Contractors all risk insurance is an absolute must for anyone who does contract work. In many instances, unless you can prove you have independent contractors liability insurance coverage, you’ll be unable to bid on a project.
Liability arising from any of your work can be costly. Contractors liability insurance gives you financial protection for court and defence costs —as well as other costs — should you be sued.
Do I Need Liability Insurance for Construction Contractors?
Contractors all risk Insurance is highly recommended to cover a wide variety of risks that may include:
- Tool loss or damage
- An equipment floater for large, moveable equipment
- Valuable paper loss related to financing
- Customer/client lists, and records of merchandise
- Defence costs and compensatory damage
- Optional coverage for computer failure, crime (theft), and builders risk
Do I Need Contractors Bid Bond Insurance Coverage?
The bid bond insurance option covers the performance bond penalty and is often requested to guarantee that you will fulfill a contract and complete the work as stated. If you are unable to complete your contract, the performance bond penalty coverage of your contractors all risk insurance will assist you in dealing with this situation. See also, our page on contract security bonds insurance.
What is Wrap Up Liability Insurance?
If subcontractors are working for you or you require insurance (including vehicle insurance), or you need an umbrella liability for post-contract demobilization, wrap up liability insurance covers these situations. There may also be other, specific situations that you should discuss with our contractor liability insurance broker here at Huronia. Call 1-866-955-8386 to speak with one of our insurance brokers.
Are There Benefits to Overall Liability Insurance for Contractors?
A lot can happen on a job site before, during, and after your portion of the project is completed. Simple mistakes can be costly if they affect any portion of your involvement. Lawsuits can run into thousands (or millions) of dollars. Having the proper amount of contractors liability insurance is important to have in place before your bid is even submitted.
About Huronia Insurance Group in Barrie ON
For more than two decades our business insurance brokers at Huronia have been helping businesses, corporations, and independent contractors with their business insurance needs. We service business contractors and construction clients throughout southern Ontario including the Greater Toronto area.
To learn more about contractor liability insurance or for more in-depth information on all risk insurance for construction, please contact our business insurance brokers at 1-866-955-8386, send us an email or fill out our online contact form.