A renovation company needs workers, suppliers, subcontractors, and equipment in order to operate efficiently. For a renovation company to continue operating smoothly despite inevitable losses and accidents, the company is required by law to purchase insurance coverage. Insurance coverage is necessary to cover any claims or losses for wich the renovation company is responsible for.
So, what insurance do renovation companies carry in Calgary?
1. Worker’s compensation and employers liability.
This insurances policy cover the renovator, their workers, subcontractor and other employees for any injuries sustained and or diseases that may arise while performing their duties.
2. Professional liability, errors and omissions.This is a policy that protects Calgary renovation companies id they are taken to court for negligent performing their duties even if they have not made a mistake. It covers errors, omissions, mistakes arising out of the work or services performed by a renovator or the employees of the company.
3. Automobile liability and property damage insurance.This insurance cover is required to be taken by all Calgary renovations companies that utilize vehicles, hired and non-hired, in the performance of their renovation job. It helps to pay for the damages caused by another vehicle, or other types of property renovation job.
4. Builder risk insurance.Aso know as a course of construction, this insurance policy covers buildings under renovation, as well as fixtures, material, and equipment used in the renovation project.
5. Commercial general liabilityCommercial liability is an insurance coverage that protects Calgary renovation companies from various claims such as personal injury, property damage, and other claims that can arise from company’s operations, premises, products, contractual liability; and advertising and personal injury liability.
The above-mentioned insurance policies shed light on what insurance do renovation companies carry renovations companies in Calgary? A majority of this policies are required by law while others are a condition of service by homeowners. It is imperative for every single renovation company Calgary to take out these insurance policies.