, but you will likely also need other liability coverages such as cyber liability, pollution liability, completed operations liability and more. If you offer design or consulting services as part of your flooring installation work, it's also a good idea to have professional liability insurance to protect you if you are sued for negligence or failure to deliver promised services.
