Contractor Industry Insurance

General contractor insurance varies depending on the business you run. However, it’s essential for general and independent contractors as well as subcontractors. It assists those working in construction, plumbing, electrical, and landscaping. It will protect your business from property damage, bodily injury, and liability claims. The right insurance policy will allow you to feel secure and let your business thrive. Whether you’re a carpenter, painter, HVAC technician, or any other related field, you will need this type of general contractor’s insurance.

General contractor insurance coverage in Ontario is necessary for any independent contractor or construction business. A contractor can spend as little as $425 for $2,000,000 in general liability insurance for basic coverage. However, the number will vary depending on the business size, the job being performed, and where the job site is located. Regardless, equipment coverage is necessary to protect against damages and theft. With that in mind, if the project requires more than the $2 million limit, you have to let your broker know right away. It will ensure you have adequate insurance in case someone files a lawsuit. This type of insurance is tied to business insurance in Ontario.

The price of general contractor insurance in Canada will vary. It comes down to the coverage you need, including liability, professional liability, or commercial vehicle insurance, which can affect your premiums. Insurance companies will also consider the size of your business, the industry you work in, your claims history, your business location and the type of employment you offer. Premiums are higher for larger businesses in high-risk industries, such as construction, oil and gas. They often face higher insurance premiums.

General contractor protective insurance protects general contractors from monetary losses caused by the subcontractor’s activities. What does this mean? In other words, if a subcontractor damages property or injures someone while performing a task, the general contractor can be held liable.

This type of insurance covers these situations as well as contract violations or if the subcontractor does not fulfill their obligations. It can also be purchased directly by the general contractor as a condition set out by the project owners. This type of insurance is essential when working on construction projects. It is especially true when many subcontractors are involved, as it increases the liability risks.

In Canada, liability insurance for independent contractors protects contractors from third-party claims of harm to individuals or property on the worksite. Although this type of insurance is legally required, it can assist independent contractors in protecting their assets in the event that they get sued. Not having insurance means a general contractor will be held liable for damages and legal fees associated with the case.

Accidents happen on a construction site. Insurance is required if a client’s property gets damaged or a third party suffers bodily injury due to the contractor’s work. It’s important for independent contractors to recognize that general liability insurance does not cover injuries or property damage. A completely separate insurance policy often covers these, usually workers' compensation or equipment coverage.

Many general contractors require subcontractors to have their own insurance coverage when participating in a project. This is often common in industries where incidents or harm are more likely, including construction. If a subcontractor does not have their own insurance and gets into an accident or causes property damage while working, they can be held personally liable for damages or injuries. This can include paying for medical expenses, loss of property, and legal fees. For this reason, private contractors should get their own insurance to protect themselves and businesses.

To generate a precise insurance quote, we require a fully completed application. This application should encompass all pertinent details about your business, which enables insurers to accurately assess and understand your risk profile. Comprehensive information helps us tailor an insurance solution that best fits your unique needs.

For straightforward small business insurance needs, we typically can deliver a quote within just a few days, provided we have all the necessary information.

Yes, we offer a variety of flexible payment options to accommodate your preferences. These options are designed to ensure that your policy is manageable and suits your budgetary requirements.

Cancellation depends on the specific terms of your contract. If you need to cancel your policy, please contact your broker to discuss.

Yes! We partner with a range of reputable insurance providers, allowing us to present you with multiple options. This allows you to select a policy that aligns most closely with your needs, preferences, and budget.

In the event of a claim, we are here to guide you through each step of the claims process to ensure a smooth and efficient resolution.

Rest assured that even if your dedicated Brokerlink representative is out of the office, we always have a qualified person on hand to assist you. Our priority is to ensure continuity in addressing your questions and managing your insurance needs.

We are fully equipped to support your business as it grows across provincial lines. Our team will help you navigate the regulatory landscape and adjust your insurance coverage to ensure comprehensive protection in new provinces.