Secure your contracting business in Alberta with comprehensive insurance solutions tailored for your needs. From liability to installation floater insurance, find affordable coverage with our advisors. Get started with a free quote and ensure your project’s safety and financial security.
Are you protected from the risks of contracting? Having the right insurance coverage means that you’re safe from financial setbacks, no matter what surprises come your way.
Lloyd Sadd offers specialized insurance policies for independent contractors. When you choose Lloyd Sadd, you get:
When you choose Lloyd Sadd, you gain not just an insurance provider, but a partner committed to your peace of mind and success.
Yes. Protecting yourself as a contractor is a smart choice. Having comprehensive insurance acts as a safety net, ensuring that your business will be ok in the face of any unexpected issues.
As a contractor, you face several risks. From accidental damage to a client’s property, to an injury on the job, an unforeseen incident can set you back.
We provide personalized policy recommendations to protect you against any risks you face in your specific line of work. For example, Professional Liability Insurance protects you in any situation where you’re accused of poor or faulty work. Even if you believe you aren’t at fault, you are still at risk of these allegations.
Being insured protects you from potential lawsuits and supplements any lost income from a work injury. Investing in the right insurance coverage is a way to guarantee not only your business, but also your peace of mind.
No, technically not. Most employers in Alberta are required to have Worker’s Compensation insurance for paid workers. However, independent contractors do not legally have to apply for this coverage for themselves.
As a contractor without Worker’s Compensation coverage, you are not covered in case of any workplace injury. Without Worker’s Compensation coverage, you will have to pay out of pocket for all medical costs. Additionally, you’ll get no financial assistance to supplement your lost wages.
Our expert advisors can help you determine if Worker’s Compensation Insurance is right for you. We’re here to ensure that you’re adequately protected, allowing you to focus on what you do best—building and growing your business.
Your contracting business is always at risk of being dragged into a legal battle. Even baseless claims can cause high amounts of stress and result in legal fees and damages. This can take a serious toll on your business (or, in a worst-case scenario, result in bankruptcy).
General Liability Coverage is a great place to start when protecting your business, as it covers most incidents. However, depending on your specific business risks, you may want to supplement this with an umbrella policy. The following policies are ways to expand your coverage in specific areas.
An unexpected event like a fire, a flood, or even technical issues can disrupt your business operations. If your work projects get postponed from any of these events out of your control, you will likely face lost wages. Additionally, you could also be at risk for a lawsuit from a client for delays.
With Business Interruption Insurance, you are protected from any financial impact from the delay. This can be in the form of lost wages, legal fees, and more.
Errors & Omissions Insurance, also called Professional Liability Insurance, protects business owners from any mistakes or alleged negligence. If your client believes you made a mistake, gave poor advice, or misrepresented information that directly resulted in a loss for them, you may face legal action.
Did you know: your standard auto insurance policy likely won’t cover you from any business impact stemming from vehicle issues?
If you rely on a vehicle for work to transport materials, tools, or any employees, you need to ensure you have more comprehensive coverage. Basic auto coverage won’t cover client losses from being unable to meet a project deadline due to vehicle issues.
If you rely on a business vehicle, you should consider Commercial Auto Insurance.
If you hire employees, Employers’ Liability Insurance is a no-brainer. This coverage ensures you’re protected from liability if your employees get sick or injured as a result of their work for you.
Worker’s Compensation coverage reimburses your employees for medical costs and lost wages. However, you may still be sued for any fees or damages not covered by Worker’s Compensation. For extra protection, particularly if you work in a high-risk role and hire employees or subcontractors, this coverage is for you.
Insurance premium costs depend on several factors. Some notable factors include the risk of the work performed, the number of employees, and the amount of coverage required.
High-risk industries may face higher premiums, and businesses with lower annual revenue benefit from lower rates. At Lloyd Sadd, we’ll work with you to build a personalized policy that meets your specific needs without breaking the bank.
A contractor bond is a legal guarantee that you, the contractor, will fulfill your obligations to your clients. It ensures that your client is protected from any financial loss if you’re unable to fulfill the duties in the contract. If you fail to complete a contract, you are bound to pay for any loss.
A contractor bond isn’t technically an insurance policy. In Alberta, certain projects, especially government contracts, may require you to sign a contractor bond.
Though you don’t need a contractor bond, it can be a great tool for building trust with clients and securing larger contracts.
It depends! WCB premiums are calculated using a number of factors, including risk, prior claims, and payroll. Premiums are determined annually from earnings and estimated annual costs. The minimum annual premium is $200.
For more information, refer to the WCB-Alberta Pricing Guide.
We all know that insuring your Business is not as simple as insuring your car or your home. Every business is unique, and needs a package of insurance that meets that business’ needs and provides the level of protection you’re comfortable with. Lloyd Sadd Insurance has helped me achieve the right type of insurance package.
Nason Contracting Group was previously insured by a national brokerage firm and we felt that a change was needed. Our experience with Lloyd Sadd has been an excellent one as they are very committed to our organization’s growth and success. They take an industry specialization approach and this has truly worked for us because their Construction Practice understands our construction issues.
This is a relationship that has been very beneficial to Keller and one that we value to the same degree as our legal and accounting firms. These are all important business partners to Keller – they help us grow successfully.
HVAC contractors perform precise installation work. This includes running furnace, ventilation, and air conditioning systems through a client’s home.
Here’s an example of an insurance recommendation for an HVAC contractor:
To get a free quote personalized for your HVAC business, speak to a Lloyd Sadd insurance expert today.
In general, electrical contractors should protect themselves with the following coverage:
Feel free to contact a Lloyd Sadd expert advisor to discuss the right policies for your electrical contracting business.
Renovation contractors work on a variety of projects, so the recommendations can vary greatly.
Generally speaking, renovation contractors would benefit from the following coverage:
To discuss your specific insurance needs as a renovation contractor, contact a Lloyd Sadd expert advisor today.
Construction contractors face a large amount of risk. Generally, construction contractors may undertake complex, large-scale projects that have many moving parts.
For construction contractors, we recommend the following coverage:
To get a free quote personalized for your construction business, speak to a Lloyd Sadd insurance expert today.
Just like all types of insurance, the answer is: it depends! Factors like the type of work, associated risk, client profile, and more can all play a role in determining the right level of coverage.
When you work with us at Lloyd Sadd, you get expert advice and friendly, easy to understand explanations. If you’d like help, or are ready to get a personalized quote, reach out – we’re happy to help.
We strive to make the claims process as easy as possible. When it’s time to submit a claim, you can either contact your insurance company directly through their portal or reach out to your advisor and we can submit the claim on your behalf.
If you don’t hear back from an adjuster within 48 hours, contact our team. We’ll follow up with your adjustor to get the information you need.
Through your insurance company’s secure portal, you should be able to view your claim status at any point. We also have dedicated Claims Advocates who will help you along this journey, mediate between your insurance company, and explain anything you don’t understand in simple terms.
When considering on-job accidents, HVAC contractors in Alberta should consider the following coverage:
Electrical contractors can protect their equipment with the following coverage:
Feel free to contact a Lloyd Sadd expert advisor to learn more about how our policies can protect you.
Renovation contractors working on historical building projects may require specialized insurance. This would include:
Feel free to contact a Lloyd Sadd expert advisor if you have questions about coverage for a specific project.
Surety bonds provide a financial guarantee that the contractor will fulfill their obligations. This benefits contractors by giving them extra credibility.
Building that trust with clients can help to secure larger, more lucrative contracts.
Yes, landscapers in Alberta can get insurance to cover damage caused by equipment to client property.
For example, General Liability Insurance, which protects against third-party claims of property damage.
Contingent Employers’ Liability Insurance provides coverage to contractors for liabilities arising from the actions of subcontractors.
This is especially important if the subcontractors don’t have insurance, and you might be on the hook for the entire claim.
This insurance is recommended for any contractors who hire subcontractors, offering protection against potential claims related to workplace injuries or damages caused by subcontractors.
Put simply, no, Long-Term Disability Insurance isn’t necessary for contractors, but is a great idea for extra protection.
If you are covered by WCB, you will already be protected in the case of any injuries or illnesses you sustain on work-related tasks. However, you won’t be protected from any illness or injuries you sustain outside of work that impact your ability to work.
Long-Term Disability Insurance is an income guarantee. It means you’re financially protected if any injury or illness prevents you from working. This type of insurance is particularly important for independent contractors who might not have other forms of income.
Errors & Omissions Insurance protects contractors from claims of negligence or mistakes that directly results in a loss to the client.
For example, picture you’ve just completed a kitchen renovation project for a client. Despite your careful work, an unforeseen design flaw in the shape of the sink has led to flooding. The client had to pay thousands for repairs, and now they are pursuing a lawsuit against you. With Errors and Omissions insurance, you’re covered for any legal costs or damages.
As another example, let’s say you subcontracted that work to another specialized trade. That person made an error or was negligent, and now they’re getting sued. You could be on the hook for any damages above their insurance cap!
With Errors & Omissions insurance, you’re covered for legal defense costs and any damages owed. You’re protected, and your business and reputation remain intact.
