Contractors: Make Sure Your Work Is Insured

For contracting companies, protection is a key aspect that can be forgotten. Whether your contracting company is small or large, working across the province or just in the city, having the right insurance can make all the difference. Every contracting company, no matter their specialty, takes on risk with every job they accept. Mitigating these risks is part of having the right insurance policy.

Contractors Insurance, or Contractors Liability Insurance, is an insurance policy that protects your company against many of the risks associated with contracting work. From equipment to personnel to potential claims, Contractors Insurance is a valuable and needed insurance policy if you work in this industry.

Contractors Insurance

Hundreds of thousands of people are employed by contractors in Canada every year. Construction comprises the second largest industry in Ontario, so this remains a highly important aspect of Ontario’s economy. To keep Ontario moving and growing, contractors need the right insurance coverage in order to do the jobs they are hired to do.

Insurance is about protecting your investment, its employees, skills, and equipment. Additionally, Contractors Insurance is designed to protect your company in case of legal action and insurance claims that are made by your clients. As risk is incredibly high in the contracting and construction industry, a claim could be financially disastrous without the proper insurance policy.

Contractors in need of Contractors Insurance include those who are working in:

  • Landscaping and tree removal,
  • Drywall installation,
  • Building and renovation,
  • Window installation,
  • Electricians,
  • Plumbers,
  • Roofers,
  • HVAC,
  • Painters and masonry,
  • and much more.

landscaping insurance

Contractors Insurance for Landscapers

Landscaping helps commercial and residential properties look beautiful, as well as increases the value of that land. Landscaping contractors want to make sure that their personnel, equipment, vehicles, and property are all protected in case of an accident. Landscaping Contractors Insurance can include coverage that protects your company in case of property damage, bodily injury, completed operations, and completed products, as well as advertising injury.

Contractors Insurance for Plumbers

Plumbers deal with a large amount of risk in their line of work. An improperly placed pipe or fitting can cause water damage, corrosion, leaks, and other damage that can cost a lot of money to fix. If a plumber uses defective materials, this can also cause an issue.

Plumbers need Contractors Insurance to protect themselves against damage to property, faulty installations, and potential injury to employees and others.

Contractors Insurance for Builders

Builders and renovators are an essential part of the construction industry. From homes to commercial properties, contract builders can work on small to large projects across the country. The risk builders take on can depend on the type project they are working on, which can affect the premium price.

Contractors Insurance for builders can protect the contracting company against bodily injury, damage to property, equipment damage, lawsuits and legal fees.

Contractors Insurance for Excavators

Excavators deal with many aspects of a construction site, from initial preparation to final touches. Excavation contractors undertake a lot of liability risk when working because they are often working with heavy machinery on unstable surfaces. Risks can include soil compaction, water runoff grades, and first and third-party property damage liabilities. You need to make sure that your employees are safe as well as the construction site at which they are working.

If you work in foundation digging, land grading, or other excavation work, Contractors Liability Insurance is a valuable and essential asset for your business.

Cost of Contractors Insurance

As with other insurance policies, Contractors Insurance policy premiums can vary based on a few factors. The size of the contracting company, how many employees you have, your company’s history, the work you do, your location, and the liability limit you’ve chosen can all affect the premium you can get for a Contractors Insurance policy.

Of course, before buying a Contractors Insurance policy, do your research. Free quotes are a good way to discover the range of prices you could expect to pay, both monthly and annually, for your insurance policy. Make sure you know what your insurance policy covers and does not cover so that you aren’t paying for a policy that has gaps where and when you need it most. Most insurance policies will have a liability limit that will be paid out in case of an incident (your occurrence limit) and money that would be paid out over time (the aggregate limit).

To learn more about Contractors Insurance, you can contact your local insurance broker, like Duliban Insurance Brokers. Our licensed insurance professionals will be happy to answer any questions you have.

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