Unsurprisingly, the construction industry has a lot of risk attached to it. Whether you’re a subcontractor, self-employed tradesperson, or business owner, accidents can and do happen. That’s why construction insurance in Alberta is essential. A well-designed contractors insurance policy protects everyone involved in a project.
But is your insurance also protecting your business and livelihood?
Alberta Contractors & Trades Insurance - What’s Included?
Construction insurance is often a blend of several types of insurance policies. What’s included is based on what you do every day, how you do it, where you do it, and many other factors.
Your construction insurance coverage should always protect you from:
- Bodily injuries caused on site or at your location to yourself, workers, clients, or the public - typically covered by commercial general liability insurance and/or property insurance.
- Property damage for your location and any site you’re working on - typically covered by commercial general liability insurance.
- Damage to or caused by business-use vehicles - typically covered by commercial auto insurance or fleet insurance.
- Cost of interruptions to your business due to accidents or incidents investigations - typically covered by business insurance.
There are a range of coverage options we can source for you that depend on your specific trade or type of work. Our construction insurance experts know which questions to ask to make sure you have coverage for any situation that might arise.
Benefits of a Professionally Designed Trades and Contractors Policy
Contractors and trades insurance doesn’t only protect you in case of accidents; it also helps you secure new projects and opportunities. Clients and GCs typically require a certain level of insurance before they will even consider you for construction projects. This is not only for their protection, but yours. They have a responsibility to ensure everything and everyone on site and off is protected in case of an accident.
The same goes for your business. As the owner, you’re responsible for the safety and security of every person, object, and building your business comes in contact with. That includes your workers, partners, clients, and the public. That’s a lot to insure! And that only covers people – not objects, properties, or claims expenses.
Insurable Expenses for Alberta Contractors & Trades
Your insurance might cover all the losses you incur, but will it cover the cost of expensesrelated toyour claim? Unfortunately, a single incident can cause a domino effect of expenses that most businesses wouldn’t survive.
Insurable expenses include interruption to business, medical care expenses, or coverage for loss of key personnel. Often, these risks are shrugged off in order to save money on premiums. That’s not always the best path forward, though.
Cornerstone brokers know that a single uncovered portion of a claim can be devastating for a business. We can help you price out options that will serve you best when you need to make a costly claim. We can also break down the value of insuring your expenses by offering examples of how these losses could affect you in a real-life situation.
Why Should You Shop for Trades & Contractors Insurance?
Sometimes, saving money on your premiums in the first years of business is necessary. That’s okay. We aren’t here to lecture you about the potential risks. We simply want to help you consider possible scenarios from every angle. That starts with reviewing your current coverage to make sure it still suits your work, business, and goals.
Every insurance company handles the insurance process a little differently. At Cornerstone, our construction, trades, and contractors insurance brokers walk you through three easy steps in reviewing your policy options and finding the best value:
- Review – Your Cornerstone Insurance broker reviews your current insurance products and points out any gaps in coverage. We’re happy to answer any questions you have about your current policy.
- Shop – We source policy options from our trusted insurance partners to see where we can find the most value. Saving money is nice, but we also want to make sure you get the amount of coverage you need. We can compare insurance quotes and policy options from multiple companies. Then we’ll walk you through what the policy will look like in action so you fully understand your coverage.
- Renew – At renewal time, we don’t just sign off on the paperwork and pat ourselves on the back for keeping a loyal client. We want to know you feel confident in your insurance and service. Checking in at each renewal allows us to make sure all Cornerstone clients are satisfied clients. We’ll also source new options and discounts wherever possible!
We Have a Stake in Your Business
Do you need specific coverage that’s hard to find?
Do you need insurance coverage in place fast for a particular job or worksite?
We can help!
Get in touch today to find the products you’re looking for and the speedy, reliable service you need. Our brokers are here to offer solid protection and sound advice to all Alberta business owners. We take pride in offering the best commercial insurance services in Edmonton for business owners just like you. That’s because we understand that your business success is our business success.
You can learn more about contractor, construction, and trades insurance on our commercial services page.