Liability Insurance for BC Contractors
BC contractors work in challenging environments—where one accident or oversight can lead to a costly claim. Contractors liability insurance helps protect you from third-party injuries, property damage, and legal disputes on the job site.
Contractors insurance in British Columbia
A general contractor in BC is responsible for overseeing the construction process from the initial planning stages to the final inspection and coordination of permits. With so many tasks being juggled at once, accidents can happen.
Some of those tasks you may be responsible for include ensuring the project is completed on schedule, overseeing sub-contractors, and managing timelines. Your standard contractor’s liability insurance does not only cover the project you are working on, but it also covers all aspects of the project from funding to necessary final changes.
No matter what industry you are in, the right liability insurance for contractor’s in BC may cover your business in the event of a loss arising from any of your responsibilities.
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What is contractor insurance in BC?
Contractors insurance in British Columbia is one form of business insurance that protects you against the risks associated with general contracting specialties, such as electrical, plumbing, heating and cooling, framing, roofing, painting, framing, roofing, roofing, HVAC, and more.
It is important for small business owners to be prepared for the potential liabilities that could result in a large out-of-pocket payment, which could irrevocably damage your business and potentially put you out of work. The construction industry has its risks, but contractors insurance helps protect you and your job site.
Say, for example, you were renovating a condo for a client and accidentally damaged the neighbouring unit. The neighbouring tenant could sue you for the damages. If you had the right contractor insurance, you would be protected financially from any legal fees and relevant damages.
Every industry in contracting is unique. You may never face the same risks as a roofer as if you were an electrician. It is important to tailor your contractor insurance policy to your business needs and maximize your protection.
Who needs contractors insurance in British Columbia?
In British Columbia, contractors insurance is beneficial to several professions in the construction industry, such as:
- General Contractors
- Independent Contractors
- Subcontractors
- Residential Contractors
- Home Builders
- Construction Managers
You will often need a valid certificate to insure the work you do. Insurance could also be a BC licensing requirement or a necessity for a municipal permit to work on a particular site.
It is always wise to protect yourself against third-party lawsuits and losses due to unforeseen events such as floods or fires.
Foundational coverage all BC contractors need
Commercial General Liability Insurance
This policy protects contractors against common claims like third-party property damages or bodily injury – if a customer visits your office and falls, slips, or is otherwise injured. Commercial general liability insurance can cover your legal fees and medical expenses for customers if you or your company are named in a lawsuit. Your commercial general liability coverage limits apply to all employees in your company.
Commercial Property Insurance
Commercial property insurance protects your facility or business from uninsured risks, such as fire, theft, or flood. You can also get business interruption insurance to cover the loss of income due to an insured event. You may also be covered for overhead costs and employee wages. Business interruption coverage does not cover income loss due to an epidemic, infectious disease or government-mandated closing.
Builder’s Risk Insurance
Also known as construction liability insurance, builder’s risk insurance protects your building from expensive third-party claims during a project. This coverage is usually required by contractors, but you might be responsible for it. Before you finalize the details of any project make sure to check with your client about who is responsible for purchasing insurance and ensure all parties are adequately covered.
Business Auto Insurance
This is also called commercial vehicle insurance or business automobile insurance. It covers vehicles like cars, trucks and vans that are used for business purposes. A commercial auto policy should be purchased for any vehicle used to transport goods, materials, and equipment.
Equipment and Tools Insurance
As your tools and equipment are your most valuable assets, it is crucial to have tools and equipment insurance. This policy covers you to replace or repair damaged tools, equipment, accessories, and property of others.
Additional coverage to build up your protection
Pollution liability insurance
Pollution liability insurance, also known as environmental liability insurance, protects businesses against claims for environmental damage resulting from their day-to-day activities. Mould remediation, spray foaming, and asbestos removal jobs can all cause environmental damage, which can result in serious financial losses for the owners of the property being affected. They may turn to you to seek compensation.
Products-completed operations liability
Wrap-up liability insurance or products-completed operations liability protects the building owner and you from any claims for bodily injury or property damages for a specified period after construction has been completed. If you have products-completed operation liability, there is no need for a warranty. Insurance will cover any product or installation failures.
Commercial property insurance
Commercial property insurance protects your business’s property from theft, vandalism, flood, and fire. You may need to buy a tenant legal liability policy if you are operating in a leased area. This will protect your landlord against any building damage that you may cause, or your employees..
Installation floater
Installation floaters cover costs for damaged materials before they are installed. This is particularly useful when you are working with fragile items that can be costly to replace. You might need to cover a cracked granite countertop or a broken window that was damaged during transport.
How much does contractor liability insurance in BC cost?
Different insurers offer different pricing based on various factors. Generally, insurers will take into consideration:
- Type of service
Every trade comes with a different level of risk. The higher the risk of your service, the higher the insurance quote. You are more likely to file a claim that will require a larger payout. - Employees
Your insurance costs will go up if you have more employees in your contracting company. There is a greater chance that someone will make a mistake and cause a claim. - Experience
Insurance companies appreciate any decrease in risk. Experience is a key factor in any profession. It leads to better results and fewer errors. You will be able to obtain a lower contractor insurance premium if you are more experienced in your field. - Revenue
Your insurance costs will go up the more your business generates revenue. This is because a claimant could sue you for more damages, knowing how successful you are. Your insurer will have more assets to protect. - History of business insurance
Your premiums could be higher if you have made insurance claims before. This indicates to insurers that you may be more likely to make another claim.
Whether you are a general contractor, construction manager with sub-contractors, or a sub-contractor, getting insured with the right coverage is important. It can be the difference between continuing business for many years to come or being forced to close your doors prematurely.
How to find the best contractor liability insurance in British Columbia
At Acera Insurance, we offer two convenient ways for you to find the best contractor liability insurance coverage policy for your needs.
1. Get a quote and buy online in minutes
Get a quote and buy your coverage online with EasyCover. Through the quick EasyCover quoter, you can build your policy and see the premium amount update instantly based on your own selections. If you are happy with the quote, you can simply bind online right away. It’s as easy as that.
2. Talk to an Acera Insurance advisor
Have questions about your coverage? Your local Acera commercial insurance advisors are your partners in business. At Acera, we devote personal attention and exceptional customer service to our business clients. We’re more than your insurance broker: we’re your business partner, today and in the future.
Ready to get an instant contractor liability insurance quote in BC?
Simple answer a few questions to immediately receive a quote, bind your policy and pay online in only a few short minutes.