General Contractor Insurance

Find General Contractor Insurance Coverage with Surex

Surex helps general contractors find the best rates on insurance in Canada. Our advisors are standing by to compare dozens of quotes from companies offering the coverage you need. They’ll be there to guide you every step of the way as you choose the right policy.

What You Need to Know About General Contractor Insurance Coverage

Is general contractor insurance coverage mandatory?

Throughout Canada, general contractors are legally required to hold various types of insurance coverage. 

For example, general liability insurance for general contractors is mandatory in Ontario. It shields employees against the ever-present financial risks associated with injuries on job sites.

Additionally, many clients list insurance coverage as a mandatory requirement for any general contractor working on their projects.

The bottom line? You can count on needing at least some type of general contractor insurance coverage to operate in Canada, whether the restriction be imposed by authorities or clients.

Why is electrical contractor’s insurance necessary?

General contractor’s protective liability insurance is essential because it shields your company against scenarios that could easily place it underwater.

For example, worker injuries – which are unfortunately common in construction – come with potentially massive financial consequences for any company without insurance coverage.

Clients are often unwilling to work with general contractors lacking insurance because this liability opens them up to damage as well.

What does general contractor insurance cover?

General contractor insurance comes in many forms, including:

• General Liability: This coverage protects against lawsuits, including libel and slander-related claims.

• Bodily Injury: With this coverage, your company will be protected in the event of qualifying accidents that cause workers bodily harm.

• Product Liability: If the finished product causes your client to experience harm or financial loss, product liability insurance can protect you from the associated costs.

• Property Damage: Accidents happen on job sites. When they damage a client’s property, the costs can be tremendous, though. That’s where property damage coverage can help!

Not all general contractor insurance policies are the same. A Surex Insurance Advisor will help you select the right coverage based on your company’s needs.

How much does general contractor liability insurance cost?

The cost of general contractor liability insurance varies dramatically depending on the coverage you select and your company’s needs. Rest assured; a Surex Insurance Advisor will compare dozens of quotes and help you find the right policy at the right price.

Frequently Asked Questions About General Contractor Insurance

What insurance should a general contractor have?

At the very least, general contractors typically require general liability insurance to shield them against external lawsuits. Other types of insurance (such as those protecting against bodily injury and product damage) are likely wise depending on your industry and location.

How do I get the best rates on general contractor insurance?

To find the best rates on general contractor insurance, shop with Surex! We compare quotes from dozens of insurers to help you find the right policy at a great price.

How are general contractor insurance rates determined?

Many factors affect your insurance premiums, including:

• Your Coverage: Companies charge different rates depending on the type and amount of coverage you select.

• Your History of Claims: If you’ve previously filed an abnormal number of claims, your rates will be higher to reflect the increased risk of insuring you.

• Your Deductible: In the event of a claim, your insurance provider will only pay out amounts in excess of your deductible. You can achieve lower premiums by selecting higher deductibles.

Keep in mind that each company has its own criteria. Factors that cause higher rates with one company may not have as much of an impact at another. Your Surex Insurance Advisor will help you strike a good balance.

What documents do I need to apply for contractor’s insurance?

When applying for insurance, be prepared to provide information about your company, its licensing, and the type of work it does. Additional information may be required depending on the insurer and type of coverage you’re requesting.