Trade and Contractors Insurance in Hamilton

Hamilton’s Leading Choice for Trade & Contractors Insurance with Oracle RMS

Oracle RMS is your reliable partner when it comes to securing your trade and contracting business based in Hamilton, Ontario. With specialized insurance solutions crafted for trade professionals, we comprehend the distinctive challenges and daily uncertainties you encounter. Whether you operate as a general contractor, electrician, plumber, carpenter, or in another trade, our customized insurance programs safeguard your assets, livelihood, and peace of mind.

As seasoned professionals in the industry, we’ve been dedicated to serving the Hamilton community for an extended duration, with the goal of enabling businesses like yours to flourish under the protective umbrella of comprehensive insurance coverage. With Oracle RMS as your trusted companion, you can channel your energies into your core strengths – delivering exceptional services – while we expertly manage your insurance requirements.

Oracle RMS FAQ:

What Is the Difference Between Contractor/Trade Insurance and Builder’s Risk Insurance?

Trade and contractor’s insurance, along with builder’s risk insurance, play distinct and crucial roles in the construction industry, each with its specific areas of focus and coverage.

Trade and contractor’s insurance primarily shields contractors, subcontractors, and professionals from liability claims and legal issues during their work. It includes general liability coverage for bodily injury, property damage, and accidents. It can also cover tools and equipment. This insurance offers comprehensive liability protection, extends to employees, and covers incidents beyond the construction site. It provides continuous coverage for a contractor’s business operations.

In contrast, builder’s risk insurance has a specific purpose: to safeguard property and materials in a construction project. Also known as construction or course of construction insurance, it shields against losses like fire, vandalism, theft, and adverse weather conditions. This insurance is project-specific and active from the start of construction until project completion or property handover.

 

What Is Not Covered Under a Trade Insurance Policy?

While trade and contractor’s insurance policies offer valuable protection against a range of risks within the construction industry, it’s important to be aware of what is typically not covered by such policies. Here are common exclusions or situations that may fall outside the scope of a trade and contractor’s insurance policy:

Intentional Acts

Deliberate actions resulting in injury, property damage, or harm to others, whether committed by you or your employees, are typically not covered.

Criminal Activities

Claims arising from criminal activities, such as fraud or theft carried out by you or your employees, are typically not covered.

Employee Injuries

On-the-job injuries to employees are usually covered by workers’ compensation insurance, not trade and contractor’s insurance.

Damage to Your Property

Damage or loss to your tools, equipment, or property may not be covered by this policy. Separate property or equipment insurance may be necessary for such protection.

Professional Errors and Omissions

Errors in professional services, design, or engineering work may require a separate professional liability policy, also known as errors and omissions insurance.

Motor Vehicle Accidents

Business-related vehicle accidents, injuries, and property damage typically require commercial auto insurance and are often excluded from a trade and contractor’s policy.

Pollution and Environmental Damage

Damage resulting from pollution, environmental hazards, or contamination may not be covered. Specialized pollution liability insurance might be needed.

Warranty or Guarantee Issues

Defects or issues related to warranties or guarantees offered by your business may not be covered.

Contractual Disputes

Disputes with clients or subcontractors that have a contractual basis may not be covered under a trade and contractor’s policy. Separate coverage, like legal liability insurance, may be necessary.

Pre-Existing Conditions

Issues or damage existing before the policy’s effective date, known as pre-existing conditions, are generally not covered.

It’s essential to carefully review your insurance policy, comprehend its terms, conditions, and exclusions, and collaborate closely with insurance providers to address any specific coverage needs or potential gaps in protection.

 

What Insurance Should Contractors Have in Hamilton?

Contractors and tradespeople in Hamilton, Ontario, should have various insurance coverages in place to safeguard their businesses, meet legal obligations, and mitigate the diverse risks associated with the construction industry. While the specific insurance needs may differ based on factors such as the type of construction work, business size, and contractual commitments, the following are the key insurance policies that contractors in Hamilton need:

Commercial General Liability Insurance (CGL)

CGL insurance is fundamental for contractors. It provides protection against third-party claims for bodily injury, property damage, or personal injury that may arise during construction projects. It covers legal defence costs, settlements, and judgments, helping shield your business from financial losses stemming from accidents or injuries.

Commercial Property Insurance

Commercial property insurance provides vital protection for a contractor’s physical assets, including tools, equipment, materials, and buildings used in their construction business. This coverage safeguards against various risks, such as fire, theft, vandalism, and natural disasters, ensuring that the contractor’s valuable assets are financially protected.

Commercial Auto Insurance

If your construction business uses vehicles for business purposes, such as transporting materials, equipment, or workers, commercial auto insurance is essential. It covers accidents, injuries, and property damage involving company vehicles.

In addition, there are several types of insurance that contractors and tradespeople should strongly consider:

Builder’s Risk Insurance

Builder’s risk insurance, also known as course of construction insurance, offers coverage for property and materials involved in a construction project. It safeguards against risks like fire, vandalism, theft, or damage due to natural disasters, ensuring the protection of the construction project’s value.

Contractor’s Equipment Insurance

Contractors often possess valuable equipment, tools, and machinery. This insurance coverage safeguards these assets from theft, damage, or loss, guaranteeing that your equipment can be repaired or replaced if damaged or stolen.

Professional Liability Insurance

Some contractors may require professional liability insurance, also known as errors and omissions insurance. This coverage safeguards against claims of negligence, errors, or omissions in professional services, often needed for architects, engineers, and design professionals in the construction industry.

Umbrella Liability Insurance

Umbrella liability insurance offers additional liability protection beyond your primary liability policies, providing extra security against significant claims.

Pollution Liability Insurance

If construction activities pose potential environmental risks, such as soil contamination or hazardous material handling, contractors should consider pollution liability insurance.

 

Are Tools Protected Under Contractors’ Insurance?

While contractor’s insurance can offer protection for tools and equipment used in your construction business, it’s important to note that this coverage is usually not included in the standard commercial general liability insurance policy. Instead, it’s commonly available as an additional option or a separate insurance known as “contractor’s equipment insurance.”

Contractor’s equipment insurance is versatile and can encompass various items, including hand tools, power tools, heavy machinery, vehicles, and specialized equipment employed in your construction operations. This insurance typically extends coverage to various situations, including theft, damage, or loss of your tools and equipment. The policy typically safeguards against risks like theft, vandalism, fire, accidental damage, and sometimes even equipment breakdowns.

 

Do Construction Companies Need Accidental Damage Insurance?

Accidental damage insurance can be valuable for construction companies, but it’s not typically a standalone insurance policy. Instead, it’s often a component or coverage included within broader insurance policies. 

Although not mandatory, accidental damage insurance can prove advantageous for construction firms, contingent upon their particular requirements, activities, and exposure to risks. This insurance, commonly known as “accidental damage coverage” or “all-risk insurance,” offers safeguards against unintentional harm to property, equipment, and materials.

Reach out to Oracle RMS today to connect with one of our licensed insurance specialists specializing in construction insurance. They can evaluate your unique needs and help determine whether accidental damage insurance is a suitable choice for your company.

The Right Coverage For You

At The Best Price

“I purchased my first car a year and a half ago and called Oracle for car insurance quotes. They have excellent customer service – in particular, Chris was very helpful in getting me a great rate. He is extremely prompt at answering any questions I have about my policy and about anything insurance related! I highly recommend this brokerage.”

Andrea Lee,
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