Contractors insurance

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Mike maur
It's been a pleasure dealing with Elizabeth, Def a Gem for her business. Amazing communicator and process dealing with all the paperwork was made easy and stress free. Keep it up !
Nov 28, 2024
Nasir Abbas Kazmi
I applied vehicle Finance through Swoop & lady Ikra help me from Beginning to end,she s very professional & helpful. Its just took 3 to 4 days & now i got new vehicle. I received Best customer services from Ikra & High recommend for this Swoop Finance.
Nov 26, 2024
Hazel Cuizon
Ayesha was very prompt and friendly to deal with and answered all my questions in a timely and professional manner. Very happy, highly recommend 🙂
Nov 24, 2024
Andrew Frazer
Cynthi was a fantastic help in organising what was needing and obtaining finance
Nov 8, 2024
Chris Skeates
Predrag and the Swoop team have been outstanding. Very attentive to our needs and staying on top of our funding request with their partners.
Oct 24, 2024
Leo Tsuo
Great experience. They quickly understood my needs and was fast to find a lender that met those needs. Highly recommend
Oct 22, 2024
Kash De Silva
I had a fantastic experience working with Elizabeth Tan for my business lending needs. She provided exceptional support and guidance, helping me navigate the process with ease. Her expertise and dedication were instrumental in taking my business to the next stage. I highly recommend her to anyone looking for lending assistance!
Oct 15, 2024
Shannon T
Cynthia has gone above and beyond, explained the process, consequences, and found me the most suitable solutions for my business in a very busy time! I found the help (even before I was guaranteed to use them) invaluable and the help made all the difference!
Oct 9, 2024
Jon Marc
Swoop came in at just the right time and there help was very much what took me over the hump to expand. They really know how to help and they follow up and make sure you’ve been taken care of!
Oct 8, 2024
Tendekai Mutemeri
Would recommend anyone to use my lovely lady, she went above and beyond to get me my business finance, the response when I had a question about anything and everything was on point, got me the deal I could have asked for, please use her services 🙂 😊 😀
Sep 6, 2024
North-CM
Ikrah was really phenomenal in providing finance for our company. Her communication was absolutely brilliant. Ikrah surpassed our expectation and really went above and beyond in ensuring all our needs were met as a business and we were satisfied on a whole. Absolutely pleasure to deal with Ikrah I shall ensure to pass your details on with other business associates. By far the best service I have ever been provided with…. 10/10
Sep 6, 2024
Aldo
Absolutely wonderful service. Cynthia was proactive, professional and 100% committed to get the best result for my company. I have not seen this performance in other companies in the last years and I am very difficult guy to deal with. Keep doing what you are doing Cynthia great job. Thank you.
Aug 29, 2024
Andy De Silva
Very helpful team I was kept in the loop throughout the whole process very happy with the APR rate quoted & received for my business loan I would certainly recommend using Swoop & will use again for future business development loans if required.
Aug 16, 2024
Consumer
Cynthia was fantastic! So quick and efficient at sorting out our finance and getting the best rate possible! Highly recommend.
Aug 12, 2024
Uchenna
Dave Cummings was amazing with helping my business secure funding for a company car. He was very patient and pleasant to work with. I highly recommend Swoop Finance for your business.
Aug 1, 2024
Brian Hardy
Working with Swoop made things easy, he provided us with two solutions to have available to support our growth and they work well. Having connections across North America (even Mexico) and beyond, definitely recommended.
Jul 31, 2024
Michael Fisher
Extremely quick quality service, Adrian was first class in answering any queries I had regarding the finance he had arranged for us. The whole process was pretty painless. Would most definitely recommend Adrian and Swoop
Jul 31, 2024
ACU
Fareeha's turnaround time in getting back with me after my initial call with her was very expedited and an overall great experience. Her overall efficiency, precision, and customer service is impeccable. I am thankful that she took my initial call (by way of Evelyn - Another 5 Star Swoop Employee). It has been a peaceful & solution-oriented experience thus far!
Jul 26, 2024
ACU
Evelyn was very informative and helpful in my first time contacting Swoop. She was very transparent and honest in her interactions and responses. Very on point employee in your company!
Jul 24, 2024
DriveNet, Ltd
I worked with Pedja at Swood to secure a term loan with BDC. What Pedja did that I could not was find the right contact at BDC to speak to. I had actually spoken to BDC before speaking to Swoop and they passed on partnering with us. Sometimes with financing it is who you speak to and Pedja introduced us to his BDC contact who was able to help us secure funding. It was as simple as an introduction but it made all the difference.
Jul 23, 2024
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    Page written by Chris Godfrey. Last reviewed on September 23, 2024. Next review due April 1, 2025.

    Controlling the day-to-day oversight of a project, managing vendors and tradesmen, and communicating with all involved parties throughout the course of an assignment can be a big responsibility that’s often fraught with risks – accidents can happen, materials and technology can fail, bad weather can blow the roof right off your schedule. Any one of these events could cause lasting harm to your contractor’s business, perhaps even close your business down.

    Fortunately, there’s an answer to this dilemma. Available to all contractors and to cover almost any eventuality, comprehensive contractor insurance is a valuable emergency lifeline. Use it to offset risk, to create a financial cushion, and to avoid the potential for disaster should the best laid plans go wrong. 

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      Why do contractors need insurance?

      The potential for accidents, errors and omissions in any major project is high. To protect against the claims and costs that could arise from these type of problems, contractors buy insurance to meet legal compliance, risk management, and client requirements, as well as to protect their employees, assets and financial stability. 

      This means covering potential damages arising from…

      Accidents and injuries

      It could be a simple slip at work, an injury caused by faulty machinery, or any one of the hundreds of ways employees and vendors can get hurt while working for you – but they all add up to the same thing: The potential for major financial pain. When workers are injured in the course of the work, liability often falls on the contractor who hired them. Claims for injury can run to more than CAD $250,000 depending on the circumstances of the accident and the injury it has caused. Can your business afford this size of loss?

      Technical problems

      Accidents aren’t the only problem that contractors routinely face. Power outages, technology failures, faulty materials, and late deliveries can all affect your schedule, making you liable for late penalties, buying fresh materials and equipment, and redoing work you thought you’d finished. None of these issues come cheap. Some of them can put small and mid-sized contractors completely out of business.

      Loss of earnings

      Contractors are typically paid in stages, with tranches of money paid over as phases of the project are completed. Unfortunately, late completion often means late payment – but your employees, suppliers and vendors will still need paying all the same. Loss of earning due to problems beyond your control can severely hurt your cashflow, impact your ability to operate, put you at risk of default on loans, and disenfranchise your entire workforce.

      Is contractor insurance a legal requirement?

      No. Only Employer’s Liability Insurance is mandatory by law. However, some clients may demand proof that you’re fully insured before doing business with you, and it could be specified in your assignment contract, or required by your industry, professional body, or trade guild. 

      Industries that typically require contractor insurance include:

      • Construction
      • Public Transport
      • Power and Water Utilities
      • Telecommunications 
      • Shipping and Logistics

      What insurance is available for contractors?

      Contractor insurance is a business insurance that comes in all shapes and sizes. From protecting workers and hard assets, to reducing risks caused by bad weather, late deliveries, loss of earnings, and planning errors, the specific types and amounts of insurance contractors need varies according to the nature of the work they are undertaking and their contractual obligations. 

      Important contractor insurance includes:

      Public Liability Insurance

      Public Liability Insurance protects your business if someone is injured, or their property is damaged because of the services that you or your business provides. This type of cover, also known as PL or Liability Insurance, is designed to protect contractors against third party claims for injuries or property damage from a customer or client, passer-by, or a visitor to your business premises – including building sites – whether you’re at fault or not.

      Professional Indemnity Insurance

      Professional Indemnity Insurance, also known as Professional Liability Insurance, is an essential type of cover for businesses that advise clients, help them navigate complex financial or legal affairs, or provide them with vital information that is published in the media. In these kind of cases, errors can cost thousands or even millions in legal compensation claims. Professional Indemnity (PI) can protect you if a client makes a financial loss because of your work and then makes claim against your business. Trade associations, government bodies, public institutions, and major customers will often require proof of a minimum level of PI insurance before contracting business out to you.

      Employers’ Liability Insurance

      Employers’ Liability Insurance (ELI) is a legal requirement for most US employers. ELI protects you and your employees, (including those who no longer work for you), should they be injured or become unwell as a result of working for your business. ELI typically covers the associated legal and compensation costs, and other damages of such events, but it can also cover accidental injury or damages caused by an employee to a third party, like your customers. 

      Portable Equipment Cover 

      Portable Equipment Cover protects the machinery and equipment you take from job to job. This includes things like tools, generators, lighting rigs, tech devices, ladders, and testing equipment. The portable nature of these essential items makes them more prone to loss, theft, damage, and accident, and their replacement can often be expensive.

      What does contractor insurance cover?

      Contractor insurance can protect you from:

      • Claims made for injury or damage to employees, sub-contractors, clients, members of the public
      • Property damage
      • Project errors and omissions (also known as contract works)
      • Theft of tools, equipment or plant (both owned by you or hired in) 
      • Loss of earnings
      • Legal disputes
      • And more

      How much does contractor insurance cost?

      The average cost of contractor insurance is $29 per month, but just as no two US businesses are alike, so no two contractor’s insurance needs are the same. Costs will depend on your business type and the risks attached to what you do or sell, making every quote unique. 

      How Swoop can help

      All business involves risk, but that doesn’t mean you have to suffer the consequences if things go wrong. Contact Swoop today to discuss all your contractor insurance needs. Don’t let an accident, mistake, or omission wreck the business you’ve worked hard to build.

      Written by

      Chris Godfrey

      Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.

      Swoop promise

      At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple – to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.

      Find out more about Swoop’s editorial principles by reading our editorial policy.

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