As a contractor and builder, you know that when you need a hammer, you use a hammer. When you need a drill, you use a drill. You choose the right one when you need a specific tool to do a job properly. Using the proper tool is critical; you will want to do the same regarding contractors insurance.
Contractors insurance is a tool to ensure your business, you and your employees are appropriately protected from risks arising while operating your business. Proper protection is essential, so having the right contractors insurance is essential. Ontario contracting professionals who need the right insurance policy and experience a loss could be left with inadequate or no coverage.
Insurance brokers are here to provide you with the information you need to know about contractors insurance. A broker with specialized training in commercial insurance can assist you through the process of getting contractors insurance that meets your needs. As brokers, we aim to provide you with the peace of mind that comes with knowing you have the right contractors insurance. Ontario contractors who have comprehensive contractors insurance can focus on what they do best—operating and growing their businesses.
Get the best contractors insurance coverage for your unique business needs! Whether you are an independent contractor specializing in one trade, a general contractor, or a large corporate firm, our brokers represent the most reputable insurers in Ontario. They will arrange comprehensive coverage for all aspects of your contractor's business.
We can provide contractors insurance coverage not only for the liability of your operations, but also for your truck or fleet of vehicles, your tools, equipment, rented equipment, your materials at job sites for installation, business interruption coverage, and a variety of extra expenses should a loss occur.
Contractors insurance is a specialized insurance package tailored to a contractor's specific type of work. It usually consists of contractors commercial general liability insurance, along with commercial building, property, tools and equipment, and commercial automobile insurance. In addition to these contractors insurance coverages, additional coverage may be required depending on the type of business that the contractor does.
Insurance focuses on managing risk. That said, here are a few general questions for Ontario contractors and builders to think about:
At Morison Insurance, our brokers know that it can be difficult and time-consuming for a contractor to assess their risks accurately when they need contractors insurance. Ontario brokers on our experienced team specialize in risk assessment and can make the process simpler and faster. We will ask questions about your company, such as what work is done, the size of your business, and how many employees you have. Your dedicated broker will get to know your business, so they can help you to determine the Ontario contractors insurance plan you should have.
Contractor general liability insurance protects contractors against lawsuits or claims arising from property damage and bodily injury—to clients or a third party—that may occur on a job site and during projects under the general contractor's care, custody, and control. This type of coverage provides financial remuneration for claims, judgment, and/or settlement costs that may occur during the project and those that may arise after a project is completed.
Here are a few examples of the kinds of claims that may be covered by contractors commercial general liability (CGL):
Risks such as these are part of the daily reality of a contractor. We all know lawsuits can be costly. Legal action and settlements or judgments can sometimes bankrupt a company. The fact is that a single claim could put you out of business—if you don't have contractor liability insurance.
If you are an electrician, carpenter, painter, plumber, heating and air-conditioner expert, concrete, stone, tile, plaster or masonry expert, roofer, general contractor, or specialize in another trade, contractors commercial general liability coverage is an absolute necessity.
It's important to note that not all risks are covered by the commercial general liability portion of contractors insurance. Ontario contracting professionals should be aware of additional coverages they should have as contractors. Several other coverages are discussed later in this article. We advise you to contact a licensed Morison Insurance broker to discuss your specific and individual professional liability insurance needs or to begin a contractors insurance quote.
Likewise, it's worth noting that a contractor often must provide proof of contractor insurance before a specific job is granted. Contractors who are experienced in their field already know that a certificate of insurance is often required before a bid is accepted. Subcontractors may also be required to show that they have their own liability insurance before beginning work. In fact, before employing subcontractors, you should ensure they are adequately covered under their own policy.
You will likely need Ontario contractors insurance if you perform maintenance or repair services for commercial or residential customers.
Here are some examples of businesses that should have contractors insurance:
Contractors often think it is essential to have contractors insurance when doing a project or on a job. But what if something goes wrong after a job is finished? A contractor could be found liable long after a job is done. Contractors insurance can also protect after the contractor has completed one job and has moved on to other projects.
Contractors' commercial general liability may cover contractors if the work they've done and finished is incorrect and results in damages. For example, if you install electrical wiring in a home and make an error, and several years later, there's a fire resulting in the home burning down or other damage throughout the house, then you will still be protected under your contractors insurance policy.
Ontario residents and their businesses could be legally liable without the proper contractors insurance. This may result in millions of dollars of financial loss for your company and even cause the closure of your business.
Comparing the risks of not having contractors insurance to the annual premium cost of an contractors insurance policy, you can see it's well worth purchasing protection.
The cost depends on factors such as the type of work you do, the size of your business, your insurance claims history, and how many employees you have. Contact your broker at Morison Insurance to find out what coverage you need and how to start a contractors insurance quote.
While contractors are not required by law to have contractors insurance, Ontario professionals who have had to deal with major financial setbacks will tell you contractors insurance is well worth having to protect you from risks faced regularly as a contractor.
Contractors face various daily risks, such as damage to their tools, theft, bodily injury, property damage, or being sued if an error is/was made in a project. Claims arising from these risks are often costly. With insurance, contractors could avoid high expenses (such as legal fees), which they will have to pay out-of-pocket. This can irreparably harm a contractor's business. Also, note that in many cases, contractors must show proof of insurance before they get a contract and/or begin a job.
Need help? Our team of expert brokers is available to help. We will assess the risks you face daily, explain coverages and insurance terms, and find a contractor's insurance policy that suits your unique needs.
Contractors insurance is recommended to provide protection, given the many risks contractors may encounter in their work and workplaces. No matter the size of the business, a contractor should have insurance.
While some contractors may think they do not need contracting business insurance, this is not true. Whether you are a drywall installer, electrician, scaffold contractor, painter, or any other type of contractor, you should have the appropriate contractors insurance. Contractors can be held liable for damages or injuries, and general liability insurance is essential. There are also other types of coverages that a contractor should have, such as builder's risk coverage. To learn more about contractors insurance and your specific needs, contact a broker who specializes in commercial insurance.
There are a variety of coverages available for contractors insurance. Expert brokers at Morison Insurance can help contractors get the coverage they need for their specific trade and business. Below are some typical contractor's insurance coverages.
Ontario contractors insurance is a unique policy that combines multiple coverages to protect and insure contractors. General and contractor-specific policies are bundled together to create a business owner policy unique to the needs and type of work and contractors.
If you are working as a contractor, you need contractors insurance. Service and contractor professionals can protect themselves from injury, damages, and financial obligations with the proper coverage. A contractors insurance policy can be tailored to your needs to adequately protect yourself against legal liabilities.
The home building and renovation sector is strong and growing in Ontario. Building homes can be complicated, and building projects can take a long time to complete. With the number of steps involved when building or renovating a home, it increases the risk that an accident may occur. This is when having the right home builders insurance is vital and most valued. Below are some of the contractors insurance considerations for home builders and renovators. We advise you to speak to a broker about the proper construction business insurance coverages for your home building or renovation company.
As an electrical contractor or electrician, you need to carry electrician insurance. Electricians may be sued as a result of the services they offer. Sometimes things can go wrong on the job site, and electricians will want the protection of contractors insurance. Ontario electricians must know that the client may hold you and your business responsible for damages if an error occurs. Electrical contractors insurance protects you from lawsuits arising while work is being done or after completion. Make sure to have electrical contractors insurance no matter how large or small the job.
Although you may be the most experienced plumber, problems can still occur. Even a tiny mistake could lead to thousands and thousands of dollars in damages. For example, if newly installed pipes leak or there is a flood, a client may bring a lawsuit against your business. Plumbers insurance is essential to protect your contractor's business.
Suppose you are contracted to repair or install heating and air conditioning units inside residential or commercial properties. In that case, you are advised to carry commercial general liability insurance. HVAC insurance protects you if damages occur due to your work. If there is property damage or somebody gets hurt because of your work, you may be sued by the party that suffered the accident or injury.
Should damages occur in residential or commercial properties due to a painting company's work, the painting contractor and the company may be responsible for any financial losses. Painters insurance and commercial general liability coverage protect these kinds of claims.
The price of Ontario contractors insurance is determined by several factors, such as what kind of work you do, the size of your business, and your insurance claims history.
Our team of licensed brokers is trained to help with contractors insurance. Our brokers get to know your business, help you assess your risks and answer any questions you may have. Additionally, our team will contact several insurance companies to get you several contractors insurance quotes. Review the quotes and discuss the coverages with your broker before determining which policy best suits your needs.
A general contractor is advised to ensure subcontractors have their own contractors insurance. The main contractor (general contractor) often hires subcontractors to carry out specific tasks on a project. Subcontractors are usually experts in various trades. Electricians, drywall specialists, heating and air contractors, plumbers, and others are often subcontractors.
As a general contractor, you must ensure that all subcontractors you work with have their own contractors insurance. You should obtain a Certificate of Insurance from each subcontract you use to verify that the subcontractor has commercial general liability insurance in place. It would help if you also asked to be included as an Additional Insured on their insurance policy for work you have subcontracted them to do.
If you are a subcontractor, having Ontario contractors insurance for your own protection is equally important. Use a broker's services to ensure you have the right protection.
Want to learn more about running a contractor's business in Ontario? FedDev Ontario has lots of info about running a contractor's business, including what you need to know about regulations, licenses, certificates, safety, the building code, warranties, health and safety, and more.
At Morison Insurance, our expert brokers can help you get the contractors insurance coverage you need to protect appropriately while at work. Our brokers work for you, not an insurance company, and have training in managing the details of contractors insurance. Ontario contractors can count on our reliable team to shop around multiple insurers on their behalf. We'll contact the companies to provide you with several competitive quotes to get the best coverage at a competitive price.
While applying for contractors insurance, your broker will ask for some details on your business, discuss your insurance needs, and contact several companies to get you various quotes. Our team is focused on helping you and ensuring you get the best contractors insurance possible quickly and with no headaches. We know you have a business to run, and time is money. Let our award-winning commercial insurance brokers insure you with the right coverage. We invite you to fill out the online form below or call our qualified brokers at 1-800-463-8074 to start a contractors insurance quote today!
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.