Getting Insurance

Insurance is a very important element of any business. For professional contractors, there are a number of insurance coverage’s that you may want to consider.

Worker’s Compensation Board (WCB) Insurance

Workers’ compensation is disability insurance that provides your workers with compensation benefits if they are injured on the job. It also protects a business from lawsuit by your injured workers. In Canada, these are under the jurisdiction of the provincial governments. Depending on the province you reside in you may or may not have to carry worker’s compensation. For more information on your local worker’s compensation organization, and to apply for WCB Insurance, please see WCB coverage.

Comprehensive General Liability (CGL) Insurance

CGL Insurance can cover many different things but generally speaking covers bodily injury and property damage that you are deemed to be liable for.

Professional Liability (PL) Insurance

Professional Liability Insurance typically covers Professionals in the areas of errors, omissions, negligent acts and intellectual property infringement. Depending on the policy actually purchased it can cover you in the following areas:

  • Protects your company against allegations of errors, omissions, and negligent acts in the provision of your products or services;
  • Protects your company against allegations of Intellectual Property Infringement including copyright, trademark, service mark, trade name, trade dress, or trade secret;
  • Provides protection against exposures that are not covered under a standard general liability policy (GL policy available);
  • Provides coverage for compensatory damages as well as punitive damages where insurable by law;