Alberta is full of entrepreneurs who have created positions for themselves to serve gaps in the market. Being a contractor is increasingly common in today’s world, and there are several advantages. There’s the freedom to take on the clients and the jobs you want, the ability to set your own hours and the lack of red tape that sometimes exists in larger organizations. It can also be a difficult way to make a living, though, as contractors are responsible for finding their own work, taking care of their own finances, maintaining their own equipment and
As a contractor, though, it’s important to know your rights as an independent worker, as well as make sure you have the proper contractor insurance coverage. You are not as well-protected from accidents and difficulties at you would be underneath a employer.
What is a Contractor?
A contractor is an independent worker who agrees to provide a service, equipment, personnel or goods to a client. Contractors work to fulfill requirements or specifications, usually laid out in a contract ahead of time (hence, the name “contractor). Generally, contractors agree to complete their work in a certain period of time for an agreed-upon price. A contractor may operate under a limited company, meaning that technically they are working for their own business, or they may simply work under their own name.
Who Needs Contractor’s Insurance in Alberta?
There are myriad different types of contractors, and each needs its own type of insurance. Some of the more common types are Commercial Auto Insurance, Equipment and Tool Coverage and Installation Coverage.
Commercial Auto Insurance: If your business uses a vehicle to transport goods or materials, tools or equipment that is somehow related to your occupation, you have a commercial vehicle and need commercial auto or trucking insurance.
Equipment and Tool Coverage: Calgary is a big city, and Alberta is a sprawling province. Contractors have to drive a lot, so equipment and tool coverage is there to provide protection for the things you need to carry out your business while in transit.
Coverage and Installation Coverage: This is an optional type of insurance that covers contractors for the installation of personal property, installation-related equipment and installation materials such as scaffolding.
And the experienced insurance brokers at Lane’s are experts at finding you the most comprehensive type of coverage to make sure you are always protected.
Contractors assume all risk when it comes to their operations. If there is a delay in work, whether due to malfunctioning equipment, supplies not being delivered or illness, it’s the contractor’s reasonability to compensate for those delays. And as many contractors don’t always know when their next job will start, any sort of unexpected expense can be devastating.
As you’ve worked so hard to build your business and keep it running, we will work hard to give you the peace of mind you need to concentrate on what matters to you.
Contractor’s Coverage Essentials
We can work to help customize your protection for your particular industry. Two basic elements of contractors’ insurance in Alberta include:
- Liability insurance. This essential form of coverage protects you and your assets from perils like property damage, accidents and third-party claims. It can also include errors and omissions coverage for the unintended result of improperly negotiated or incomplete contracts. In the case of construction contracts, liability protections also safeguard you against problems resulting from design flaws and other planning issues that may inhibit your ability to complete the work according to the contract you negotiated. Additional forms of liability coverage also protect your equipment, including rented equipment, and contractor employees that do not carry their own insurance.
- Workers’ compensation. As a contractor, it is your responsibility to provide your own workers’ compensation coverage, for yourself (if you are the only contractor) and for your employees (if you maintain your own workforce). The workers’ compensation program offers wage and benefits reimbursements to workers who are injured on the job. It is a must-have for those whose work places them in danger of an injury, such as an electrician or heavy-equipment operator.
Contractors Insurance Alberta: Trust Lane’s for All Your Insurance Needs
If you have any questions about contractors insurance in Alberta, don’t hesitate to turn to Lane’s Insurance. Lane’s Insurance is a full-service Alberta-based brokerage, offering a comprehensive selection of insurance products at competitive rates, along with value-added service and claims support.
Lane’s Insurance also offers a large library of online informational resources. Please feel free to browse it for further information, or contact Lane’s Insurance directly if you have a situation you’d like to discuss with an experienced insurance representative.
