Drywaller Insurance Ontario

Insurance For Ontario Drywall Contractors 

Drywall is one of the most common materials for building a home. This is due to its availability, ease and speed of installation, cost-effectiveness, and versatility. However, putting up drywall isn't something that just anyone can do since it requires a very particular set of skills to install properly. That's where you come in. Your skills as a drywall contractor are a very important ingredient in having several houses built. However, installing drywall does come with some risks. For example, a very expensive and specialized piece of equipment that you're using might get stolen or damaged, causing you to need to replace it. There's also the possibility that someone might trip and fall over your equipment and hold you responsible. It's also possible that some after-effects of your work has unintended consequences, such as lots of dust getting into your client's HVAC system, causing problems down the road that you are held responsible for. Luckily, in these circumstances, drywall contractors insurance is there to protect you in such a scenario. 

What Is Drywaller Insurance? 

Drywall contractor insurance is a type of business insurance that protects drywall contractors from risks such as liability claims from clients, lost or stolen equipment, as well as risks to company vehicles and potentially needing to temporarily shut down. Any of these events could cost a drywall contractor thousands of dollars. Although it is likely that you are doing everything reasonable within your power to lower the risk of these happening, sometimes events are out of your control drywaller contractor insurance will reimburse any losses if you suffer one of these insured risks.  

Who Needs Drywaller Insurance In Ontario? 

If you own a drywall business, work as a drywall contractor or work as a drywall subcontractor, then you need drywaller insurance. 

Every day, your work involves going into people's homes or commercial properties. Perhaps one day, you install new sheets of drywall in a basement that is in the process of being finished. Then, maybe the next day, you go to an office building that recently had a burst pipe flood the ground floor. You're responsible for making the necessary repairs or completing the needed replacements. 

Since drywall is a big part of most properties across Ontario, your services are truly integral. However, there are many risks associated with working as a drywall contractor, and it's important you are protected from these risks as much as possible. 

On any worksite, there is a chance that operations can go disastrously wrong. While patching a hole in the wall, one of your subcontractors might cut an important electrical wire. Or, a third party might trip over tools left on the ground, possibly injuring themselves. Not to mention the constant threat of theft when you have so much expensive and concealable equipment around. 

Not to mention, for many contracts, you may be required to have drywall contractor's insurance. Certain commercial employers may not hire you without it, and many residential clients will only hire a contractor who provides a certificate of insurance, meaning that skimping on drywaller insurance also has a high probability of causing you to lose out on some work. Give your business the best chance of success while protecting yourself from the worst with a drywaller insurance policy. 

Why Do Drywall Contractors Need Insurance? 

Any business owner understands the risks that come with operating a business. The cost of any form of business insurance is usually quite low, but it is well worth it. A single large out-of-nowhere expense, such as a legal cost or having to replace multiple pieces of equipment at once, can seriously damage the bottom line of any business, especially a small one. Drywall contractors insurance protects your drywalling business from a large variety of situations that could cause it to come crumbling down. 

Additionally, having a certificate of insurance opens you up to several additional clients, meaning that cutting corners by thinking you can save money by skimping on insurance will almost certainly backfire. 

What Is Covered By Drywall Contractor Insurance? 

Drywaller contractor insurance covers drywall professionals from potential liabilities, while also protecting their equipment and professional property. While a basic policy would include commercial general liability insurance at the bare minimum, there are many additional coverages you should consider to protect yourself, your tools and your employees. When it comes to workers' compensation insurance, it's important to know that this is usually provided by the government. 

We've detailed a basic outline of some of the most important coverages available to you. To learn more, we invite you to contact one of our insurance brokers today. 

Commercial General Liability Insurance 

One of the most fundamental insurance policies you should purchase is commercial general liability insurance. Having this type of insurance as part of your drywaller insurance policy protects you in two ways. Firstly, it ensures you are covered if found liable for a lawsuit or medical expenses because a third party was injured at your worksite. This could be something as simple as slipping and falling or injuring themselves with tools that were not adequately cleaned up after you and your team finished work for the day. 

The second way commercial general liability protects you is from the financial costs associated with repairs or replacements for property damage caused while you're at work. For instance, say you accidentally break a priceless antique while moving sheets of drywall, or one of your contractors bursts a pipe while drilling into the wall to patch a hole. It's imperative that you have liability coverage to protect against these risks. 

Professional Liability Insurance 

Professional liability insurance, also known as errors and omissions insurance, protects drywaller insurance policyholders against situations where you, your employees, or your subcontractors are accused of errors that end up costing your client gravely, such as causing physical damage to their property. Even if you're not found at fault, this type of coverage will protect you from having to pay the related legal fees in such a case. 

Commercial Auto Insurance 

If you use a work vehicle to get from job to job, then you need commercial auto insurance. This kind of coverage is basically like a personal auto insurance policy but for your work vehicle. There are even add-ons available to protect your tools from theft while they are in your car. It's important to note that if you work out of your home and use a personal vehicle as a work vehicle, you may still need commercial insurance. To clarify, if you need commercial auto insurance for your dual-purpose vehicle, we advise you to speak to a qualified insurance broker at Morison Insurance today. 

Commercial Property Insurance 

If you work out of an office building, then it's essential that you have commercial property insurance. In fact, even if you work from home and store tools in an outbuilding like a garage, you may need this policy to protect your assets. Work tools are often not protected by a homeowner's insurance policy. 

A standard commercial property insurance policy protects your property from disasters such as a fire or accident. This aspect of drywaller insurance also often protects your possessions—like tools, inventory and cash—from disasters, theft and vandalism. 

Tools And Equipment Insurance 

As a drywall contractor, your tools of the trade are among the most important assets your business has. Drywall installation, repair and replacement often require specialty tools, such as a drywall screw gun. Although you are likely taking every reasonable precaution to prevent the theft of your tools, materials, and equipment, something can still go wrong. Should these tools get stolen from your premises, and you don't have insurance, you may be out a pretty penny trying to replace them. 

Equipment Breakdown Insurance 

While there are coverages that protect your tools from theft or external disasters, like a fire, they don't protect your equipment from an internal breakdown. For that, you need equipment breakdown insurance as part of your drywaller insurance policy. However, you should know that damage caused by improper care, damage intentionally done by the policyholder, or regular wear-and-tear will not be covered by your drywaller insurance policy. 

Business Interruption Insurance 

Business interruption insurance is a kind of coverage that replaces your drywall business's income in the event you can't work because of a disaster or accident. For instance, if your office is damaged in a fire or natural disaster, and you lose your tools, then you may not be able to work until your office and/or equipment is replaced/repaired. This type of drywaller insurance covers operating expenses, a move to a temporary location, if necessary, payroll, taxes and loan payments. 

Additional Coverage Options For Drywall Contractors 

It should be noted that although the above types of business insurance are the ones that are most commonly applicable to drywall contractors, there are more available if you require them on your drywaller insurance policy, such as cyber liability insurance. If you would like to know if any of these additional policies are a good fit for your plan, it is recommended that you speak with your Morison Insurance broker. 

How Much Coverage Is Recommended For Drywall Companies? 

How much coverage your drywall business will need largely depends on the size of your business operations and the risks you are exposed to. A larger company that has a large service area and multiple company vehicles will likely require a more comprehensive drywaller insurance policy than an independent contractor who only works locally and only needs a single consumer-grade truck. If you would like to get an expert opinion on how much coverage you need, it is recommended that you speak to your Morison Insurance broker. 

How Are My Drywalling Tools Covered? 

There are many ways your drywaller insurance policy can protect your tools from loss, theft and damage. That said, there is no one-size-fits-all insurance policy, so it's important to confirm with your broker what your specific policy covers. For instance, commercial property insurance protects your tools from theft while on your premises but not while they are in transit. For that, you need a commercial auto insurance policy—although some insurance companies require both commercial auto insurance and a theft protection add-on. 

What Information Do I Need To Purchase Drywall Contractor Insurance? 

Preparation is key for ensuring your insurance application goes as smoothly as possible. A great way to prepare is by familiarizing yourself with questions your insurance broker is likely to ask. For example, at Morison Insurance, we typically ask the following questions when trying to find you the best drywaller insurance possible: 

• What are your gross annual revenues? 

• Do you do any work in industrial, manufacturing or airport sites? 

• When did you obtain your trade license, certification and accreditation? 

• Is this your full-time or part-time job? 

• Do you subcontract work? If so, what percent of your overall operations are subcontracted out? 

• Do you have contracts in place with your sub-contractors? 

• Do you request proof of insurance from your subcontractors? 

• Do you have insurance now? 

• Have you been cancelled/declined/non-renewed in the past five years? 

• Have you had any claims in the past five years? 

• Do you complete any remediation, asbestos or mold removal work? 

Please note that these are not the only questions that might be asked of you, as more might come up, and there might be other information you will want to volunteer. It is recommended that you know as much as possible about your situation before contacting your Morison Insurance broker. 

How Much Does Drywaller Insurance Cost? 

There is no set cost to drywaller insurance. This is due to the fact that different companies and individuals within the drywalling industry have different risks. If you would like a drywaller insurance quote, it is recommended that you contact Morison Insurance, and we will be happy to help you. 

What Impacts Drywall Business Insurance Quote? 

There are a number of factors that could impact your drywaller insurance quote. It should also be noted that although most insurance companies that the same handful of factors into account, they weigh these factors differently, when determining your drywall contractor insurance quote, meaning you will likely get different quotes from different companies. Some of the factors are as follows: 

• The size of the company. 

• The claims history of the policyholder. 

• The company's location. 

• Any precautions, such as workplace safety training, that take place to mitigate risk. 

• Any risks the company takes on, such as having any company vehicles. 

• The level of coverage desired. 

Please note that these are not the only factors involved, and there are many others. If you would like to know more potential factors that could impact your drywaller insurance quote, please contact your Morison Insurance broker. 

How Can I Lower My Drywaller Insurance Premium? 

There are multiple ways that you could save some cash by lowering your drywaller insurance premium without sacrificing the level of coverage that you have. This includes the following: 

• Lower risk with actions such as improving safety or having extra training. 

• Increasing your deductible. 

• Not making claims on small losses to keep your claims history clean. 

Please note that this is not a complete list of factors. If you would like to know more ways to lower your drywallers insurance quote without sacrificing coverage, it is best to speak with your Morison Insurance broker. 

Where Can I Get A Drywall Contractor Insurance Quote? 

You can get a drywaller insurance quote from Morison Insurance. Morison Insurance is a family-run 5-Star insurance brokerage with over 100 years of history providing insurance coverage that treats its clients like an extension of our family. Fill out the form below or call 1-800-463-8074 to get a quote on drywaller insurance or any other type of commercial or personal insurance that you would like to inquire about. You'll be glad you did. 

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.