Why Choose Us?
When you are a contractor your life’s work is in your business. If things go wrong you can count on our years of experience helping protect contractors of every trade and size. Let one of our experienced brokers help you choose the right contractors insurance for your business.
Why You Need Contractor Insurance
Contractor insurance is a type of insurance that provides protection for you and your customers. It covers you for liability, property damage, and other losses while working on a project.
The need for contractor insurance is not just because it protects you from all the risks associated with your work but also because it protects your customers from any potential lawsuits that might arise from accidents or other unforeseen events.
The truth is, you need it to protect yourself and your business. It’s important that you know the risks of contracting without insurance and how much it will cost you if something goes wrong.
The Basics of Contractor Insurance
We understand every contractor is different and you require a specialized policy for your business. There are many coverage options for your business, and no two policies are exactly the same. The coverage options listed below are some common options for you to consider. We will go over the different options to help you make an insurance package that is right for your business.
This is the part of your policy that pays if you cause an injury or property damage while running your business. An example would be accidentally cutting a pipe leads to water damage. Our brokers will help you understand the coverage and exclusions so you can make the right decisions to protect yourself and your business.
Pays to repair or rebuild your building after a loss. If your business is located at your home your homeowners policy will not cover any buildings used for business – these should be placed on your contractors policy.
This covers anything that permanently stays at the shop, such as desks, computers, stock, completed work, equipment, tools etc. Think of how much it would cost to replace everything in your shop. It is always a good idea to keep an inventory of all the items.
If you ever take your equipment with you to a job site, then it needs to be scheduled separately on your policy. This covers your equipment anywhere in Canada, so you can move it from one job to the next without worrying about telling your insurance company where it is at all times.
It always seems like we can never have enough tools, and they can add up quickly. Everything from hammers, screwdrivers, bits, drills, saws etc. You should keep an accurate estimate of how much it would be to replace all your tools that you take with you to a jobsite. Just like equipment they are covered anywhere in Canada, but it is important to choose the right limit.
This part of your policy covers if your work damages the property after your work is done. It won’t pay to correct your work, but it will pay for any additional damage that occurs. An example would be if you incorrectly installed a roof and it caused water damage – the company would pay to fix the water damage but not to redo the roof.
Other Items to Consider
This covers the cost to replace your own work if you make a mistake installing it. An example would be if you rewired a home wrong and caused a fire. Under your basic policy it would cover the cost to repair the fire, but you would be responsible for fixing the wiring.
Covers the materials used for a job before they are installed and while they are stored at the job site. It is similar to a tool floater, but for your stock rather than your tools. Examples: Lumber before it is used for framing, cabniets before they are permanently attached, flooring before it has been installed.
Even if you do not have a building you still could suffer a loss of income or extra expenses if your equipment was stolen, supplies caught on fire etc.
If you handle any chemicals you should consider adding pollution coverage to your policy. Pollution claims in Canada are becoming more common, as concern for the environment increases. Pollution comes in many forms such as oil, gas, asbestos, insulation, etc.
The majority of contractors policies on the market exclude any coverage from removing or weakening any load bearing walls or structures. Although doing so requires engineers to sign off, there is always the risk that there may be issues.
If you typically rent equipment throughout the year for different jobs, you need to make sure your insurance policy covers the equipment while it is rented. Adding it to your insurance policy is typically more cost effective than paying for the insurance through the rental comapny.
By no means is this an exhaustive list – every contractors needs are unique as the work they do. Please give our office a call 905-623-4406 and let us help you get the coverage you need. You can also click here and we will help you get your business insured today.