Construction Insurance in Oakville

Construction Insurance in Oakville, Ontario, from Oracle RMS

Protecting your construction business in Oakville needs a unique approach. That’s why at Oracle RMS, we offer insurance coverage specifically tailored to meet the distinct needs of Oakville’s construction and contracting industry.

Commercial General Liability Insurance

Commercial General Liability coverage protects against financial losses from third-party bodily injury, property damage, or accidents on the job site. It covers legal fees, medical expenses, and repair costs if something goes wrong, ensuring both workers and employers are protected from significant financial burdens so they can focus on completing the job safely.

Commercial Property Insurance

Property coverage 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 reduce financial setbacks and keeping construction projects on track, even when unexpected damage occurs.

Business Interruption Insurance

This coverage helps protect against financial losses when work is interrupted by unexpected events like fires, storms, or other disasters. It covers lost income, rent, payroll, and other operating expenses during downtime, helping your business remain stable until you can resume work.

Commercial Auto Insurance

This insurance covers work-related vehicles like trucks, vans, and other construction vehicles. If an accident occurs, 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 essential for your job. If they’re lost, stolen, or damaged, it pays for repairs or replacements. This allows workers to get back to work quickly without worrying about costs and keeps projects on schedule and within budget.

Specialty Coverages for Oakville Construction Workers

At Oracle RMS, our standard commercial and personal insurance policies already cover many of the risks that construction workers and contractors in Oakville encounter. However, if you’re looking for even more comprehensive protection, you have the option to add extra coverage to enhance your business insurance.

Professional Liability Insurance

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

Builders Risk Insurance

Also known as Course of Construction Insurance, Builders Risk Insurance protects projects while they’re under construction, whether you’re building a new home, renovating, or making repairs. It covers risks like natural disasters, theft, and vandalism. It’s a good idea to get a quote before your project begins since some companies may not offer coverage once construction is underway.

Umbrella Liability Insurance

Umbrella Liability Insurance provides extra protection beyond standard policies. If the costs from accidents, injuries, or damages exceed the limits of regular insurance, umbrella insurance covers the additional expenses, ensuring that workers and employers are shielded from significant 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 covers these material-related risks.

Pollution Liability Insurance

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

Is Liability Insurance Coverage Necessary for Construction?

Absolutely. In fact, it’s a key part of managing risks, staying compliant with legal requirements, and maintaining credibility in the industry. Construction work comes with its fair share of risks, and liability insurance provides financial protection against unexpected accidents, injuries, or property damage. Plus, it’s often a legal requirement for construction companies to operate and avoid fines or penalties.

Some common types of liability insurance for construction companies include:

• Commercial General Liability Insurance: This covers a wide range of liability claims, like bodily injury, property damage, and personal injury claims.
• Professional Liability Insurance (E&O Insurance): Protects against claims of errors or negligence in professional work.
• Umbrella Liability Insurance: Offers extra liability protection beyond the limits of your primary policies, adding an extra layer of security against large claims.

Partner With Oracle RMS for All Your Construction Insurance Needs

With years of experience in construction insurance in Oakville, we know the unique challenges that construction workers and contractors deal with. That’s why we’ve partnered with top insurance companies in Oakville to create customized solutions tailored to your specific needs and the risks you face.

Contact one of our licenced insurance brokers at Oracle RMS today for a free construction insurance quote in Oakville, Ontario. Let us handle the insurance details so you can concentrate on running your business. And if you’re also looking for a home or commercial auto insurance policy, we’ve got you covered there, too!

FAQs

What are the policy limits and deductibles typically associated with construction insurance?

Policy limits and deductibles are usually based on the overall value of the finished project, taking into account all materials and labour costs.

How does course of construction insurance differ from permanent property insurance?

Course of construction insurance, or builder’s risk insurance, provides coverage for a building or structure while it’s under construction. It safeguards against risks such as fire, theft, and weather damage during the building process. On the flip side, permanent property insurance kicks in once construction is complete and the building is in use. This insurance protects against ongoing risks like fire, theft, and natural disasters after the building is occupied and fully operational.

What role does surety bonding play in construction insurance?

A surety bond ensures that a contractor will finish a project as promised, giving project owners financial peace of mind. If the contractor doesn’t meet the contract terms, the bond covers any financial losses or helps get the project completed. There are various types of surety bonds, like bid bonds, performance bonds, and payment bonds, each designed to make sure the contractor fulfills their responsibilities.

Can construction insurance policies be customized to specific project needs?

Yes, it often depends on the insurance company, but you can usually select coverage options that fit your project’s specific risks. This might include coverage for certain types of equipment, materials, or possible delays. This way, you get a policy that’s customized to your project instead of a generic, one-size-fits-all solution.

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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