Commercial insurance for contractors and construction businesses in Edmonton
For decades, Acera Insurance has taken the worry out of risk assessment in Edmonton’s thriving construction sector, helping businesses fully understand how to protect themselves and determining what construction insurance coverage they need, from conception to completion.
As the largest independent, employee-controlled insurance brokerage in Canada, our team of brokers at Acera Insurance is affiliated with the Edmonton Construction Association, the Alberta Roadbuilders & Heavy Construction Association, the Surety Association of Canada and the Alberta Ready-Mixed Concrete Association. You can ensure that our capable team will ensure you have the right coverage for all your business needs by providing you with competitive construction insurance quotes.
What is construction insurance?
Construction insurance is a broad term that categorizes a variety of different types of insurance policies. It generally refers to insurance related to construction projects instead of being a specific type of coverage.
Acera Insurance expert risk assessors and construction insurance brokers are fully knowledgeable in the many aspects of construction insurance and will walk you through every potential hazard involved in the trade, covering more than general liability. Depending on the coverage you choose, we can help provide protection in situations such as fire, floods, work interruptions, vandalism, or forms of litigation that may arise throughout the course of the project.
Common types of construction coverage in Edmonton
There are different types of construction insurance that are designed to protect contractors, developers and property owners throughout the phases of a project. Some of this insurance might be mandatory to purchase before a project can begin.
Depending on the job, these types of coverage can vary and include:
- Commercial General Liability – helps to cover property damaged and injuries suffered by visitors to your business premises and can include the legal expenses if you’re sued. Construction sites may need a different type of coverage.
- Commercial Auto Insurance – If you have work vehicles as part of your business, commercial auto insurance is necessary to guard your assets. Commercial auto insurance is mandatory in Alberta and can protect your business if you or your staff are involved in a collision that results in injury or property damage.
- Property Insurance – Protects your businesses physical assets that include equipment, tools, inventory, materials and more.
- Equipment Breakdown Insurance – Your equipment is essential to your work and unfortunately it is not usually covered under regular property insurance. Equipment breakdown insurance ensures that you will have capital for repairs and replacement in the event that something breaks.
- Equipment and Tools – Equipment and tools insurance can give you piece of mind for the gear necessary to do your job regardless of whether they’re in your home, in transit or at a job site.
- Business or Project Interruption Insurance – If you are forced to stop construction due to unforeseen circumstances, how will you recoup the losses, so you don’t worry about bills? Business or project interruption insurance can help you by providing funds so you can continue to pay the essentials while you wait for the job to continue.
- Crime Coverage – Protects you from crime that is related to running your business. It includes fraud, misrepresentation, theft and other crimes.
- Surety Insurance & Bonds – You might be required to purchase a surety bond when bidding for a large project. This helps demonstrate to the potential clients that you’re serious about the bid and your company will be able to complete the work.
Liability insurance for Edmonton construction companies
Commercial general liability insurance provides liability protection in the case of injury or property damage during business.
General liability insurance policies will usually cover a wide range of damages that can include:
- Job-related injury
- Poor or faulty workmanship
- Defamation
Depending on the project, contractors, subcontractors or developers may be required to have a minimum amount of liability insurance coverage.
What is builder’s risk or course of construction insurance?
Course of construction insurance, also known as builders risk insurance, is insurance for buildings and structures while under construction since commercial property insurance and homeowners’ insurance do not usually cover structures during construction. Generally, builder’s risk insurance protects against types of damages that are caused by weather, vandalism and fire.
Some of the options for property coverage include:
- Foundations
- Building materials
- Paving, fencing and outdoor fixtures
- Lawns, trees and plants that have been installed by the builders
What influences the cost of construction insurance in Edmonton?
There are several factors that can impact the cost of construction insurance. Each policy provided by Acera Insurance will be tailored to the needs of the company and project and what they cover will be influenced by:
- The size of the project
- Experience of the business and/or contractors
- The credit history of the company or person being insured
- Coverage limits and deductibles
- The location of the construction site
Edmonton surety insurance & bonds
Surety insurance and bonds are a safeguard which provide a financial guarantee that work will be completed on large scale projects. In the construction industry a surety bond ensures that different parts of a construction project are paid for by all parties involved. There are times when a specific job or project may require different types of surety bond insurance, such as contractor licenses.
Why Acera Insurance?
Let Acera Insurance provide the blueprint for a worry-free construction site. We have access to a large number of markets which means you’ll get truly competitive construction insurance quotes and a choice in your coverage.
Contact us today if you are building or renovating your home or have a business in the construction industry. We offer competitive construction insurance quotes online or by phone.