As a building contractor with equipment and other company property on your premises, you need to include all this in your business insurance. You also need to take out specialized insurance when your equipment and other property is on job sites, including renos.
It’s very important to insure tools and materials on building sites where the risk of theft or damage is especially high at night when workers are absent. If your equipment is broken or stolen, you must be able to resume activities quickly in order to meet your contractual obligations.
Another must is civil liability insurance to cover on-the-job injury or damage to the building you’re working on or even to a neighbour’s property. This insurance also covers your employees. We all know a small mistake can sometimes have disastrous consequences, so it’s better to be safe than sorry!