Trades and Contractor Insurance in Vaughan
Contractors Insurance is your partner in getting a comprehensive and personalized insurance plan for your business. As an award-winning top insurance brokerage, we understand the needs of various contractor businesses across different industries. Through our dedicated service, you can have an insurance plan that focuses on your business’s unique risks – and you’ll only pay for what you need, without any unnecessary riders.
Customized Insurance Policies for Vaughan Contractors
There are around 14.57 million people in Ontario and around 335,000 of these people reside in Vaughan. In recent years, Vaughan has become one of the fastest-growing cities in Canada. The rate of development in this city presents numerous opportunities for various contractors who are either involved in the construction of the new structures or in the maintenance, repair, and renovation of these properties.
Amidst the growing number of opportunities, competition is also becoming fierce. The last thing any independent contractor or contracting business would need are the setbacks brought about by lawsuits, accidents, natural disasters, and so on.
In a rapidly growing city like Vaughan, your business can also ride the wave and grow with it. But amidst other winning strategies, you need a proper risk management strategy, along with the corresponding contractor insurance in Vaughan.
What is Contractors Insurance?
Contractor insurance is an umbrella term pertaining to different insurance coverages that are needed by independent contractors/tradespeople, small contracting businesses, as well as larger contracting companies. Commercial general liability is often considered the foundation of contractor insurance due to its broad coverage involving third-party injuries and property damage. However, contractor insurance in Vaughan can be further personalized to have additional coverage depending on the needs and preferences of the independent contractor or business owner.
In the province of Ontario, the average number of construction-related serious injuries is 357 per year. This does not take into account residential risks and liabilities for projects such as electrical repairs and installations, plumbing repairs and installations, residential renovations, roof repairs, snow removal, and so on.
Additionally, aside from the serious injuries, there are other risks and liabilities that contractor businesses need to be aware of, such as:
- Injury to people 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 therein
This is why customized contractors insurance in Vaughan can serve you well, helping to save thousands to even millions from unforeseen events and the liabilities such as those listed above.
Our Vaughan Contractor Insurance Types
Commercial General Liability Insurance
Commercial general liability insurance gives the needed protection from common third-party lawsuits, coming from the general public, the client, other businesses, and so on. The covered lawsuits or losses for this insurance type are those relating to third-party bodily injury or property damage caused by your business operations.
Injuries that occur within business premises (and found to be your responsibility) are also covered. In addition, reputational or advertising injuries such as slander, libel, copyright infringement, violation of privacy and so on, are covered as well.
Builders Risk Insurance
Structures under construction can be prone to damage from harsh elements, vandalism, and theft. Builder’s risk insurance protects you from the consequential losses related to the above risks. This insurance type can also cover (to an extent) the tools, equipment, fixtures, and materials used for construction.
Surety bonds are like promises or financial guarantees that a job will be completed in alignment with contract terms and within legal/regulatory bounds. These can be set up voluntarily as an added guarantee or it may be required by the client as well. Some of the common types of surety bonds obtained by contractors include performance bonds, payment bonds, and license/permit bonds.
Pollution Liability Insurance
In the event that your business operations directly or indirectly cause or aggravate pollution or the spread of mould/Legionella, you can be held liable. Pollution liability insurance protects you in such scenarios by covering the cleanup costs, emergency response costs, as well as any legal fees involved.
Construction Equipment Insurance
Whether you own, rent, or borrow the tools and equipment that you use for your projects, you can be faced with serious losses if these tools and equipment are damaged, lost, or stolen. It can cost you thousands of dollars in replacement costs. Construction equipment insurance is there to reimburse the amount, up to the coverage limit.
Freight Forwarder Insurance
Whether you are enlisting the help of a freight forwarding service or using your own vehicles to move materials and equipment (to be installed), you can insure these materials and equipment in transit. In the event that they are damaged, stolen, or vandalized, the right type of insurance will cover repair and replacement costs for such incidents.
Why Choose Contractors Insurance?
There is a reason why Contractors Insurance is trusted and preferred by hundreds of independent contractors and business owners across Ontario. It’s because of our customer-centric approach in everything we do. As such, we make it a point to give our clients the following benefits:
- A straightforward explanation of all things insurance, every step of the way
- Customized insurance plans that address your unique business needs and risks
- Transparency and initiative to be upfront about what’s covered and what isn’t, in every insurance plan we set up
- The elimination of unnecessary riders to help your business save more
We specialize in providing insurance to all kinds of professionals, contractors and tradespeople, such as:
- HVAC Contractors
- Masonry Contractors
- Concrete Contractors
- Hydrovac Contractors
- Demolition Contractors
- Construction Contractors
- Waterproofing Contractors
- Snow Removal Contractors
- And More
Professional Insurance Toronto Contractors Can Count On
Contractors Insurance is a trusted and reputable insurance brokerage firm based in Ontario. Our main specialization is providing customized insurance plans for contractors, tradespeople, and professionals in order to give them the confidence of being ready for anything—even unforeseen events such as accidents, lawsuits, and other liabilities.
Through the years, we’ve had the pleasure of working with numerous, contractors, tradespeople, and professionals in Vaughan. With our wealth of experience and commitment to deliver the best, you can count on us!
Contact us today or get started with a quick quote!