As a contractor, there are many unique risks you need to account for. Make sure you're covered.

Contractors Insurance

Contractors Insurance

Be protected in the workplace with the right insurance

As is to expected of their work, contractors have a wide range of unique risks that they have to deal with on a day-to-day basis. Contractors are often in transit, which includes transporting their tools and equipment, as well as other employees and supplies, between several job sites. Along with this, expensive equipment and supplied can be stored both on- and off-site, which can make them vulnerable to theft or damage/destruction. 

Given contractors secure jobs through various contractual agreements, it's important for them to be able to secure these jobs through the utilization of various contractual bonds - these provide security for both the contractor and those they are doing work for. Not only this, but the contractor also has to protect themselves in the event of any liability claims made against them.

With so many risk factors to account for, insurance is imperative to ensuring you can protect your job and your livelihood. AMC Insurance offers the following contractors insurance options within BC.

Other Important Insurance Products:

Commercial general liability, and extensions to umbrella liability

Design/build errors and omissions

Builder’s risk, while work is in progress

Rented contractors equipment

Fleet coverage for various vehicles

Certificates of insurance, delivered expeditiously on request

Contractors Package

Bonds for securing work

In general, all surety bonds involve three parties. The surety (in this case, typically the insurance provider), the contractor (you), and the owner (the business or individual that you will be doing work for). Most surety bonds focus on having the surety guarantee the owner that if you fail to deliver on your contract, that the surety will reimbursed the owner for any financial issues this creates. Surety bonds can also include guarantees that the contractor will be legally obligated to amend any issues that are their fault that eventuate from their work after the fact.

Pre-qualification letters

While not an actual legally-enforceable bond, pre-qualification letters can help you secure jobs. Your surety provides the letter to a prospective employer (owner), assuring them that they vouch for your business and work.

Bid bonds

Bid bonds are designed to protect the owner, assuring them that if you were to secure a contract with them you'd be obligated to finish the work or pay out. However, this does help increase your likelihood of securing jobs.

Contractors surety bonds

As noted above, the key purpose of a contractors surety bond is that the owner who contracted you is assured that if you happen to not finish your contracted job, they will be financially reimbursed.

In the world of insurance, finding an affordable insurance provider who also offers good coverage is not an easy task. Whatever insurance you're looking for, be it commercial insurance or personal insurance, we have the expertise to help you make the right choice.