As a contractor, you know that getting the job done right the first time is key to your company’s success. When problems arise, you have to be prepared with the right tools to do the job. The same is true when you buy contractor’s insurance. The risks are too high to try out several different insurance companies. You need to know that your business, your employees, and your customers are protected. The agents at Lane’s Insurance have the skills to provide you with the best policy at a competitive price, so you are equipped with the tools you need to run your business successfully.

A good contractor’s insurance policy is essential to keep you competitive in the market. You probably already know your business must carry two types of insurance: liability and worker’s compensation. A third type of coverage, builder’s risk, is also recommended.

Liability

Contractor's InsuranceThere are a variety of options for liability coverage. These include:


  • General contractor liability insurance coverage protects your business, assets, and capital from third-party claims due to losses from damage to property, contractual liability, or accidents.


  • Errors and omissions coverage protects against any building or design errors.


  • Rented equipment coverage provides coverage for equipment you rent to or from others.


  • Contingent liability coverage provides protection for uninsured employees at the job site.


There are other options to consider that fall under the liability umbrella, including commercial vehicle and property insurance.

Workers’ Compensation

Workers’ compensation coverage provides wages and medical benefits to employees injured in on the job. This coverage is provided by the Alberta Workers’ Compensation Board, which is funded by employers. Costs vary depending on the number of people on the payroll, the industry, and the industry’s history of injuries.

Builder’s Risk

Builder’s risk provides temporary property coverage to a home or building while it is under construction. It protects against perils such as fire, storms, theft, and vandalism. This type of coverage typically begins on the first day materials and supplies are delivered to the jobsite, and it ends when the owner accepts the job as complete. This type of coverage is not required for contractors, but for a potential client, knowing your contractor has Builder’s Risk insurance can provide peace of mind. It also shows your clients that your business is looking out for them, which will help highlight your company as a leader in the industry.

At Lane’s Insurance, we know how important it is for you to be able to do your job without worrying about risks. We know contractors have special needs and our agents can help you make sure your business, your employees, and your customers are protected.