MIG Insurance is creating a world where insurance is bought, not sold. Our business insurance team is here to be your trusted advisors, offering the information you need to make the best decisions for your construction business. It’s a holistic approach to building a risk and insurance portfolio that will help you accomplish your business goals.
Buying insurance to keep your business running has never been easier! With our “Quote and Buy” tool, you can explore the insurance program that will be right for your business operations.
For independent tradesmen, by answering a few questions, you can buy the coverage you need right now for on the job and on the go. Simple, easy-to-buy coverage for the tools of your trade with policies delivered right to your phone or desktop in seconds.
For larger construction companies, this online resource will get the conversation started, and our team of insurance professionals will get started on building the right coverage for your business operations. Through a comprehensive review of your business operations, our team can help define your insurance protection program and maximize the effectiveness of your insurance spend by connecting you to the products that will matter most.
Contractors insurance includes all the following features that can be customized to your business.
Commercial General Liability (CGL)
Commercial General Liability (CGL) provides coverage for liability claims arising from bodily injury and property damage to others as a result of your operations. Losses and subsequent claims could be caused by you, your employees, your products, completed operations or by something occurring on your premises.
Contractors Equipment Insurance
Contractors Equipment Insurance (CEF) covers equipment at construction projects and job sites. This coverage is sometimes called a “floater” because the coverage follows the equipment from one job site to the next, as well as while in transit. Examples of equipment covered include mobile equipment, bulldozers, road-graders, forklifts, loaders, backhoes and skid steers.
Tools insurance covers your hand tools and portable tools when at a jobsite, in transit or while locked in a vehicle or storage. Each item is covered up to $1,500. Examples of tools covered include:
- Screw drivers
- Socket sets
- Nail guns
- Belt sanders
Property & Contents Insurance
Property Insurance ensures the hub of your business, the home base for your crews, is well protected. Contents Insurance provides coverage for your equipment and stock at your shop and office premises. This includes items used to run your business. Examples of contents covered include:
- Fax machine
- Merchandise/stock (example: flooring or tiles)
- Office furnishings
Liability Coverage Extensions
Your Commercial General Liability policy covers you for bodily injury and property damage to others as a result of your operations. This does not provide any coverage for errors made and the associated costs of making things right for your customer. Two important endorsements can be added to your insurance policy to provide a more complete package of protection specifically for contractors:
Contractors Errors and Omissions Liability Extension
Errors and omissions coverage will cover you for any claims resulting from errors made in your work. Basically, any error, omission or negligent act that results in failure of your work to meet specifications after installation and acceptance by your customer will be covered under this endorsement. An example of this would be:
“An HVAC contractor makes an error interpreting plans and installs equipment not to specifications, creating a problem in being able to complete finishing of ceiling components. The HVAC work needs to be redone to comply with plans.”
Rip and Tear Coverage
Another endorsement that will dovetail with Contractors E&O is Rip and Tear Endorsement (also known as Removal and Replacement). This provides coverage for the expense involved in removal and replacement of goods or products supplied by you or the cost of remedial action where removal and replacement can be avoided. In clear language, this protects against error in design, manufacture and blending or mixing of compounds. An example of this would be:
“An error is made in the composition of materials for a poured concrete floor. Within six months, the flooring cracks and crumbles and needs to be replaced.”
You can see how these important coverages work together to ensure there are no gaps or exposures that can cause financial disruption to your business.
Wrap Up Liability
Wrap Up Liability is a single insurance policy that names all participants on a project, consolidating additional liability coverage for all involved, including subcontractors. Coverage is extended usually for a period of ten years past the date of completion and will provide coverage for claims arising from construction defects.
Installation Floater Insurance
As a contractor or subcontractor, you need to be protected if your work is damaged on your job site or project. Installation Floater Insurance is protection for materials and work in progress. Installation Floaters are designed to protect the value of labour and materials of a contractor’s work in progress.
Additional Resources to Keep Your Business Running Smoothly
As an added benefit of being an MIG customer, you will have access to a wide range of resources to help run your business. Get plugged into tools that can assist your business with loss control, legislative compliance, health and safety, employee education and more.