Construction Insurance in Barrie

Construction Insurance in Barrie, Ontario, from Oracle RMS

Here at Oracle RMS, we know that safeguarding your Barrie construction business requires a customized approach. That’s why we offer tailored contractors insurance to meet your specific needs.

Commercial General Liability Insurance

This insurance protects against financial losses from third-party bodily injury, accidents, or property damage on the job site. It covers legal fees, medical expenses, and repair costs if a worker causes harm or damage, ensuring both workers and employers are shielded from major financial burdens and can focus on completing projects safely.

Commercial Property Insurance

This insurance safeguards buildings, equipment, and tools used on the job. It covers the costs of repairing or replacing items damaged by fire, theft, vandalism, or natural disasters, minimizing financial setbacks and helping construction projects run smoothly even when unexpected damage occurs.

Business Interruption Coverage

This coverage protects against financial losses when work is halted due to unexpected events like fires, storms, or other disasters. It covers lost income, rent, payroll, and other operating expenses during downtime, helping businesses remain stable until they can resume their projects.

Commercial Automobile Liability Insurance

This insurance covers work-related vehicles such as trucks, vans, and other construction vehicles. If an accident happens, it helps pay for damages, medical bills, and legal fees, protecting both the driver and the company from large financial losses and ensuring smooth business operations.

Tool and Equipment Insurance

This insurance protects the tools and equipment used on the job. If these items are lost, stolen, or damaged, it covers the cost of repair or replacement. This allows workers to quickly return to work without worrying about the expense, keeping projects on schedule and within budget.

Specialty Coverages for Construction Workers in Barrie

Our standard contractor insurance policies cover many risks for Barrie construction businesses, but some workers may want to add specialty coverages for more comprehensive protection.

Errors and Omissions Insurance (E&O)

E&O Insurance protects contractors and construction companies from claims of negligence causing financial loss. If a third party suffers financial loss due to negligence, faulty products, or mistakes, this insurance covers potential settlement costs if a lawsuit is successful. It fills in gaps that general liability insurance doesn’t cover.

Builders Risk Insurance

Builders Risk Insurance, also known as Course of Construction Insurance, covers projects during construction, whether building a new home, renovating, or making repairs. It protects against natural elements, theft, and vandalism. It’s recommended to get a quote before starting your project, as some companies may not offer coverage once construction is underway.

Umbrella Liability Insurance

Umbrella Liability Insurance provides additional protection beyond standard policies. If the costs from accidents, injuries, or damages exceed regular insurance limits, umbrella insurance covers the extra expenses. This ensures workers and employers are protected from major financial losses, allowing them to focus on their projects with peace of mind.

Installation Floater Insurance

Materials are always at risk on the job site, during transit, or while being installed. If an accident occurs, the contractor is responsible for the costs, even if they don’t own the materials. Installation floater insurance specifically protects against these material-related risks.

Pollution Liability Insurance

Pollution Liability Insurance covers costs from unexpected accidental pollution that causes property damage, bodily injury, or requires cleanup. This insurance can cover a specific project or a set period. In Canada, companies can face fines of $100,000 or more for breaking environmental protection laws. This insurance helps protect against such costs.

How Much Does Construction Insurance Cost in Barrie, Ontario?

The cost of construction insurance in Barrie, Ontario, varies significantly depending on your business specifics. Premiums are influenced by factors such as the type of construction work you perform, the size and revenue of your business, your claims history, and the coverage limits you select. Contact Oracle RMS today to get accurate quotes tailored to your needs.

Partner With Oracle RMS for All Your Construction Insurance Needs

At Oracle RMS, our clients always come first. You’re our top priority and the driving force behind all we do. With many years of experience, we’ve been serving the Barrie community with expertise in insurance. Our construction insurance, designed for both commercial and personal needs, addresses the specific risks faced by construction workers. Our team of licensed insurance professionals understands the Barrie market well, and we aim to be your trusted partner in safeguarding your assets, livelihood, and peace of mind. Contact Oracle RMS today for a free construction insurance quote in Barrie, Ontario.

FAQs

What is wrap-up liability insurance, and when is it needed?

Wrap-up insurance is a comprehensive liability policy that covers most (if not all) team members working on major construction projects. It can cover owners, general contractors, engineers, architects, and various trades like electricians and plumbers. Wrap-up liability insurance includes them all under a single policy, instead of each subcontractor having their own separate coverage.

While policies can vary, a wrap-up liability insurance policy can include:

• Commercial general liability insurance
• Builder’s risk insurance
• Professional liability insurance
• Pollution liability insurance
• Umbrella commercial insurance
• Workers’ compensation

There are two types: owner-controlled and contractor-controlled. Owner-controlled insurance is arranged by the project owner to benefit the builder or contractor and covers all listed contractors. On the other hand, contractor-controlled insurance is set up by the general contractor to extend coverage to all contractors and subcontractors involved in the project.

Are subcontractors required to have their own construction insurance?

Generally, yes. Subcontractors, while part of a larger project, usually have control over their specific tasks and are responsible for their own liability risks. General contractors managing a construction project can use their insurance to cover their full-time employees, but it’s uncommon for their policy to include subcontractors. To learn more about what insurance you need as a subcontractor, speak to an insurance provider or broker.

How does construction insurance handle claims for defective workmanship?

General construction insurance includes general liability insurance, often with completed operations insurance. Completed operations insurance protects construction companies or contractors after a project is finished, covering costs of claims due to defective workmanship, like structural issues or faulty installations. It ensures financial protection for workers and the business even after the project is handed over.

This insurance also helps with breach of contract and negligence claims, providing compensation for damages or injuries, and can cover punitive damages. While usually part of general liability insurance, contractors can buy additional policies to cover losses and injuries beyond standard limits.

What is the process for filing a construction insurance claim in Barrie?

The construction insurance claim process is similar to that of other business insurance claims. It usually involves five main stages, though it can vary slightly depending on the situation.

1. Initiate the claim: Contact your insurance company or broker to start the process. Provide a detailed list of damaged or lost items, along with photos or videos.
2. Investigation: An adjuster will investigate to determine the amount of loss or damage covered by your policy and identify any responsible parties. You can assist by providing witness information or contact details of other involved parties.
3. Policy review: The adjuster will review your policy to determine coverage and inform you of any applicable deductibles.
4. Damage evaluation: The adjuster will offer a list of preferred vendors for repairs, though you are not obligated to use them.
5. Settlement: After repairs are completed and items replaced, the adjuster will contact you to settle and pay your claim.

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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