FAQs for Newfoundland Contractor Insurance
Different industries may face different risks. Moreover, different risks may come with different price tags. If you are unsure on any front – whether that is to see what Newfoundland contractor insurance is best for your business, how much coverage you need, what it costs, or further details regarding your business and its protection, contact Bullfrog Insurance and ask. Below we have listed some of our most frequently asked questions to help you understand your policy better.
What does contractors insurance in Newfoundland cover?
Contractors insurance in Newfoundland is a type of insurance coverage that has been designed for Canadian contractors. It protects contracting businesses from two main risks:
- If your property is damaged or destroyed due to a covered peril
- If a third-party is hurt or has their property damaged and you are sued for negligence
In essence, contractor insurance in Newfoundland is designed to significantly reduce the financial burden of an unexpected event (such as a lawsuit or a fire). These costs can be financially devastating for businesses, and many smaller businesses cannot afford to cover these costs out-of-pocket. Hence, this coverage is considered essential for a business’ financial security.
How much does contractors insurance in Newfoundland cost?
In Newfoundland, contractor insurance depends on your industry. The riskier your occupation is perceived, the higher your costs will end up being. The cost of insurance will vary depending on these factors:
- Insurance coverage options
- Business operations
- Insurance history
- Physical location
- Annual revenue
What won’t my Newfoundland contractors insurance cover?
Insurance covers specific risks to your business, but the liability portion of your Newfoundland contractor insurance is only designed to cover you for claims of property damage or injury to a third party as a result of negligence. As such, this may mean your policy excludes:
- Financial losses resulting from the services you provide
- Damages to our own company’s property (you need property insurance for this)
- Injuries/property damage caused while operating a company vehicle (you need commercial auto insurance for this)
- Intentional damages or injury
- Injuries to your employees
Is it required for contractors to carry insurance?
Technically, only a landlord or client may require you to carry a certain amount of contractor insurance in Newfoundland. It may not be mandatory to carry protection to operate as a business, but you’ll have a hard time finding a base of operations – or even clients who will agree to work with you. Even without being a necessity, contractors insurance in Newfoundland is imperative as it protects your business against financial devastation due to an unexpected event or a lawsuit.