Trades and Contractor Insurance in Markham
Contractors Insurance helps you get personalized insurance that effectively protects your business.
As an award-winning commercial insurance brokerage, we have provided tailor-fit insurance for Markham contractors, tradespeople, and professionals through the years. You can count on our team’s proactive assistance to bring your business to a more secure and successful future.
Customized Insurance Policies for Markham Contractors
There are around 504,000 people employed in Ontario’s construction workforce. Though Markham currently represents just around 2.42% of the province’s population, the construction workforce is active in this growing city.
Markham has a population growth rate of 3.85% annually which is one of the highest rates in the province. In line with this, there are currently more than 50 new home developments in the area consisting of detached homes, townhouses, and condos. There are also various projects relating to the city’s water main and roads.
With an abundance of projects also comes stricter competition. And given the inherent dangers of the construction and trades industry, proper risk management with the right insurance plan is crucial.
What is Contractors Insurance?
In line with this, for almost every city in the area, there has been a construction-related death or major injury that occurred in very recent times. For the city of Markham, an incident of construction worker injury due to a trench collapsing happened as recently as late 2020.
Regardless of how safety protocols are being refined, the innate risks in construction and trades remain. All in all, contractors (as well as tradespeople and tangent professionals) face the following risks:
- Injuries to the workers or personal injury
- Injury to third parties near the project site
- Accidental property damage
- Client lawsuit due to errors
- Damage to the structure being built or the tools/equipment
- Vandalism or theft involving the project site or the tools/equipment
If you operate in this industry, a personalized contractor insurance Markham can help save you thousands or even millions of dollars from a number of unforeseen events such as the ones above.
Contractor and trades insurance is a broad term that encompasses insurance policies for contractors, tradespeople, and professionals in such high-stakes industries. The foundation of contractor insurance is commercial general liability (CGL) insurance. However, contractors’ insurance Markham can be customized to have additional coverage.
Our Markham Contractor and Trades Insurance Types
Commercial general liability insurance protects Markham contractors from various lawsuits that can stem from accidental bodily injury to third-party individuals (customers, clients, suppliers) and third-party property damage.
Third-party bodily injury inflicted due to business operations, failure in completed projects, and those that occur within business premises (e.g. the office, project site) are all within the coverage scope.
Furthermore, reputational or advertising injuries (e.g. slander, libel, copyright infringement, violation of privacy) are also covered.
Builder’s risk insurance is needed to safeguard a construction/renovation project in progress. This insurance type protects your business from consequential losses due to damage, vandalism, or theft towards a structure being constructed and, to an extent, the tools/equipment within as well.
For Markham contractors, surety bonds are necessary to either fulfill client requirements or to secure client preference. Surety bonds act as a promise or financial guarantee that a task will be done in accordance with the contract and any pertinent regulations. Surety bonds also protect you and your business from sudden financial losses in the event that a breach of the aforementioned occurs.
Some of the common types of contractor surety bonds include performance bonds, payment bonds, and license/permit bonds.
Pollution Liability Insurance
Pollution liability insurance covers incidents of sudden pollution, gradual pollution, or the spread of mould/Legionella in connection with your business’s projects. This insurance type shoulders the emergency response costs, cleanup costs, as well as the legal fees and settlements involved.
Construction Equipment Insurance
Your business has probably invested thousands of dollars on tools and equipment of all kinds; construction equipment insurance allows you to protect such an investment. This type of insurance covers replacement costs in the case owned/borrowed/rented tools or equipment are damaged or stolen.
It’s common for contractors to have materials and equipment that are in transit on a regular basis. These are either moved via a freight forwarding service or with the use of your own vehicles/trucks. Freight Forwarder Insurance covers your business from consequential loss in the event that your transported materials/equipment are damaged, stolen, or vandalized.
Note: Freight forwarder insurance is a commonly used term to refer to insurance for contractors who enlist the services of a freight forwarder, however, such insurance would also extend to contractors who move materials and equipment themselves. This is NOT to be confused with “freight forwarder’s insurance” which is typically set up for the interests of the freight forwarding businesses.
Engineer insurance, at its core, includes professional liability insurance (or Errors & Omission insurance) that’s customized for the needs of engineers. This kind of insurance protects engineers and engineering firms from liabilities related to bodily injuries, claims of negligence, and client dissatisfaction with rendered services. Additional coverage can be bundled with an engineer’s professional liability insurance as needed or as preferred.
Accountant insurance includes a type of professional liability insurance (or Errors & Omission insurance) that’s tailor-fit for accountants. This type of insurance protects contractor accountants from liabilities related to claims of negligence, misrepresentation, and/or inaccurate advice. Accountant insurance, however, can include other coverages as needed or as preferred.
Why Choose Contractor Insurance?
Contractors Insurance is trusted and preferred by hundreds of clients in Ontario and all over Canada. Our dedication to a customer-centric approach allows us to stand out from the rest. Knowing the common obstacles faced by contractors and professionals when it comes to insurance, we offer the following to enhance your experience with us:
- Personalized insurance plans that cover exactly what your business needs
- The elimination of unnecessary riders to help your business save
- A straightforward explanation of all things insurance, every step of the way
- Transparency and initiative to clarify what’s covered and what isn’t covered in every insurance plan we set up
We provide insurance to all kinds of professionals, contractors and tradespeople. Our clientele consists of the following:
- HVAC Contractors
- Masonry Contractors
- Concrete Contractors
- Hydrovac Contractors
- Demolition Contractors
- Construction Contractors
- Waterproofing Contractors
- Snow Removal Contractors
- And More
Professional Insurance Markham Contractors Can Count On
Contractors Insurance is a trusted and award-winning insurance brokerage firm based in Toronto. Our personalized insurance plans have allowed hundreds of contractors, tradespeople, and professionals to establish a secure and successful future.
Run your business or go about your professional practice without the constant worry of financial loss from unforeseen events.