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Construction Insurance Broker

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Construction Insurance Broker

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Construction Insurance & Builder Risk Insurance

Construction insurance is designed to protect a wide variety of professionals in the construction industry, including developers, property owners, contractors, roofers, demolitionists and other construction related occupations.

While many types of business insurance are branded as only optional to their respective business owners, construction insurance is uniquely required by clients and hiring bodies for construction workers before they start a project.

In the construction industry, the risk is often high for the workers involved. To keep your construction or contracting business going, it’s important to get a solid insurance policy. Sharp Insurance brokers will find you secure insurance coverage at affordable rates.


The Right Construction Insurance Solution

Whether you are a contractor looking to insure your construction site, or a tradesperson needing liability insurance, we’ve got you covered. At Sharp Insurance, we understand the evolving needs of risk management in the construction industry which is why our brokers can custom-tailor coverage to suit your unique needs.  

We offer a variety of different insurance products catered to residential and small commercial construction projects. Below is a list of our most needed coverage options:  

Commercial General Liability Coverage for Contractors 

Commercial general liability coverage (CGL) is insurance for third-party claims such as bodily injury and property damage for contractors and project owners.

When you and your employees are working at jobsites, using heavy machinery and equipment, there’s always the risk that you could unintentionally cause property damage or injuries to a third-party. If you should be held liable, this insurance covers the cost of any legal expenses, medical bills and repair costs, up to your policy’s limit.


Course of Construction Insurance

Course of construction insurance, also called builder’s risk insurance, is insurance for damage or loss to residential or home construction projects. In most cases with this policy type, several parties may be included in the policy, including the property owner or developer, general contractor, subcontractors, lenders and construction managers.

Typically, the responsibility of obtaining builder’s risk insurance falls to either the building owner (especially in residential cases) or the general contractor. This is because these two parties are the ones who are most financially invested in the project and would end up facing a larger financial loss if something unexpected were to happen.


Wrap-up Liability Insurance 

Wrap-up liability insurance is insurance for a specified project from start to finish. This type of insurance policy is designed to cover team members involved in a construction project, including the project’s owners, engineers, project managers, developers and contractors. Wrap-up liability insurance insures these parties against general and third-party liability exposures related to the project.

Wrap-up liability insurance is for projects worth $10 million or more and may be purchased in two forms: contractor-controlled and owner-controlled. Contractor-controlled wrap-up insurance may be used by a general contractor to extend protection to all subcontractors and contractors that are signed on to a project.

Owner-controlled wrap-up insurance is designated by the owner of a project for the benefit of a contractor or builder to cover all contractors listed on the project.


What Does Construction Insurance Cover?

Many contracting companies and construction companies will carry commercial general liability insurance, which may cover the following:

  • Settlements
  • Judgement awards
  • Medical bills
  • Repair costs
  • Administrative fees

Some construction insurance policies include coverage for a business’ physical assets, including equipment, automobiles, etc.


The following may also be covered:

  • Commercial automobiles, including sedans, vans, trucks, etc.
  • Power tools and hand tools
  • Heavy machinery
  • Work gear, safety equipment, etc.
  • Warehouses
  • Office supplies
  • Furniture, electronics
  • Building materials
  • During a construction project, buildings and structures are especially vulnerable to potential exposures. A construction insurance package might include the following during construction:
  • Materials
  • Structure foundations
  • Temporary structures
  • Paving, outdoor fixtures
  • Signage and landscaping


Most construction insurance policies will have a standard array of physical perils that they will provide coverage for, such as:

  • Fire damage
  • Smoke damage
  • Falling objects
  • High winds
  • Hailstorms
  • Lightning
  • Theft and vandalism

Construction insurance may exclude coverage for intentional damages, criminal activities, fraud and breach of contract. Each policy has its own specific exclusions, so it’s recommended that you familiarize yourself with the contents of yours. If you need help working through the details of your policy, our brokers are more than happy to walk you through your policy.


Recommended Coverages For Construction Insurance

Are you in the business of installing, building or fixing residences or commercial buildings? Then you know there are a lot more risks than in most other business. From on-site injuries to property damage, to equipment failure, anything could happen on any given day. That’s why we have a suite of construction insurance products to help protect you and your business.

Here’s a list of Contractors insurance coverage we recommend:

Business Liability or Commercial General Liability

Covers you from liability losses including defense costs and third-party injuries. Any construction business or contracting business may need and can offer insurance for the following expenses:

  • Medical bills
  • Legal fees
  • Defence costs
  • Administrative fees
  • Settlements
  • Judgement awards
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Commercial Vehicle Insurance

Many construction companies use commercial vehicles to conduct daily business. Whether it’s to transport employees from one job site to the next, to carry materials, transport heavy equipment or to do deliveries, a commercial vehicle insurance policy is required.

Commercial auto insurance can insure business vehicles against physical losses, offer liability coverage and protect the business from any vehicle-related losses.

Fleet insurance may be required if your business uses five or more commercial vehicles.

Equipment and Tools

As a construction company, you depend on their equipment and tools to get work completed. Your tools and equipment can vary, but typically equipment valued under a certain amount may be insured under an equipment and tools insurance policy. You can also get an equipment breakdown insurance policy, which can insure your physical assets and equipment against losses due to internal malfunction and breakdown.

A construction insurance policy may also include insurance coverage for heavy machinery, such as excavators, bulldozers and dump trucks. These heavy pieces of equipment are more expensive than your average power tool and may need a separate insurance policy.

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Installation Coverage Insurance

Installation coverage insurance covers materials you use to do your job. This type of insurance covers your materials being shipped or transported to a job site, damage protection during transportation of goods and installation and testing.

This floater may also cover similar properties in your control and labour costs that are associated with the installation of the covered property.

This floater is a crucial add-on to any construction insurance policy. An installation coverage insurance policy can alleviate stress during the installation of equipment and when there is a potential risk of equipment loss during transportation, installation or on the installation premises. This coverage can also be combined with builder’s risk insurance.

Get a free construction insurance quote with Sharp Insurance today. Our construction insurance brokers are happy to help you get started.

How to Get Cheap Construction Insurance Rates

Making your way through the world of insurance may seem overwhelming. That’s why working with a broker is so valuable. We are here to take the guesswork out of insurance. You might be wondering; how do you get affordable construction insurance?

Sharp Insurance works with some of the most trusted insurance companies in Canada. When we work with you, we’ll connect you with some of the industry’s best insurers.

We know insurance. With our combined insurance experience, our attention to detail, and our unwavering dedication to our customers, you can feel confident knowing we’ll do what it takes to get you the right coverage options and rates for your business. In addition, we have insider knowledge on discounts and your eligibility depending on your situation.

Get a construction insurance quote online or give us a call and we will find you coverage so you can continue to work with confidence.

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We’re Ready to Serve You

As an insurance brokerage, Sharp Insurance is dedicated to working for its clients over any one insurance company. Our efforts are aimed at supporting you and your construction business.

 Our insurer partners offer the best
rates and coverage options! 

Did You Know?

You may be a contractor working on a construction site or a homeowner renovating your home. A course of construction insurance is a great way to stay covered in the event of a fire or theft during your construction project. COC insurance is offered in Alberta as a standalone policy and as an extension to an existing property insurance policy.

Get your project covered.

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