Contractors Insurance in Ontario

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Protect your craft with contractors insurance. You’ve spent years honing your skills and building up your customer base. It only takes one incident to put that in jeopardy. Having dependable contractor insurance is important for skilled trades.

As a general contractor, sub-contractor, independent contractor, tradesperson, or if you operate a contracting business, we've got you covered. We can compare contractors insurance quotes and plans from the top insurers in Canada. Our experts will help you find a policy that protects you, your employees, equipment and more. Whether you are at the office or on the job site, contractors insurance puts your mind at ease.

Three key things to know about contractor insurance coverage

All licenced contractors require insurance to operate.
Contractor insurance provides a variety of coverage for all types of skilled tradespeople.
Without insurance, contractors have significant risk exposure for financial loss. You also could have issues finding customers.

What is contractors insurance?

Contractor insurance is a specific type of protection that provides coverage for various skilled trades. It addresses threats specific to contracting professionals. It protects equipment and tools, vehicles, property, and liability. You’ll be protected if you face a lawsuit, there is an injury on the job site, someone makes a mistake, or a storm causes unexpected damage. It is ideal for all tradespeople, including plumbers, electricians, landscapers, renovators, HVAC, and many others.

Why do contractors need insurance?

Accidents, mistakes, and unforeseen circumstances happen. It's the nature of life. There’s a host of unknowns contractors face when on the job. If you’re not protected, it could lead to significant financial loss. This alone is enough to warranty insurance. Here are other reasons why you need a contractors insurance policy:

Legal protection: Contractor insurance ensures protection against legal action and common threats and liabilities.
Proof of coverage: Many companies and individuals ask for proof of insurance before they hire you for a job. You will need to show your certificate of insurance to secure the job.
Generating income: You need insurance to qualify to bid on larger projects or work for certain organizations. It can help you land more lucrative projects.
Trust: Insurance is a huge trust factor. It communicates to potential clients you are professional and reliable.
Protection: A policy will help protect your people if they are injured on the job. It also protects your tools, equipment, and supplies.
Build your team: Top tradespeople want to work for companies they can rely upon. Insurance adds to your credibility in the industry.

Who needs contractors insurance?

Contractors insurance is for any individual or company in the skilled trades. It is for small and independent companies or individuals that offer a variety of skilled trade services. Insurance is available for all trades:

General contractors
Carpenters
Landscapers
Deck and fence builders
Renovation companies
Home builders
Windows and door installers
Electricians
Roofers
Home improvement experts
Painters
Plumbers
Demolition
Drywall installers
HVAC
Pest control
Restoration
Remediation
Tree removal
And many other

What does contractors insurance cover?

Contractors insurance can protect you from all angles. It provides you with coverage in four key areas:

Personal items and equipment: Tools of the trade, supplies, materials.
Property: Your office, shop, storefront.
Lawsuits: Liability claims, lawsuits, legal defense costs.
Damage to a customer’s property: Damage from your work on a customer’s property.

Contractors insurance claims examples

The list of potential threats to your business is endless. Here are some typical claims examples from contractors:

Example #1 - damaged work vehicle: You are parked on a job site, and a vehicle collides with your parked work truck. Commercial auto coverage will cover the damage.
Example #2 - Shop theft: Your shop gets broken into overnight. They steal your tools. Commercial property will help cover the loss.
Example #3 - Accidental damage: You and your team are remodeling a basement remodel. You accidentally hit a water pipe and caused a small flood. Your liability coverage will help cover the cost of fixing the damage to the customer's home.

What type of contractor insurance do you need?

Contractors insurance needs can vary by trade. Contractors liability insurance, or Commercial general liability insurance is one of the most important forms of coverage contractors can get. It protects against many potential liability claims - lawsuits, third-party injuries and damages.

Here are some of the types to consider:

Equipment breakdown insurance: Have coverage if your equipment unexpectedly requires repairs.
Errors and omissions insurance: Everyone makes mistakes. Be protected if you or an employee makes an error.
Installation floater
Pollution liability
Surety bonds: Ensure you are bonded to meet client requirements to win projects.
Builder’s risk: Ensure all parties are protected during the building process.
Commercial property insurance: Protect your shop, storefront, and storage locations.
Commercial auto insurance: Coverage for your work trucks.

Contractors do not usually require professional liability insurance. But you may require it depending on the type of services you offer.

Talk with one of our experienced advisors today to assess your situation.

How to get contractors insurance

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How much does contractors insurance cost?

Skilled tradespeople have diverse insurance needs. So, your premiums can vary. For basic coverage, your premiums can start at around $500 annually.

Determining costs involves considering many different factors. They include your industry, size of business, location, and the unique threats to you.

Some of the key factors that affect your premiums are:

Location
Type of contracting services
If your industry is higher risk
Company size, number of employees
Plan type and limits
Custom plans and add-ons
Insurance and claims history

How can I get cheaper contractors insurance?

Use these tips to pay less and get more affordable contractors insurance :

Know your industry: Be diligent and understand the real things that pose a threat.
Make sure you have proper coverage: Your contractor insurance needs can change from year to year. Check annually to ensure you have the right amount.
Shop and compare: Comparing multiple quotes allows you to understand your options and find the lowest rate.

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2024-09-26

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2024-09-24

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2024-09-24

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Contractor insurance FAQs

Do contractors need insurance in Ontario?

All contractors must have insurance. If you operate as a contractor in Ontario, you must register with the Workplace Safety and Insurance Board. Similar requirements exist for contractors across Canada.

There are no specific rules about the level of policy required. Failure to have adequate protection exposes you to significant threats. It can hurt your ability to win contracts, secure projects and grow your business.

How much is liability insurance for a contractor?

The cost for contractors liability insurance depends on how much coverage you need. Rates increase for higher plan limits. Coverage requirements depend on your trade, potential liability threats, and risk tolerance. Speak with our team to know how much insurance you need.

Why do contractors need general liability insurance?

Independent contractors liability insurance is a must-have. Whether you are working onsite or at the office, you face a variety of unique threats :

Injuries to third parties and workers
Injuries because of faulty workmanship
Property damage to a worksite
Negligence
Missed deadlines
Unsatisfied customers

These are all liabilities. Liability insurance for contractors provides you with financial protection against claims and lawsuits.

Are subcontractors covered under contractors insurance?

It depends on your policy. Before hiring subcontractors, check to make sure they are covered under your plan. If they are not included, ensure they have their own policy.

Do general contractors need insurance?

Yes. All types of contractors should have it. You will require a minimum of $2 million liability coverage to work in Canada. You may have to get additional insurance depending on your industry and work.

What is contractors equipment floater insurance?

Equipment floater insurance covers loss or damage to contractor equipment while in transit. Standard equipment covered under this type of policy includes backhoes, diggers, and other similar equipment. It applies to owned, rented, and leased equipment.

How much contractor insurance should I have?

It depends on the nature of your operations. The type of work, number of employees, and size of projects should be considered. If you work on residential projects, you’ll need less than if you work commercial jobs.

Get a quote and save on contractor insurance

We know that you have worked hard to protect your contractor business. You have invested your time, money, and effort into becoming the contractor you are today.

Contact us today for an assessment and a get free quote for contractor insurance. We will compare rates from the top insurers in Canada to find you the best contractors insurance policy and help you save more.

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Contractors Insurance

Save on personalized contractor insurance that protects skilled trades and construction professionals against liabilities.