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Hi, my name is Matt, and I’m a business insurance broker specialized in Contractor Insurance here at Zensurance
Today I’d like to speak to you about Contractor Insurance for Canadians. Individual contractors, companies, and sub-contractors should consider getting insurance to protect their business, their employees, and their equipment.
Having contractor insurance is not only a smart business practice but is many times mandatory in order to perform jobs where the client requests proof of insurance.
So what exactly is Contractor Insurance?
Contractor insurance is also known as Contractor Liability Insurance or General Contractor Insurance. It’s a package specially designed for risks associated with construction trades in Canada. These risks can include working with hazardous materials and tools, traveling to different locations, accessing the private property, and potentially causing injuries to 3rd parties.
Now, let’s look at which trades need Contractor Insurance. The answer is all of them! Some of the most common ones are construction and renovation contractors for both commercial and residential projects, carpenters, electricians, HVAC installers, roofers, and landscapers.
So, what types of insurance policies do contractors need?
Here are some common coverages that can make up your policy. Commercial General Liability, which provides basic coverage against claims of property damage or personal injury. Also, your Tools and Equipment policy, which usually covers tools and equipment that are lost or stolen on your site.
And optionally, you can include an Installation floater policy: This covers materials that are used for the final project that may be damaged while being installed. For example, a window that brakes while it is being installed.
Additional coverage for specific needs can always be added to your basic policy. You should speak to your commercial insurance broker at Zensurance for more options.
Some common scenarios where contract insurance can be useful are:
- A homeowner trips over some materials that you left behind at the site and injures themselves badly and decides to sue you.
- Or, for example, you are performing a job, and some expensive tools that you left overnight at the site are stolen.
Now, of course, the big question, how much does a contractor policy cost?
The short answer is: it depends. The cost of contractor’s insurance varies according to factors such as the specific trade you are in, the number of years you have been in the business, and the revenue for the past year. On average, the most basic contractor’s insurance starts at around $500 per year and can cover up to $5,000,000 in liability. Of course, as more coverage is needed or if you need to add a specific coverage, the cost will likely increase.
Now, how do I get a quote?
This is the easiest part. Simply head over to www.zensurance.com, click on get a quote, and in a matter of minutes, you’ll receive your contractor’s insurance quote. Get started today!
What is Contractor Insurance?
Insurance for contractors (Contractors Insurance) is designed to protect against the specific risks associated with contracting trades, such as third-party property damage and equipment theft.
Mistakes can happen and disrupt your business in a matter of minutes. We know what makes your business unique, leave it to us to find the best fit for you.
Who needs Contractor Insurance?
Any individual or businesses providing contracting services should protect their business with a Contractor Insurance policy package.
Not only will it protect you from financial loss, but it will also help in securing jobs. In today’s increasingly litigious society, clients want to see that they have secured contracting resources that are adequately insured.
We’ve insured more than 1,000 contractors. Some of our clients include:
- Commercial Contractors
What is the cost of Contractor Insurance?
We’ve partnered with over fifty insurance providers to offer you different options that suit your business needs at the best price.
For a small- to medium-sized business, you can anticipate spending $450.00 annually on a basic CGL policy with a $2,000,000.00 limit.
When you fill out our online application, we will ask some questions about your business to help better understand your needs. The following factors are taken into consideration when determining the best policy options for you:
- Years of Experience
- Trade Types
- Annual and Projected Gross Revenue
- Number of Employees
- Previous Insurance Claims
Getting insured is quick and easy!
If Contractor Insurance is what you need, request a free quote now!
Common Scenarios where Contractor Insurance is useful
Problem: You are hired to install new kitchen cabinets for a client and accidentally damage their kitchen floors.
Outcome: Your CGL policy may cover the cost to repair the kitchen floors, totaling $20,000.00 in damages.
Problem: One of your employees is driving their car to transport tools to a job-site. They get into an accident on-route, damaging both vehicles involved.
Outcome: Your employee is found to be at fault for the accident. Your CGL policy may cover auto repairs for both of the vehicles under the non-owned automobile coverage, totaling $35,000.00.
Problem: Your tools are stolen out of your truck parked at a job-site. You have a large contract with a new client the following day, making it necessary for you to rent tools until yours are replaced.
Outcome: Your portable business tools policy may cover the costs to replace the stolen tools and also reimburses you for the rental expenses. The total cost was $15,000.00.
Which professions need Contractor Insurance?
Regardless of the contracting services you provide, Contractor Insurance is critical to protect you and your business. Some of our clients include:
Alterations, renovations or repairs
Antenna and satellite installation
Doors, windows, siding, awnings
Drywalling, plastering and lathing
Decks and fencing
Frequently Asked Questions about Contractor Insurance
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