Contractors Insurance
Finding the Right Contractors Insurance in the Annapolis Valley
Being a contractor in the Annapolis Valley can be a very rewarding profession. However, it also can be very challenging at times, as there are many things that can happen unexpectedly. It doesn’t matter if you are one of the largest contractors in Nova Scotia or one of the smallest. Risk factors are a major part of your business. That is why it is so important to see the right Contractor Insurance professionals for your needs. Otherwise, you could make a mistake that costs you dearly. Here is an example.
Henry L literally grew up in the plumbing business. His father was a trusted plumber that worked for 50 years in his own business. When Henry became boss after his father retired, it was business as usual. However, after a few years, Henry decided to expand his business and hire an additional crew. He opened up two more offices in the area and was enjoying a great deal of success.
About a year ago, Henry landed a lucrative contract for an apartment complex and he and his crew would run all the plumbing for 55 new apartment units. The job went smoothly and everything turned out fine. However a few months after completion, Henry learned that a member of his crew made an error in one of the plumbing connections. It caused a large leak, which flooded several apartments and created a great deal of damage.
Henry called his insurance broker about the matter and the broker assured him there would be no problems. Thankfully, Henry had taken out errors and omissions insurance and this paid for the claim. If Henry had not sought out professional advice, he could have faced a major financial disaster.
What is Contractor Insurance?
If you work for yourself you are an independent contractor. This type of profession has unique needs when it comes to insurance. Contractor’s coverage is designed to meet all of the risk factors for the person that runs a service oriented business.
Who Needs Contractors Insurance?
Are you in the business of building, repairing, or modifying things? Your services may be for commercial or residential purposes. These professionals should consider insurance specially made for contractors:
- Heating and cooling services
- Handyman services
- Home improvement companies
- Pool contractors
- Plumbers
- Electricians
- Roofing companies
- Painting services
- Construction companies
- Subcontractors
- Excavating or digging services
- Landscape companies
- Masonry and concrete services
Are there Standard – Policies?
There are so many different types of contractors, it would be impossible to insure everyone with the same policies and options. That is why you need an insurance professional to help you choose coverage that is made for your business risk factors. Here are some basic coverage options to consider:
- Commercial property insurance
- Commercial auto insurance – you must meet the minimum requirements for auto liability in Nova Scotia.
- General liability – this covers claims against your place of business, and it could be personal injury or damage to property.
- Theft insurance for equipment – many contractors must leave their large and expensive equipment on the job site overnight. It needs to be protected against vandals and thieves.
Contractor Insurance Coverage Options
Here are some of the options that your insurance professional may advise you to consider:
- Builder’s risk – Suppose you are not yet finished with one of your projects. What would you do if a large storm came up and totally destroyed all your hard work? A builder’s risk policy will protect your work and if you are in the construction business, disasters are a real possibility any time of year.
- Errors and omissions – this protects you if you or your crew make mistakes that result in significant damages. For example, an HVAC contractor crew makes a mistake on the electrical wiring and the customer’s house ends up burning to the ground. With errors and omission coverage, the claim is taken care of.
- Bid bonds – Bid bonds protect you if you are the top bidder on a job but you cannot start the job for reasons beyond your control. This is assurance to the client expecting you to perform the job.
- Performance bond – similar to a bid bond, a performance bond will pay for a job you start and cannot finish.
- Environmental liability – some contractors need this coverage more than others. For example, if your work contains materials that could contaminate the eco system, you may be held liable for very expensive cleanup work if something goes wrong.
- Wrap up insurance – This kind of policy gives you more than one kind of insurance in one package. Your policy may insure your trucks, property, and the subcontractors you hire.
See Your Independent Insurance Broker for Contractors Insurance
When it’s time to think about insurance, consider the advantages an independent insurance broker can give you. Russell Insurance Group Ltd is not an insurance company. We are independent brokers that take care of your insurance interests in the Annapolis Valley. We can give you affordable insurance that completely protects your business.
Don’t let insufficient or outdated insurance policies cause you major headaches. See your experienced insurance professionals at Russell Insurance Group Ltd today. For information on – policies, call our main office at (902) 847-3274.