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Construction Liability Insurance

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Insurance for construction companies

Construction is a complex business with many working professionals, tools, and technology used for multiple types of building projects. There are inherent dangers associated with the work you do. Getting a tailored construction insurance policy can protect your business, tools and equipment, and the projects you are working on from the cost of damage or loss resulting from matters beyond your control. That includes coverage for an unexpected accident or damages and losses suffered because of severe weather during construction.

What is construction insurance?

Construction liability insurance is a policy custom designed for construction contractors to protect them against specific risks they may encounter, such as third-party injuries and property damage. Mistakes can happen, and potential lawsuits against your business can leave your operations damaged beyond repair.

 

What does it cover?

    As you belong to a construction company, all your projects must range from the building to the townhouse to repairing a major highway. It is necessary to have coverage insurance designed specifically for the risk you should encounter and the accessories you own. There is a 2autoinsurance package that will include the following:

 

Commercial General Liability (CGL) Insurance: 

It is a must for all kinds of businesses, and it’s also known as general liability insurance; it protects your business from the other party. Also, protect from bodily injury and also property damages claims. It is designed to cover legal, medical, and repair or replacement costs for third-party injuries or damages concerning your business’s activities, whether on your premises or at the construction sites where you work.

 Builder’s Risk Insurance

                    Builder’s risk insurance protects your project from start to finish, including the building, the building materials you have on-site, and any losses or damages from an insured event like a fire, theft, or vandalism.

 Commercial insurance property:

           It is also known that business property insurance, business content insurance, and commercial insurance property should protect your place of business and save it from loss rather than very severe weather, disaster theft, and fire. So it’s essential to beware of different kinds of damages. 

Tools and Equipment Insurance:

                       Think of equipment insurance as property coverage for the tools and equipment you transport and use at a construction site. After studying, all things, we remember that it is designed to compensate you for the loss and damage to your apparatus if they are stolen, the flood or fire damages mischief or them. It covers many tools and equipment, from handheld tools and safety gear to heavy construction vehicles such as bulldozers and backhoes.

Addition coverages:

 Pollution Liability Insurance:

          It’s not uncommon for construction businesses to be exposed to liabilities related to pollution while working at a job site. Pollution liability insurance also helps to safeguard you from those risks. It covers third-party bodily injury, property damage, and environmental damage resulting from your work, including clean-up costs, civil fines, and apple. A personal car insurance policy is unlikely to cover any accident or damage claims for a vehicle used for business purposes. A commercial auto insurance policy protects you from costly third-party bodily injury or property damage claims involving your company’s vehicles: assessments and emergency response expenses.

 Auto Commercial Insurance: 

              Construction companies typically have several vehicles to transport tools, materials, equipment, and people. A personal car insurance policy is unlikely to cover any accident or damage claims for a vehicle used for business purposes. An auto commercial insurance policy protects you from costly another party bodily injury or property damage claims involving your company’s vehicles.

Does a construction company need insurance?

Whether you provide commercial, industrial, or residential construction, there may be risks of third-party injuries and property damage resulting from work-related accidents. Construction liability insurance is needed to provide financial protection should you or your employees be named in a lawsuit.

We’ve helped thousands of Canadian construction companies and trade contractors get insured. Some of our clients include:

  • Appliance repair
  • Antenna and satellite installation
  • Cable installers
  • Carpenter
  • Construction contractors
  • Cleaners
  • Demolition
  • Decks and fencing
  • Electrician
  • Excavation
  • Flooring
  • Handyman
  • HVAC
  • Independent/Self-Employed Contractors
  • Interior Designer
  • Junk Removal
  • Landscaping
  • Painters
  • Pest Control
  • Plumbers
  • Renovations
  • Restoration and Remediation
  • Roofing
  • Snow Removal
  • Swimming Pool Service
  • Tree removal
  • Welders
  • Window Cleaning

How much does it cost?

The cost of insurance for a small-to-medium construction company typically starts at around $540 per year for a commercial general liability insurance policy with a $2 million limit.

There are several factors considered when determining a price for your insurance policy package, including: 

  • Project types (commercial, residential, or industrial)
  • The kinds of operations you perform like demolitions, tunnelling, drilling, or mining
  • Whether structural work is required such as raising or moving built structures
  • If you use flammables or explosives
  • Years of experience
  • Number of employees and their levels of experience
  • Location
  • If the construction projects you do are in areas that have a high crime rate
  • The tools and equipment you own
  • Previous insurance claims
  • Annual and projected gross revenue

We shop more than 50 US insurance providers in our partner network to offer you different options that suit your business needs at the best price.

Common claims scenarios

Problem: While constructing a commercial office building, one of your subcontractors mishandles a support beam, which collapses a portion of the building structure onto a neighbouring property.

Outcome: Your commercial general liability insurance may cover the cost to repair the damages to the neighbouring property.

Problem: An overused cordless power tool is left to bake in the sun, in turn triggering a fire at the jobsite. The fire destroys the wood materials needed to complete the residential construction project.

Outcome: Your tools and equipment insurance policy may cover the cost to replace the damaged tool and materials destroyed by the fire.

Problem: While constructing a new underground road cross, your crew accidentally digs through a sewage line, rupturing it, and causing a massive toxic spill onto the site.

Outcome: Your pollution liability insurance policy may cover the cost to clean-up the spill and repair the ruptured sewage line.

Frequently asked questions

A wrap-up liability policy is a one-time, project-specific liability policy that is designed to cover everyone involved in a construction project and who work at the project site. Although all contractors and subcontractors involved in your project should carry their own liability insurance, wrap-up liability coverage is a time-saving way to guarantee every professional involved in your project is insured against the risk of third-party bodily injury or property damage claims.
Yes. It is advisable for every member of your construction crew to be fully licensed, and they should each carry their own liability policy to protect them from expenses related to accidents, mishaps, or third-party lawsuits.
Depending on what your construction business does, the work it performs, and projects it has, there may be additional types of insurance you need to form a comprehensive policy. For example, if you provide advice or consulting services as part of your business, you may need to add professional liability coverage to your overall policy. Speak to a 2autoinsurance licensed broker about your business’s needs and get their advice on what you need to be adequately protected.
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You’re in the business of building the homes, commercial and industrial spaces, and infrastructure Canada needs to grow. Avoid the risk of an expensive lawsuit or costs associated with unexpected events with a customized construction insurance policy.

 Fill out an online application to get a free quote. Our licensed brokers will shop the market to get you the coverage you need at the best price available.

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