What Insurance do New Brunswick Contractors Need?
As a New Brunswick contractor, you could be working on many different types of construction or renovation projects. Every job has risks and that’s why you need contractor insurance to protect what you do.
A customized insurance package will protect your specific type of construction, trade, or renovation as general contractor in New Brunswick.
Your Western Financial Group business insurance expert will give you top-notch insurance advice and ways to save on your insurance as a New Brunswick general contractor or renovator.
How will customized contractor insurance protect my business?
Showing proof of insurance will give your customers confidence in your New Brunswick contractor/renovator business.
When you have the right contractor insurance package, it helps provide legal and financial protection when something goes wrong on the job.
A contractor insurance package can help protect you from these common claims:
- Your tools are stolen from a truck at a job site and you can’t do your job without renting tools. Tools and equipment insurance can help cover the costs of replacing the stolen tools and reimburse you for the rental expenses.
- You cause scratches on a client’s table when some small pieces of equipment are left on it. Commercial general liability (CGL) insurance can help cover the cost of repairing the table.
How much does insurance cost for contractors?
The amount of money that you will pay for customized insurance as a N.B contractor/renovator will depend on the following factors:
- The size of your N.B. business
- Your average annual revenue
- Specifics of your business; services you provide
- Any past claims
- How many employees you have
- How long have you been in business
At Western, we are business insurance experts. We will save you time and money by doing the insurance shopping for you to find the right package at the right value for your contractor business.
Commercial general liability (CGL) insurance
CGL insurance is also known as “slip-and-fall” insurance because it protects against claims involving third-party bodily injuries, such as a client getting injured while you are doing work at their home or business.
It can also help protect you against third-party property damage such damaging property while you are doing cement/concrete work at a client’s home or business.
It also helps protect you, as a New Brunswick contractor, against allegations of false advertising, and libel or slander.
Without commercial general liability insurance, you would be responsible for paying any liability costs out of your own pocket, which can add up quickly.
It’s recommended that you have at least $1 million in CGL insurance, but you many need a higher amount if you are a large contractor.
In most provinces and municipalities, you must have at least general liability insurance as a cement/concrete contractor.
Tools and equipment insurance
It replaces, or repairs damaged, stolen, or lost equipment and tools, accessories, or other property that you use in your cement/concrete business.
Anything valued at less than $1,500 is considered a tool and anything above that limit is considered equipment.
This type of insurance can also be called equipment floater insurance.
Commercial Auto Insurance
Your contractor business needs commercial auto coverage as part of your insurance package. Personal car policies will not cover your drivers or your N.B. business.
Cyber liability insurance
Do you take digital payments and keep client information online? If so, your computer system could be hacked by cyberthieves.
Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your system. You may also be liable for damages to third parties whose information has been stolen and you may have to pay for notification expenses to inform customers affected by a breach.
Commercial property insurance
If you own a large contractor business in New Brunswick, Commercial property insurance keeps it protected from property losses, such as theft or vandalism. You can also add earthquake insurance, sewer backup or flood coverage extensions to protect your cement/concrete office headquarters.
Property you may need to insure:
- Buildings and other structures
- Furniture, equipment, supplies
- Computers
- Documents such as payroll, accounts receivable
Western’s business insurance experts can help you get the right insurance at the right value for your New Brunswick contractor business.
