Trades and Contractor Insurance in Toronto
Contractors Insurance is here to help you get the personalized insurance you need to safeguard your business’s future.
We are an award-winning commercial insurance brokerage that understands the needs of independent contractors, professionals, and contractor businesses. Our expert team is here to help you get a highly effective insurance plan that’s tailor-fit for your success.
Customized Insurance Policies for Toronto Contractors
In Ontario, there are nearly 504,000 people employed in the construction workforce. With the majority of Ontario’s population residing in Toronto, it’s understandable that a large portion of contractors are located here to sustain and grow this bustling city.
Toronto has the third-highest number of skyscrapers in North America with 67 new builds under-way in 2020 alone. This imminent growth presents more and more opportunities for various contractors who either work on bringing these new structures to life or help in maintaining the structures and homes that are already in place.
Because of the highly competitive nature of this industry, accidents, lawsuits, and other unforeseen events can quickly drag a business down. Risk management is truly key in this case, and contractors insurance in Toronto can make all the difference in helping your business survive and thrive.
What is Contractors Insurance?
Trades and construction jobs are some of the most dangerous in the world. In Ontario, the average number of deaths that occur on construction sites is 20 per year, while the number of construction-related serious injuries is at 357 per year.
Unfortunately, these aren’t the sole risks that contractors need to be aware of. The following risks associated in different contractor industries include:
- 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 therein
- Vandalism or theft involving the project site or the tools/equipment
A personalized contractors insurance policy in Toronto can help save you thousands, hundred thousands, and even millions of dollars from any unforeseen events (and resulting liabilities) involving the risks mentioned above.
Contractor and trades insurance is a broad term for the different kinds of insurance coverages that can benefit independent contractors/tradespeople, small contracting businesses, as well as larger contracting companies. This is the kind of insurance for anyone working in construction or other related skilled trades.
The foundation of contractor insurance is commercial general liability (CGL) insurance which is often also referred to as contractors liability insurance. However, contractors insurance can be customized to have additional coverage depending on the needs and preferences of the independent contractor or the business owner.
Our Toronto Contractor and Trades Insurance Types
Commercial General Liability Insurance
Commercial general liability insurance protects your contracting business from a wide range of lawsuits that can come from third parties such as customers, the general public, other businesses and so on.
With this insurance type, you are covered in the event that your business operations cause third-party bodily injury or property damage. Third-party bodily injuries within your business premises are also included. Furthermore, reputational or advertising injuries (e.g. slander, libel, copyright infringement, violation of privacy) are also covered.
Builders Risk Insurance
Builder’s risk insurance is a must-have to protect your business from consequential losses following damage, vandalism, or theft done unto a structure being constructed. This type of insurance also covers (to an extent) the tools, equipment, fixtures, and materials used for construction.
Surety bonds act as a promise or financial guarantee that a task will be met according to the terms of the contract and/or in alignment with laws and regulations. Surety bonds also protect you and your business from sudden financial losses in the event that a breach of contract, breach of license/permit regulations, and so on, occurs.
There are a number of surety bonds you can choose to set up as a guarantee or could be required from you by the client. Some of the common types include performance bonds, payment bonds, and license/permit bonds.
Pollution Liability Insurance
Pollution liability insurance covers your business in the event that your operations or completed project causes sudden pollution, gradual pollution, or the spread of mould/Legionella. This insurance type covers the emergency response costs, cleanup costs, as well as the legal fees and settlements.
Construction Equipment Insurance
For nearly all contractor businesses, having the tools and equipment for the job is vital. Some may have invested thousands of dollars in acquiring tools and equipment and some pay a continuing cost in renting/borrowing such items. Either way, construction equipment insurance protects your business from replacement costs in case owned/borrowed/rented tools or equipment are damaged or stolen.
Freight Forwarder Insurance
This type of insurance allows you to insure your materials and equipment that are in transit – whether you are hiring a freight forwarding service to do the job or you’re transporting materials/equipment yourself. This insurance type 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 typically includes a form of professional liability insurance or Errors & Omission insurance that’s tailor-fit for engineers. This kind of insurance protects engineering contractors from liabilities related to personal injuries as well as claims of negligence or client dissatisfaction with rendered services. However, additional coverages can also be added depending on the needs and preferences of the engineer.
Accountant insurance typically includes a type of professional liability insurance or Errors & Omission insurance that’s specifically designed for accountants. This type of insurance protects you, as a contractor accountant, from liabilities resulting from claims of negligence, misrepresentation, and/or inaccurate advice. Accountant insurance, however, can include other coverages depending on specific preferences and needs.
Why Choose Contractor Insurance?
Contractors Insurance is trusted by hundreds of clients in Toronto and Canada-wide. What sets us apart is our customer-centric approach to how we conduct our business. To enhance your experience with us, we make sure to offer:
- Personalized insurance plans that cover exactly what your business needs
- 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
- The elimination of unnecessary riders to help your business save
We specialize in providing insurance to all kinds of professionals, contractors and tradespeople.
Our clientele consists of the following:
- HVAC Contractors
- Masonry Contractors
- Concrete Contractors
Professional Insurance Toronto Contractors Can Count On
Contractors Insurance is a trusted and award-winning insurance brokerage firm based in Toronto. We are passionate about helping contractors, tradespeople, and professionals get personalized insurance plans that will protect them from unforeseen events stemming from unforeseen accidents and/or lawsuits.
We’ve worked with numerous contractors, tradespeople, and professionals in Toronto over the years. Get the added peace of mind you deserve and propel your business to a successful future.
Contact us today or get started with a quick quote!