Construction Insurance in Hamilton

Construction Insurance in Hamilton, Ontario, from Oracle RMS

At Oracle RMS, we know that protecting your Hamilton construction business requires a tailored approach. That’s why we offer customized Hamilton business insurance coverage to meet your specific needs in the construction industry.

Commercial General Liability Insurance

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

Commercial Property Insurance

This insurance protects buildings, equipment, and tools used on the job. It covers the cost of repairing or replacing items damaged by fire, theft, vandalism, or natural disasters, helping to minimize financial setbacks and keeping construction projects on track, even when unexpected damage occurs.

Business Interruption Coverage

This coverage helps protect against financial losses when work is disrupted by unexpected events like fires, storms, or other disasters. It covers lost income, rent, payroll, and other operating expenses during downtime, helping businesses stay stable until they can resume their projects.

Commercial Auto Insurance

This insurance covers work-related vehicles like trucks, vans, and other construction vehicles. In the event of an accident, 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 covers the tools and equipment used on the job. If these items are lost, stolen, or damaged, it covers the cost of repair or replacement, allowing workers to return to work quickly without worrying about the expense, keeping projects on schedule and within budget.

Specialty Coverages for Hamilton Construction Workers

Our standard contractor liability insurance policies cover many risks for construction businesses in Hamilton, but some workers might want to add extra coverage for more thorough commercial insurance protection.

Errors and Omissions Insurance (E&O)

E&O Insurance, also known as Professional Liability Insurance, safeguards contractors and construction companies from claims of negligence that lead to financial loss. If a third party experiences a financial loss due to negligence, faulty products, or mistakes, this insurance covers settlement costs if a lawsuit is successful, addressing gaps that general liability insurance doesn’t cover.

Builders Risk Insurance

Also called Course of Construction Insurance, Builders Risk Insurance protects projects during construction, whether you are building a new home, renovating, or making repairs. It covers risks like natural disasters, theft, and vandalism. It’s recommended to get a quote before your project starts, as some companies may not offer coverage once construction is in progress.

Umbrella Liability Insurance

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

Installation Floater Insurance

On the job site, during transit, or while being installed, materials are always at risk. If an accident happens, the contractor is responsible for the costs, even if they don’t own the materials. Installation floater insurance is designed to cover these material-related risks.

Pollution Liability Insurance

Pollution Liability Insurance covers costs arising from accidental pollution that results in property damage, bodily injury, or requires cleanup. This insurance can be customized for a specific project or period. In Canada, companies can face fines of $100,000 or more for violating environmental protection laws, and this insurance helps safeguard against those expenses.

Partner With Oracle RMS for All Your Construction Insurance Needs

At Oracle RMS, our clients always come first. You are at the heart of everything we do. With years of experience, we’ve proudly served the Hamilton community with our insurance expertise. Our tailored insurance products, designed for both commercial and personal insurance needs, address the unique risks that construction professionals face. Our team of licensed insurance experts knows the Hamilton market inside and out, and we are committed to being your trusted partner in protecting your assets, livelihood, and peace of mind. Reach out to Oracle RMS today for a free construction insurance quote in Hamilton, Ontario.

FAQs

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

Wrap-up insurance is a comprehensive policy that provides liability coverage for most if not all, members of a construction team working on large projects. It can cover everyone from owners and general contractors to engineers, architects, and trades like electricians and plumbers, all under one policy instead of each subcontractor needing their own.

Depending on the specifics, a wrap-up liability insurance policy might include:

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

Wrap-up liability insurance is needed for large projects where many different companies and trades are involved. By having one policy, it simplifies insurance management and ensures that everyone on the project is covered in case of accidents or other issues.

What is builder’s risk insurance, and how does it differ from general construction insurance?

Builder’s risk insurance covers the property and materials involved in a construction project, protecting against damage from things like fire, theft, or weather. It’s focused on the physical aspects of the project while it’s being built. General construction insurance, on the other hand, provides broader coverage by protecting contractors and workers from liability claims, like injuries or property damage that happen during the job. It also covers tools, equipment, and sometimes even accidents that occur off the construction site.

How does liability insurance protect construction contractors?

It safeguards construction contractors by covering costs if they are found responsible for injuries, property damage, or accidents on the job site. It helps cover legal fees, medical bills, and any settlements or judgments, easing the financial strain on the contractor.

Are subcontractors required to have their own construction insurance?

Yes, typically, subcontractors are responsible for their own liability risks. While general contractors may cover their full-time employees under their insurance, it’s rare for their policy to include subcontractors. If you are a subcontractor, it’s important to consult with a Hamilton insurance broker or provider to understand the coverage you need.

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,
google Review