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 about contractors insurance. A broker with specialized training in business insurance can assist you with 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, including contractor liability insurance! Ontario contractors, whether you are an independent contractor specializing in one trade, a general contractor, or a large corporate firm, you've come to the right place for complete, reliable insurance coverage. 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 commercial general liability, 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 contractor's business type.
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 contractors 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.
Here are a few examples of the kinds of claims that may be covered by contractors commercial general liability (CGL) insurance:
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 so you can avoid paying out of pocket for legal expenses related to general liability issues.
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 needs for contractor liability insurance in Ontario, 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 usually required before a bid is accepted. Subcontractors may also be required to show their 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:
If you are unsure if you require contractors insurance or what coverage you require, speak to a Morison Insurance broker. We are here to help.
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.
Commercial general liability contractor insurance 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, you will still be protected under your contractors insurance policy.
Ontario residents and businesses could be legally liable without the proper contractors liability insurance. Ontario contractors need to know that 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 a 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 must 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 in Ontario 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 contractor insurance, this is untrue. Whether you are a drywall installer, electrician, scaffold contractor, painter, or any other contractor, you should have the appropriate contractors insurance. Contractors can be 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 trade and business. Below are some typical contractor's insurance coverages.
If you are working as a contractor, you need contractors insurance. Ontario service and contractor professionals can protect themselves from third-party 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. The number of steps involved when building or renovating a home increases the risk of an accident. 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 during work 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. HVAC contractors face many risk exposures, and 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 cost 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 is trained to help with contractors insurance. Our brokers get to know your business, help you assess your risks and answer any questions. 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.
Ontario insurance brokers at Morison Insurance recommend $2 million as the minimum amount when considering the right coverage limits for commercial general contractors liability insurance. That being said, it's important to note that many contractors will need coverage limits that exceed $2 million. That may seem excessive initially, particularly if you've never had legal action brought against you and had to defend yourself in court against liability claims. Still, the fact is that liability expenses often go past $2 million and continue to rise from there. Your insurance company will, of course, only provide insurance compensation up to your general liability contractor insurance coverage limit. If your legal expenses are higher than the limit listed on your policy, you'll be required to make up the difference out of your pocket.
As it's not expensive to increase coverage limits for commercial general contractor liability insurance, Ontario contractors are usually best served by upping the limits for their general liability coverage. Some types of contractors with increased risk exposures, such as water and sewer contractors or demolition professionals, need a minimum of $5 million in general liability contractor insurance.
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 subcontractor 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.
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 about 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 proper 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.