Red Phone Icon 905-274-5678

Home Builder Insurance

Contractors Insurance is an award-winning commercial insurance brokerage that’s trusted by contractors from all over Canada. We specialize in putting together tailor-fit insurance programs for virtually all kinds of contracting businesses and independent contractors – this includes home builders and home renovation companies.

So if you operate within this sector, our customized contractor home builder insurance gives you the coverage you need so that you can focus on completing projects without any worries.

Through our years of service, we have served numerous contractors, providing end-to-end assistance – from negotiating premiums to filing claims. With Contractors Insurance, you can be sure that your home building business is in good hands!

What Is Contractor Home Builder Insurance?

House Builder Insurance refers to an insurance policy or an insurance bundle that is customized to fit the needs of home builders or residential construction companies. This type of insurance typically includes commercial general liability insurance as its foundation but depending on your preferences and needs, you can opt for (or be recommended to have) additional coverages.

The following can be included in your personalized home builder insurance policy:

Commercial General Liability Insurance

Home builders and residential construction companies have a responsibility to keep third-party individuals and property safe throughout construction and within their business premises.

This is why commercial general liability is a must-have. it covers repair/replacement, medical, and legal costs associated with the following:

  • Injuries to third-party individuals caused by business operations or in relation to completed projects. Injuries within business premises are also covered.
  • Advertising or reputational injuries (libel, slander, copyright infringement, and so on).
Commercial Auto Insurance

Contractor home builders or residential construction companies typically have a commercial vehicle or a fleet of vehicles, depending on the size of the business.

Commercial auto insurance protects the business from financial loss by covering medical, repair/replacement, and legal costs in relation to the following unforeseen scenarios concerning commercial vehicles:

  • Bodily injuries/property damage caused by your commercial vehicles
  • Damage to your commercial vehicles due to an accident
  • Theft or vandalism to your commercial vehicles
Commercial Property Insurance

If your home building company or residential construction company operates from an office or headquarters, you may store your documents, equipment, tools, and various other possessions within this space. This property, as well as its contents, is essential for keeping your business running.

Commercial property insurance covers financial losses (e.g. repair costs, replacement costs, lost income) if your workplace is subjected to the following unforeseen scenarios:

  • Theft or vandalism
  • Natural disasters that damage the property or limit its accessibility
Worker’s Compensation

In cases wherein employees of a home building or residential construction company are injured, made ill, or are killed while at work, workers’ compensation will provide the following:

  • Lost wages during recovery
  • Ongoing treatment costs
  • Disability/death benefits
Builder’s Risk

Because home builders create structures from the ground up, there is a risk that external forces could cause damage to the house in progress, to the equipment, or even to temporary structures needed during construction.

To protect your home building business, builder’s risk insurance covers the costs associated with the following:

  • Damage/theft/vandalism to the house under construction and its materials
  • Damage/theft to tools, equipment, scaffolding, and other temporary structures used in construction
  • Demolition and cleanup costs due to sustained damage
  • Soft costs due to project delays (e.g. lost sales, rental income)

Who Can Benefit From Contractor Home Builder Insurance?

Contractor home builder insurance can benefit home builders or businesses involved in residential construction. There are numerous risks associated with this industry to contractors and business owners. This is why securing a customized home builder insurance is a key step in minimizing the risk of financial loss in the face of unforeseen events such as the following:

  • Lawsuits filed by third-party individuals (or businesses) when business operations bodily injury, personal/reputational injury, or property damage.
  • Lawsuits concerning bodily injuries towards third-party individuals that are within the premises of the business at the time (e.g. clients, potential clients, partners, suppliers)
  • Lawsuits concerning bodily injuries caused by a fault completed projects.
  • Physical injuries, illnesses, or conditions (chronic or acute) sustained by employees of the home builder company while performing job tasks.
  • Vehicular accidents resulting in bodily injury, property damage, and/or damage to the commercial vehicle
  • Damage sustained by the unfinished project due to external elements
  • Property/equipment damage sustained by your workplace due to theft or natural disasters

Why Is It Important for Ontario Contractors to Have Home Builder Insurance?

Though commercial general liability is the aspect of home builder insurance that is often the first to be recommended, a personalized home builder insurance plan can have additional coverages that will give a broader scope of protection for the business.

With the right insurance program in place, you can focus on running your business without worrying about sudden financial losses due to unforeseen events.

Contractor Home Builder Insurance Claims Examples
Claims Example #1
  • Problem Icon

    After the completion of the home, a portion of the roof caves in and injures the person underneath, who is then brought to the hospital. Certain possessions in the area are also damaged.

  • Outcome Icon

    The client successfully sues for property damage and bodily injury. Your CGL will cover the medical costs, repair/replacement costs for damaged property, as well as legal/settlement fees amounting to $100,000.

Claims Example #2
  • Problem Icon

    One of your commercial vehicles causes a road accident, damaging your vehicle, as well as the other driver’s vehicle.

  • Outcome Icon

    The other driver successfully sues. Your commercial auto insurance will cover the legal fees as well as the repair fees for both vehicles – amounting to $24,000.

Claims Example #3
  • Problem Icon

    One of your employees suffers from a fall while at the project site and sustains a fracture. He will not be able to resume duties for 2 months.

  • Outcome Icon

    Workers’ compensation will cover medical costs and the cost of lost income during recovery which all totals to $26,700.

Leading Provider of Commercial Liability Insurance in Ontario

Here at Contractors Insurance, everything we do is guided by our customer-centric mindset. In line with this, we seek to provide you and your business these benefits:

Personalized Insurance Plans

Say goodbye to costly unnecessary riders. With our customized home builder insurance, you would only need to pay for coverage that will benefit your business. Because your home builder insurance is tailor-fit for you, you will be able to save in the long run while still getting exemplary coverage.

Utmost Transparency on Coverage and Limitations

In the world of business insurance, lack of transparency is a common obstacle – but we want to do things differently. When you bring your business to us, we make the effort to be completely transparent with you. You’ll know your insurance program just as well as we do. We’ll discuss what triggers a claim, the exclusions that are on your policy, and so on. And if you find anything you’d like to adjust in your home builder insurance, we will do everything we can to make it happen.

Thorough and Straightforward Insurance Education

We are your partners in getting the best contractor home builder insurance for your business. Thus, you can count on us to be a source of unbiased information and assistance, every step of the way. Along with our expert recommendations, we can also empower you with the knowledge you need to make informed decisions regarding your business insurance.

Frequently Asked Questions About Home Builder Insurance

Home builder CGL insurance in Canada typically costs around $50 per month for a coverage limit of 2 million dollars. Additional coverage would add to this cost. However, by getting an insurance bundle from an expert insurance brokerage like Contractors Insurance, you will be able to have more cost-effective options.

In order to protect the customers, the general public, and other third-party individuals, Ontario contractor home builders are required to have at least commercial general liability insurance.

Ready to Get the Coverage You Need?

Contractors Insurance is a leading and award-winning insurance brokerage firm based in Toronto. We specialize in getting to know businesses, assessing risks, and putting together tailor-fit insurance plans that deliver the most value.

The moment you entrust us with putting together your customized home builder insurance, our dedicated team of professional brokers will be ready to help you through every stage. We can assess your industry’s risks, give you expert insurance recommendations, and present the best insurance program that will address your unique needs. You can count on our dedication and expertise – we will always be here to help.

Get ready to have the peace of mind you deserve. With our customized home builder insurance, you’ll be able to complete your projects without worrying about unforeseen events or accidents.

Contact us today or get started with a quick quote!

Get Contractors Insurance.
Get Peace of Mind.
Get to Work.