FAQs about Contractors Insurance
Get contractor insurance that’s tailored to your needs and your trade. Ask Western Financial Group how you can save money on your contractor’s insurance.
Jacob Lecuyer is an eCommerce Business Insurance Leader for Western. Jacob is based in Winnipeg and he’s an expert in helping contractors get the business insurance they need at a competitive price.
Why should contractors get their business insurance with Western?
Western customizes commercial insurance coverage to specific trades in the construction industry. We provide access to a wide variety of insurance markets to make sure that contractors get a competitive insurance package with competitive pricing. Western Financial Group is a 100% Canadian owned company and we understand that margins are only getting tighter for Canadian businesses and finding the best insurance product at a competitive price is very important to contractors.
What kind of contractors can Western help with business insurance?
Welders, painters, electricians, plumbers, carpenters, roofers, drywallers, exterior/masonry, excavation, landscaping, HVAC, and snow removal are all examples of contractors that Western can help with business liability insurance coverage.
How can Western help contractors save on their business insurance?
At Western, we suggest bundling commercial property insurance, commercial general liability insurance, and tools and equipment insurance with adjustable deductibles to help save on annual premiums.
We review safety programs and give an accurate presentation to insurers of how contractors are training employees and of the requirements they have for subcontractors.
Western provides a wide range of options for contractors, allowing for competitive options for their contractor insurance renewal.
What are the essential coverages for contractors?
- Commercial general liability (CGL): Protects against third-party bodily injury and property damage claims
- Tools & equipment insurance: Protects portable tools and machinery from theft, loss, or damage
- If a contractor’s operations include design or consulting, they need professional liability insurance (Errors & Omissions). It covers claims related to design flaws, consulting errors, or project delays.
- Cyber liability insurance: Protects against data breaches, ransomware, and other digital threats
- Commercial property insurance: Covers office space, warehouses, and contents like computers and inventory
Do contractors need builder’s risk insurance?
Builder’s risk insurance is essential for protecting projects while they are being built or renovated. Builders risk insurance protects specific work sites from: Fire, vandalism, theft, and weather-related damage during construction, materials and equipment on-site or in transit, structural damage or collapse, and project interruption costs due to insured event. This type of insurance is a must have for general contractors and builders.
Do contractors usually need to get bonds?
Bonds are typically required for bidding on government, municipal, or large commercial projects. They provide financial assurance to project owners that the contractor will fulfill the contract terms. Common types of bonds include:
- Bid bonds: Guarantee the contractor will honor their bid
- Performance bonds: Ensure the project is completed as agreed
- Labor and material payment bond: Ensures that everyone who provides labor or materials gets paid
- Payment bonds: Guarantees payment to subcontractors and supplier
What are common insurance claims filed by contractors?
- Property damage (accidental damage to client property)
- Third-party bodily injury (slip-and-fall incidents)
- Equipment theft or damage
- Employee theft or dishonesty
What size of contractors does Western usually insure?
Western has a long list of insurance providers for small to medium-sized contractors.
What is the claims process for contractors?
Here is some general information for contractors when they need to file a claim:
- Take immediate action: Ensure safety and notify your insurer
- Documentation: Take photos, write incident reports, and collect receipts
- Contact insurer: Report the claim promptly
- Submit evidence: Include logs, witness statements, and policy details
- Follow-up: Maintain communication with your adjuster
- Resolution: Receive compensation or repairs based on policy terms
If you need to make a commercial claim: https://westernfinancialgroup.ca/Commercial-Claims
Should contractors get a certificate of insurance?
A certificate of Insurance proves that you have insurance coverage to clients, landlords, or project owners and you are meeting legal and contractual requirements. A certificate of insurance also builds trust and credibility for a contractor. It also lists additional insured parties such as subcontractors or property owners.
Western will help you protect your contracting business with commercial insurance that’s tailored to your needs and at the right value for you. Get a Business Insurance Quote!
