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Contractor Insurance in Alberta

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Secure your contracting business in Alberta with comprehensive insurance solutions tailored for your needs. From liability to installation floater insurance, find affordable coverage with our advisors. Get started with a free quote and ensure your project’s safety and financial security.

Contractor Liability Insurance in Alberta

Are you protected from the risks of contracting? Having the right insurance coverage means that you’re safe from financial setbacks, no matter what surprises come your way.

Contractor businessess we’ve helped

Commercial Liability Insurance for Alberta Contractors

  • Why Choose Lloyd Sadd?
  • Should I Get Insurance as an Independent Contractor?
  • Do contractors need Worker’s Compensation Insurance Coverage?

Lloyd Sadd offers specialized insurance policies for independent contractors. When you choose Lloyd Sadd, you get:

  • Expertise: We’re an Alberta-based provider. We’re not just familiar with contractor insurance requirements and regulations in Alberta – we’re experts in it.
  • Personalized coverage: Our advisors take the time to truly understand your business and its specific needs. We’ll build you a customized policy that fits your budget, so you get the coverage you need without breaking the bank.
  • Transparency: What you see is what you get. We’ll explain what’s covered and what isn’t, so you don’t have to read the fine print.
  • Friendly support: Navigating the world of contractor insurance shouldn’t add to your workload. We’ll help make this process as simple as possible. From assessing your insurance needs to handling claims efficiently, know we’re here for you every step of the way.

When you choose Lloyd Sadd, you gain not just an insurance provider, but a partner committed to your peace of mind and success.

Yes. Protecting yourself as a contractor is a smart choice. Having comprehensive insurance acts as a safety net, ensuring that your business will be ok in the face of any unexpected issues.

As a contractor, you face several risks. From accidental damage to a client’s property, to an injury on the job, an unforeseen incident can set you back.

We provide personalized policy recommendations to protect you against any risks you face in your specific line of work. For example, Professional Liability Insurance protects you in any situation where you’re accused of poor or faulty work. Even if you believe you aren’t at fault, you are still at risk of these allegations.

Being insured protects you from potential lawsuits and supplements any lost income from a work injury. Investing in the right insurance coverage is a way to guarantee not only your business, but also your peace of mind.

No, technically not. Most employers in Alberta are required to have Worker’s Compensation insurance for paid workers. However, independent contractors do not legally have to apply for this coverage for themselves.

As a contractor without Worker’s Compensation coverage, you are not covered in case of any workplace injury. Without Worker’s Compensation coverage, you will have to pay out of pocket for all medical costs. Additionally, you’ll get no financial assistance to supplement your lost wages.

Our expert advisors can help you determine if Worker’s Compensation Insurance is right for you. We’re here to ensure that you’re adequately protected, allowing you to focus on what you do best—building and growing your business.

Types of coverage for contractors in Alberta

General Liability <br> Insurance

General Liability

Your contracting business is always at risk of being dragged into a legal battle. Even baseless claims can cause high amounts of stress and result in legal fees and damages. This can take a serious toll on your business (or, in a worst-case scenario, result in bankruptcy).
General Liability Coverage is a great place to start when protecting your business, as it covers most incidents. However, depending on your specific business risks, you may want to supplement this with an umbrella policy. The following policies are ways to expand your coverage in specific areas.

Business Interruption and Equipment Breakdown

Business Interruption and Equipment Breakdown

An unexpected event like a fire, a flood, or even technical issues can disrupt your business operations. If your work projects get postponed from any of these events out of your control, you will likely face lost wages. Additionally, you could also be at risk for a lawsuit from a client for delays.
With Business Interruption Insurance, you are protected from any financial impact from the delay. This can be in the form of lost wages, legal fees, and more.

Property Liability/Errors & Omissions Insurance

Property Liability/Errors & Omissions Insurance

Errors & Omissions Insurance, also called Professional Liability Insurance, protects business owners from any mistakes or alleged negligence. If your client believes you made a mistake, gave poor advice, or misrepresented information that directly resulted in a loss for them, you may face legal action.

Commercial Auto <br> Insurance

Commercial Auto

Did you know: your standard auto insurance policy likely won’t cover you from any business impact stemming from vehicle issues?
If you rely on a vehicle for work to transport materials, tools, or any employees, you need to ensure you have more comprehensive coverage. Basic auto coverage won’t cover client losses from being unable to meet a project deadline due to vehicle issues.
If you rely on a business vehicle, you should consider Commercial Auto Insurance.

Employers’ Liability Insurance

Employers’ Liability Insurance

If you hire employees, Employers’ Liability Insurance is a no-brainer. This coverage ensures you’re protected from liability if your employees get sick or injured as a result of their work for you.
Worker’s Compensation coverage reimburses your employees for medical costs and lost wages. However, you may still be sued for any fees or damages not covered by Worker’s Compensation. For extra protection, particularly if you work in a high-risk role and hire employees or subcontractors, this coverage is for you.


How Much Does Contractor Insurance Cost?

Insurance premium costs depend on several factors. Some notable factors include the risk of the work performed, the number of employees, and the amount of coverage required.

High-risk industries may face higher premiums, and businesses with lower annual revenue benefit from lower rates. At Lloyd Sadd, we’ll work with you to build a personalized policy that meets your specific needs without breaking the bank.

What Is a Performance Bond & Do I Need It?

A contractor bond is a legal guarantee that you, the contractor, will fulfill your obligations to your clients. It ensures that your client is protected from any financial loss if you’re unable to fulfill the duties in the contract. If you fail to complete a contract, you are bound to pay for any loss.

A contractor bond isn’t technically an insurance policy. In Alberta, certain projects, especially government contracts, may require you to sign a contractor bond.

Though you don’t need a contractor bond, it can be a great tool for building trust with clients and securing larger contracts.

How Much Does WCB Cost Per Month?

It depends! WCB premiums are calculated using a number of factors, including risk, prior claims, and payroll. Premiums are determined annually from earnings and estimated annual costs. The minimum annual premium is $200.

For more information, refer to the WCB-Alberta Pricing Guide.

We all know that insuring your Business is not as simple as insuring your car or your home. Every business is unique, and needs a package of insurance that meets that business’ needs and provides the level of protection you’re comfortable with. Lloyd Sadd Insurance has helped me achieve the right type of insurance package.

Alta Window Mfg. Inc. logo

Alta Window Mfg. Inc.

Nason Contracting Group was previously insured by a national brokerage firm and we felt that a change was needed. Our experience with Lloyd Sadd has been an excellent one as they are very committed to our organization’s growth and success. They take an industry specialization approach and this has truly worked for us because their Construction Practice understands our construction issues.

Nason Contracting logo

Nason Contracting

This is a relationship that has been very beneficial to Keller and one that we value to the same degree as our legal and accounting firms. These are all important business partners to Keller – they help us grow successfully.

Keller Construction logo

Keller Construction

Major Contractor Business Sectors We Cover

  • Mechanical
  • Electrical
  • Renovation
  • General Contractor

HVAC contractors perform precise installation work. This includes running furnace, ventilation, and air conditioning systems through a client’s home.

Here’s an example of an insurance recommendation for an HVAC contractor:

  • General Liability Insurance to protect against claims of damage to a client’s home during install,
  • Business Interruption Insurance to protect against any loss of wages from fires, floods, foreclosures, and more, and
  • Commercial Auto Insurance to protect from loss of wages from business vehicle theft or issues.

To get a free quote personalized for your HVAC business, speak to a Lloyd Sadd insurance expert today.

In general, electrical contractors should protect themselves with the following coverage:

  • General Liability Insurance to protect against any accidental electrical damage during a project,
  • Employers’ Liability Insurance to cover any injury claims, particularly electric shock, from employees or subcontractors,
  • Business Interruption Insurance to cover any lost wages caused by fires, floods, or theft, and
  • Commercial Auto Insurance, which covers vehicles and the equipment within them against theft, damage, and accidents.

Feel free to contact a Lloyd Sadd expert advisor to discuss the right policies for your electrical contracting business.

Renovation contractors work on a variety of projects, so the recommendations can vary greatly.

Generally speaking, renovation contractors would benefit from the following coverage:

  • Errors & Omissions Insurance to protect against any claims of negligence or bad advice on a renovation recommendation,
  • General Liability Insurance to protect from claims of damage to a client’s home during renovation,
  • Business Interruption Insurance to cover any financial loss from project delays that are the result of fires, floods, client issues, and more.
  • Commercial Auto Insurance, which covers vehicles and the equipment within them against theft, damage, and accidents.

To discuss your specific insurance needs as a renovation contractor, contact a Lloyd Sadd expert advisor today.

Construction contractors face a large amount of risk. Generally, construction contractors may undertake complex, large-scale projects that have many moving parts.

For construction contractors, we recommend the following coverage:

  • Employers’ Liability Insurance protects from any claims from workers or subcontractors,
  • Commercial Auto Insurance to safeguard against any business vehicle theft, damage, or mechanical issues. Also, to help recover any loss of income resulting from these issues,
  • General Liability Insurance, to protect against any claims of damage, bodily injury on the construction site, and more, and
  • Errors & Omissions Insurance protects you in the case of any claims arising from structural issues, non-compliance with building codes, or any other alleged negligence.

To get a free quote personalized for your construction business, speak to a Lloyd Sadd insurance expert today.

FAQs on Contractor Businesses in Alberta

How much liability coverage do contractors need?

Just like all types of insurance, the answer is: it depends! Factors like the type of work, associated risk, client profile, and more can all play a role in determining the right level of coverage.

When you work with us at Lloyd Sadd, you get expert advice and friendly, easy to understand explanations. If you’d like help, or are ready to get a personalized quote, reach out – we’re happy to help.

How do I submit a claim as a contractor?

We strive to make the claims process as easy as possible. When it’s time to submit a claim, you can either contact your insurance company directly through their portal or reach out to your advisor and we can submit the claim on your behalf.

If you don’t hear back from an adjuster within 48 hours, contact our team. We’ll follow up with your adjustor to get the information you need.

Through your insurance company’s secure portal, you should be able to view your claim status at any point. We also have dedicated Claims Advocates who will help you along this journey, mediate between your insurance company, and explain anything you don’t understand in simple terms.

What kind of insurance do HVAC contractors need in Alberta to protect against on-job accidents?

When considering on-job accidents, HVAC contractors in Alberta should consider the following coverage:

  • Employers’ Liability Insurance to cover any claims from employees in the case of an accident,
  • Commercial Auto Insurance to cover any claims or financial loss from a business vehicle accident, and
  • Errors & Omissions Insurance can safeguard against claims of negligence or mistakes resulting in an accident.

To get a free quote personalized for your HVAC business, speak to a Lloyd Sadd insurance expert today.

As an electrical contractor, how can I protect my equipment from theft or damage?

Electrical contractors can protect their equipment with the following coverage:

  • Business Interruption Insurance, which covers any damage to equipment caused by fires, floods, or mechanical issues,
  • Commercial Auto Insurance, which covers vehicles and the equipment within them in the case of theft, damage, and accidents, and
  • Product Liability Insurance may offer some protection for the equipment itself. This applies if it’s considered a product that you sell or distribute as part of your business services.

Feel free to contact a Lloyd Sadd expert advisor to learn more about how our policies can protect you.

Do renovation contractors require special insurance for historical building projects?

Renovation contractors working on historical building projects may require specialized insurance. This would include:

  • General Liability Insurance and Errors & Omissions Insurance to protect against claims of damage or negligence. This is important due to the higher risks and complexities involved in historical renovations.
  • Business Interruption Insurance to cover losses during unforeseen interruptions that could impact the timeline and costs.

Feel free to contact a Lloyd Sadd expert advisor if you have questions about coverage for a specific project.

How does a surety bond benefit contractors in Alberta?

Surety bonds provide a financial guarantee that the contractor will fulfill their obligations. This benefits contractors by giving them extra credibility.

Building that trust with clients can help to secure larger, more lucrative contracts.

Can landscapers in Alberta get insurance to cover damage caused by equipment to client property?

Yes, landscapers in Alberta can get insurance to cover damage caused by equipment to client property.

For example, General Liability Insurance, which protects against third-party claims of property damage.

What is Contingent Employers' Liability Insurance, and why might contractors need it?

Contingent Employers’ Liability Insurance provides coverage to contractors for liabilities arising from the actions of subcontractors.

This is especially important if the subcontractors don’t have insurance, and you might be on the hook for the entire claim.

This insurance is recommended for any contractors who hire subcontractors, offering protection against potential claims related to workplace injuries or damages caused by subcontractors.

Is Long-Term Disability Insurance necessary for contractors, and what does it cover?

Put simply, no, Long-Term Disability Insurance isn’t necessary for contractors, but is a great idea for extra protection.

If you are covered by WCB, you will already be protected in the case of any injuries or illnesses you sustain on work-related tasks. However, you won’t be protected from any illness or injuries you sustain outside of work that impact your ability to work.

Long-Term Disability Insurance is an income guarantee. It means you’re financially protected if any injury or illness prevents you from working. This type of insurance is particularly important for independent contractors who might not have other forms of income.

How can Errors & Omissions insurance protect contractors in the construction industry?

Errors & Omissions Insurance protects contractors from claims of negligence or mistakes that directly results in a loss to the client.
For example, picture you’ve just completed a kitchen renovation project for a client. Despite your careful work, an unforeseen design flaw in the shape of the sink has led to flooding. The client had to pay thousands for repairs, and now they are pursuing a lawsuit against you. With Errors and Omissions insurance, you’re covered for any legal costs or damages.

As another example, let’s say you subcontracted that work to another specialized trade. That person made an error or was negligent, and now they’re getting sued. You could be on the hook for any damages above their insurance cap!

With Errors & Omissions insurance, you’re covered for legal defense costs and any damages owed. You’re protected, and your business and reputation remain intact.