As a contractor, you have lots of responsibilities and face unique risks on the regular. Our contractors’ insurance solutions are designed to safeguard your business against potential risks that could have a detrimental impact. Contact Novinger Insurance for a custom contractor’s insurance in Ontario quote suited for your specific type of construction or trade.
Why do I need Contractors Insurance in Ontario?
Working as a contractor of any kind means that you are constantly managing and navigating risks. As a business owner, you know that the last thing you want is to experience financially devastating damages arising from losses, including injuries, theft, and liability claims.
It may seem obvious right now or in hindsight that you should obtain a suitable Contractors Insurance policy, primarily when you are held liable for bodily injury or third-party loss. However, not everyone considers the possibility of a loss seriously. Many contractors may wonder why they have to needlessly spend each month on a policy that may never benefit them. If you’re thinking this too, you aren’t alone.
Think of insurance as a long-term investment that pays off during an emergency. The insurance company will cover the loss on your behalf when you encounter a loss and even handle legal procedures if you have the right coverage. With all the support you receive from paying a monthly premium, this trade-off is worth it.
You may not experience a loss right now, but the policy itself helps act as a cushion so you don’t have to absorb the financial and even legal implications of a loss. Save yourself the hassle of dealing with lawsuits and wasting time and money with a Contractors Insurance policy in Ontario.
Which business needs Contractors Insurance in Ontario?
Regardless of your sector or whether you are a large or a small operator, every contractor needs business protection with the help of contractor’s insurance.
Any independent contractor or business that offers contracting services needs a contractor insurance policy. Here are some examples of business’s that require a contractors insurance policy in Ontario.
- Window Cleaning
- Construction contractors
- Appliance repair
- independent or self-employed contractors
- Interior designer
Remember, every business has exposure to some level of risk regardless of sector and size. It is in your best interest to have a safety net for unexpected accidents and worst-case scenarios. Even if you have no history of accidents, you do not want to be that person without protection when the worst comes to pass.
What does Contractors Insurance in Ontario cover?
Contractors Insurance in Ontario policies provide a range of coverages that can be customized based on exposures and risks.
Here are some common coverages that can be found in a Contractors Insurance policy in Ontario:
- Commercial general liability (CGL) insurance
- Tools and contractor equipment>
- Office contents
- Business property
- risk (broad form property insurance or course of construction policy)
- Pollution liability insurance
- Professional liability insurance (if you provide consultation or advice)
- Installation floaters
- Contractors equipment floater
- Wrap up liability
Additional coverages (endorsements) are available as the Contractor insurance in Ontario policy may not provide enough coverage across industries and trades. Speak to one of our specialists to see if you need these:
- Tenants legal liability
- Installation floater
- Leased, rented, borrowed equipment
- Non-owned auto insurance
- Products-completed operations liability
How much does a Contractors Insurance in Ontario cost?
As a contractor, you are responsible for protecting your business and employees and delivering a service that lives up to your clients’ expectations. Contractor insurance in Ontario costs will vary for every business, as it depends on many variables that are unique to your business.
Many factors are taken into consideration when determining your best policy options, including the following:
- Past insurance claims/loss history
- Annual and projected gross revenue.
- Geographical location
- Specific coverages
- Industry or sector
- Policy limits
- Policy terms
- Number of employees
- Type of work performed.
- and more
If you are unsure which coverages you need for your business, simply get in touch with our contractors insurance in Ontario experts at Novinger Insurance. Learn which coverages you need and how to mitigate risk at 416.613.6684.
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