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. When you need a specific tool to do a job properly, you choose the right one. Using the proper tool is critical, and you will want to do the same when it comes to contractors insurance.
Contractors Insurance is a tool to make sure your business, you and your employees are appropriately protected from risks that arise while operating your business. Proper protection is essential. The right contractors insurance policy is an absolute must. If you don't have the right contractors insurance policy and you experience a loss, you could be left with inadequate coverage or no coverage. It's like having pliers when you really need a drill.
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. Our goal as brokers is to provide you with the contractors insurance policy that provides peace of mind. Having the right contractors insurance means you have one less thing to think about. It means you can focus on what you do best—operating and growing your business.
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 and will arrange comprehensive coverage for all aspects of your contractor's business.
We can provide 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 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. That's why our team specializes 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 contractor's 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 care, custody, and control of the general contractor. This type of coverage provides financial remuneration for claims, judgment, and/or settlement costs that may occur during the project, as well as 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 very expensive. In some cases, legal action and settlements or judgments can bankrupt a company. The reality is that a single claim could put you out of business—if you don't have contractors 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 commercial general liability does not cover all risks. There are additional coverages you should have as a contractor. 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 insurance needs.
Likewise, it's worth noting that before a specific job is granted, a contractor often needs to provide proof of insurance. This 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.
If you perform maintenance or repair services for commercial or residential customers, you will likely need contractors insurance.
Here are some examples of businesses that should have contractors insurance:
Contractors often think it is essential to have contractors insurance when they are doing a project or on a job. This is true.
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 provide protection 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.
If you do not have the proper insurance, you and your business could be found legally liable. This may result in millions of dollars of financial loss for your company, and even cause the closure of your business.
When you compare the risks of not having contractors insurance to the annual premium cost of a contractors insurance policy, you can see it's well worth purchasing protection.
The cost of contractors insurance 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 to find out what coverage you need and the cost of Ontario contractors insurance.
Contractors are not required by law to have contractors insurance. However, contractors insurance is well worth having to protect you from risks faced regularly as a contractor.
Contractors face a variety of risks every day, 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. Without insurance, contractors could face high expenses (such as legal fees), which they will have to pay for out-of-pocket. This can irreparably harm a contractor's business. Also, note that in many cases, contractors will be required to show proof of insurance before they get a contract and/or begin a job.
Need help? Our team of expert brokers are available to help. We will assess the risks you face on a day-to-day basis, 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 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 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. One of our expert brokers can help a contractor get the coverage he or she needs for their specific trade and business. Below are some common contractor's insurance coverages.
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 to protect yourself from injury, damages, and financial obligations. A contractors insurance policy can be tailored to your needs to protect yourself against legal liabilities properly.
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 insurance considerations for home builders and renovators. We always advise that you speak to a broker to learn about the proper coverages for your specific 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 insurance protection. If an error occurs, the client may hold you and your business responsible for damages. Electrical contractor insurance is capable of protecting you from lawsuits that may arise while work is being done or after it has been completed. Make sure to have electrical contractor Insurance no matter how large or small the job.
Although you may be the most experienced plumber, problems can still occur. Even a small mistake could lead to thousands and thousands of dollars in damages. For example, if newly installed pipes leak, a client may bring a lawsuit against your business. Plumbers insurance is essential to protect your contractor's business.
Although you may be the most experienced plumber, problems can still occur. Even a small 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.
If you are contracted to repair or install heating and air conditioning units inside residential or commercial properties, you are advised to carry commercial general liability insurance. HVAC insurance protects you in the event damages occur as a result of 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 as a result of 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 provides protection for these kinds of claims.
The price of 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 are trained to help with contractors insurance. We will 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. You can 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 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 need to be sure that all subcontractors you work with have their own contractors insurance. It is advised that you obtain a Certificate of Insurance from each subcontract you use, to verify that the subcontractor has commercial general liability insurance in place. You should also ask to be included as an Additional Insured on their insurance policy for work that you have subcontracted them to do.
If you are a subcontractor, it is equally important to have contractors insurance for your own protection. Use the services of a broker to make sure 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 to get the contractors insurance coverage you need to be appropriately protected while at work. Our brokers work for you, not an insurance company, and have training in managing the details of contractors insurance. Our team will shop around multiple insurers on your behalf and contact the companies to provide you with several competitive quotes, so you can 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 a variety of quotes. Our team is focused on helping you, and ensuring you get the best contractors insurance possible quickly and simply. No headaches. We know you have a business to run, and time is money. Let our award-winning commercial insurance brokers get you insured with the right contractors insurance tools.
To get started today, we invite you to fill out the online form below or give our qualified brokers a call at 1-800-463-8074.
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.