Solar energy contractor insurance also known as general liability insurance for solar energy companies provides financial protection to energy companies in the event they cause losses, damages, or bodily injury to clients or third parties. This coverage kicks in only when the cause of damages is covered under the policy.

 

Risk Prevention For Solar Energy Contractors – General Liability Insurance

There is no doubt that all Canadian solar energy contractors face significant risks daily. Many of these risks are minor, but nonetheless they could lead to a claim or lawsuit. Whether you are working on a residential or industrial facility, these risks still apply. As a solar energy contractor, you are probably wondering how is it possible to reduce these risks. Well, the answer is solar energy contractors insurance. This coverage kicks in to protect contractors in the event they are facing a third-party claim or lawsuit. And, the best news is it is flexible, diverse and customizable. How much does solar energy insurance work? Well, you will find the answer and so much more below.

 

How Does Liability Insurance Work?

No solar energy contractor wants to pay for insurance that they believe does not work. Fortunately, this is not the case for general liability insurance for solar energy contractors. This policy is specifically designed to kick in when a third-party files a claim or lawsuit against the contractor. It not only covers medical costs related to third-party injuries, but also covers litigation and court costs. When you really consider how much solar energy insurance really covers, it is questionable why any contractor would want to accept the risks and not get covered.

 

Insurance Policies Are Customizable

What good are Canadian insurance brokerages if they are not willing to work with their customers? Well, they would actually be rendered useless, especially when it comes to the solar energy industry. Contractors working in this industry face unlimited risks on a daily basis. Not only are they a risk, but also their employees and subcontractors are as well.

Any solar energy contractors is aware of the fact that an accident can occur at the drop of a hat. These accidents could be related to a fall or malfunctioning equipment. Whatever the case may be, they could result in third-party property damage or bodily injury. While most property damage claims can be cleared up quickly, this is not always the case with bodily injury claims.

In fact, a third-party could sustain an injury that will leave this disabled for the rest of their life. And, these claims often end up in court with the third-party fighting for monetary compensation. While some contractors will manage to cover these expenses, others will end up filing bankruptcy and closing their doors permanently, both of which could have been prevented with solar energy company liability insurance.

Average Premium

It is truly difficulty to determine how much any solar energy company would be required to pay for general liability insurance without a quote. Each contractor has unique needs and preferences, so the monthly or annual premium will vary. A contractor operating in Canada could pay anywhere from $720 to $2,000 a year for this coverage.

 

A Call Away

As one of the top insurance brokerages in Canada, we have a reputation of working with solar energy contractors to help them customize a policy that will protect against financial loss associated with daily exposures. Our goal is to not stop until we find the right policy for each and every contractor. We even go so far as to reevaluate the initial policy to make sure it is still effective as the day it was activated.

 

We can also provide a construction bond for solar energy companies in the event a bid or tender requires a financial guarantee in place.

• Construction Bid Bonds – Financial Security for Contract Bidding.
• Maintenance Bonds – Provides protection for a lengthier period of time.
• Performance Bonds – Guarantee of work being completed.
• Payment Bonds – Provides protection for payment workers.
• Subdivision Bonds – A bond used for subdivison development.
• Site Improvement Bonds – Making improvements to an existing project.
• Labour And Material Bonds – Helps cover Labour and Materials Cost.
• Surety’s Consent or Agreement to Bond – Agreement with the Bond Issuer.
• Bad Credit – Bonding for Businesses with poor credit.
• Fiduciary Bonds – Similar to Insurance (Protects your business)

 

 

Frequently asked questions

• What Is Covered Under A Contractors Insurance Policy?
• Types Of Contractors That Need Contractors Insurance And The Reasons Why?
• How Much Does Contractors Insurance Cost?
• A Comprehensive Guide For Learning How To Apply For Contractors Insurance?

 

Other Types of Contractors We Commonly Insure