Insurance for Kelowna Construction Companies
Construction contractors can face a wide range of risks. An accident or mishap can result in a costly liability lawsuit that your Kelowna construction business may not be able to recover from financially.
The most important type of insurance you need as a construction contractor in Kelowna is commercial general liability. If you were sued by a third party, a customer or supplier for example, commercial general liability insurance would cover the legal costs to defend the claim against your business in court, as well as costs to cover damages to compensate third parties.
Your Western Financial Group business insurance broker will get your Kelowna construction company commercial coverage that is customized to its needs.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance providers to provide commercial insurance. We work with our insurance partners to find the best coverage for your needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose for your Kelowna construction company.
What kind of risks does commercial general liability cover?
Commercial general liability covers risks such as:
- Injury to another person who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
What factors will determine the cost of my construction insurance?
It will depend on factors such as your type of contracting business, what projects you take on, how many employees you have, your location, your claims history, and how experienced you are.
Different types of contractors and tradepeople face different kinds of risks. Ask your insurance expert about a customized business policy for you that covers the risks you face as a Kelowna construction contractor.
Other insurances coverages for Kelowna contractors
Pollution liability insurance: Pollution liability insurance helps cover costs to clean up pollution caused by the work that your Kelowna construction business could cause. It can help pay for clean-up costs, civil fines, and emergency response expenses.
Commercial property insurance: Commercial property insurance can provide financial coverage in the case of a fire that destroys or damages your auto detailing office/headquarters and its contents.
This type of insurance protects your Kelowna construction office or place of business and its contents from damage or loss related to severe weather, natural disasters, theft, and vandalism.
Equipment breakdown insurance: It provides coverage for property damage from the sudden and accidental breakdown of insured equipment not automatically covered by a standard commercial property policy.
Mobile property insurance: If you regularly move equipment to different work locations as part of your Kelowna construction business, mobile property insurance provides coverage for property that you don't store at a fixed location, or for equipment routinely taken off site.
Mobile property insurance covers transit. It also covers theft that could happen due to property not being stored in a secure location, as opposed to commercial property insurance that covers property generally expected to be in a designated location.
Cyber liability insurance: Do you keep client information online and take online payments? If so, your Kelowna contractor business could be hacked by cyberthieves. Cyber liability insurance will help protect you.
Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your computer 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 your Kelowna customers affected by a breach.
Commercial auto insurance
Any vehicles used by your Kelowna construction business need to be covered by commercial auto insurance, including leased or rented vehicles and personal vehicles used by your or your employees for work. Your personal car insurance usually does not cover your work vehicles.
Commercial auto insurance covers medical fees, legal costs, and repair or replacement costs if your company's vehicles are involved in an accident. It also covers theft and vandalism.
Tools and equipment insurance
Plumbers, electricians, roofers, welders, and carpenters, to name a few, should have Tools and Equipment insurance. This type of insurance provides financial protection for any transportable tools or equipment that contractors use to complete their work projects.
Tools and Equipment Insurance can provide reimbursement to repair or replace tools if they are lost, damaged, or stolen. Insured events apply to tools and equipment that are vandalized, stolen, lost, or damaged by fire or flood.
Any item valued at less than $1,500 is considered a tool. Anything valued above $1,500 is considered equipment.
Course of construction coverage
To make sure your project is covered during the course of the job, there are different options available to meet the needs of your project as it is being built through course of construction coverage.
Certificate of insurance
Some projects may require you to provide a certificate of insurance (COI). A certificate of insurance is issued by an insurance broker or company at no cost, and it shows that you have business insurance. It is a summary or snapshot of your insurance policy, and it contains all the most important details, helping protect against third-party risk.
Clients could ask to see proof of insurance before they agree to hire you. If the work you do has a high risk of loss or damage, you should have a certificate of insurance.
What do I do if my Kelowna construction business has an insurance claim?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist for your Kelowna construction company:
- Do you have the best business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Ask your Western business insurance expert to help you get the right coverage at the right value to protect your Kelowna construction business.
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get your Kelowna construction business the right insurance package. Our experts are available now to help you navigate the business insurance journey to protect your Kelowna business.
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