Contractor Insurance In Ottawa
If you are a contractor, it is important to have the right kind of insurance. This applies to small contractors as well as large ones. Whether you run a roofing company, home improvement company, or landscaping company, you carry many of the same risks as large companies with hundreds of employees and multi-million dollar projects.
What Is Contractor’s Insurance?
Insurance for contractors is designed to protect you (as a contractor) against all kinds of problems that can happen. You face many risks each day in this business, and the more risks you have covered, the better chances you have of avoiding legal hassles and financial disasters.
Who Needs Contractor Insurance?
Any business in Ontario needs to be fully insured. You might run a large construction company or perhaps a local plumbing service. Here are some of the businesses that need this insurance.
- HVAC companies
- Handyman services
- Roofing contractors
- Painting contractors
- Window & siding contractors
- Excavating companies
- Electrical and plumbing contractors
- Commercial builders
Can I Take Out A Standard Commercial Insurance Policy?
A standard policy really doesn’t exist, because it depends on the nature of your business and the risks you are exposed to. Here are some coverage items that most contractors should consider:
- Commercial General Liability Insurance (CGL) – covers bodily injury or property damage you may cause to a third party in the course of operating your business. For example, a tree trimmer may accidentally cause a large tree to fall on a house, car, or person.
- Contractor Equipment and Tools coverage – protects your equipment from theft or vandalism while it is at the job site.
- Installation/Property In Transit Coverage-protects stock and material in transit or at the job site
- Vehicle insurance – you must carry minimum liability coverage and you also may want to take out other coverage options.
There are several important options that you may need to consider. Your insurance specialist may talk to you about these options:
- Builders risk insurance (course of construction) – if you are working on a project and it becomes damaged before completion, this coverage will pay. This is especially important for contractors working on buildings and construction projects.
- Bid bonds – suppose you bid on a construction job but cannot perform the work. This is the coverage option you need.
- Performance bonds – you might be halfway done with a job and you cannot finish it. A performance bond takes care of this issue.
- Contractor’s pollution – this is liability protection in case your work causes problems that pollute or poison the environment.
- Wrap-up liability – mostly for large contractors. Wrap-up coverage will take care of most of your needs, including subcontractors. Wrap-up policies may also include vehicle insurance, property insurance, and an umbrella liability policy.
Why You Need A Contractor Insurance Specialist
Your needs for insurance may be very different than other contractors in your line business, and it’s hard to assess all the risk factors you may encounter on a daily basis. Bradley’s Insurance strives to develop a solid relationship with each contractor. This relationship develops an open line of communication between the broker and the client that ensures you are always protected for the needs of your business. This approach has been successful for Bradley’s and is the reason so many contractors rely on Bradley’s Commercial Insurance for their insurance.