Restoration Contractor Insurance
Contractors Insurance is committed to providing tailor-fit insurance packages for all kinds of businesses and contractors in the construction industry. This includes offering insurance for restoration contractors.
So, whether you work with a team or as an independent contractor, our comprehensive restoration contractor insurance will give your business the protection it needs so you can finish your projects without financial burdens or worry.
We have assisted numerous restoration contractors in figuring out their insurance needs, from negotiating premiums to filing claims. With Contractors Insurance, you can rest assured your business is in good hands!
What Is Restoration Contractor Insurance?
Also known as remediation contractors, restoration contractors assist people in rebuilding their properties or restoring them from damage. These are usually caused by harsh weather, floods, fire, smoke, or mould.
Therefore, remediation contractors’ insurance refers to a specialized insurance plan uniquely designed to address the risks remediation professionals face. It typically includes coverage for third-party lawsuits, third-party property damage, environmental liability, errors and omissions, or losses incurred due to severe weather or theft and vandalism.
Some of the policies you can bundle into your coverage include:
Commercial General Liability Insurance
As a contractor offering restoration or remediation services, you will be held liable for third-party risks while on the job. For instance, if you accidentally damage a client’s table while fixing a water-damaged wall or if a client slips and falls in your office, you will be held responsible for their injuries and their subsequent medical fees.
Commercial general liability insurance provides coverage for hospital bills, repairs and replacement costs, and legal fees associated with:
- Third-party injuries and third-party property damage caused by business operations or in relation to completed projects;
- Third-party injuries that occur within your premises; and
- Advertising or reputational injuries.
Pollution Liability Insurance
Restoration work can involve pollutants which indirectly damage the environment. Exposure to these pollutants could also cause illness for you, your clients, or even residents in the nearby vicinity of the construction site.
This is why having pollution liability insurance is important. It offers financial protection against expenses related to incidents such as sudden pollution, gradual pollution, as well as mould and legionella contamination.
Commercial Property Insurance
Commercial property insurance will cover costs should your business’s premises be damaged or destroyed by flood, fire, or extreme weather. This includes coverage for your office’s equipment, furnishings, and fixtures.
It also provides financial coverage for your inventory in case it gets stolen or vandalized.
Professional Liability Insurance
Your clients will rely on your sound advice before doing any restoration or renovation work done on their houses. One mistake could lead to high settlement fees and a lengthy legal battle, both of which could damage your reputation and end in bankruptcy.
Professional liability insurance protects your company in case your client claims faulty workmanship or that you were negligent with your work, regardless of whether it’s actual or alleged.
Who Can Benefit From Restoration Contractor Insurance?
Restoration contractor insurance benefits those who provide professional advice to clients, work with environmental pollutants, or are hired to restore and repair damaged homes or commercial properties after fires, floods, or mould contamination.
Why Is It Important for Remediation Contractors to Restoration Contractors Insurance?
Restoration contractor insurance ensures your finances are secured even amid unforeseen circumstances. Having extensive coverage also provides protection against environmental risks and liabilities, which can be costly to resolve, as well as serious lawsuits arising from third-party injuries or property damage.
Our insurance experts will help your business get coverage for the hazards you’re liable to face on the job, plus any other unique liabilities you may have.
Restoration Contractors Insurance Claims Examples
Claims Example #1
Your office was among the properties affected by a wildfire, which caused significant equipment damage and led to lost inventory.
Your commercial property insurance will help pay for repair costs caused by the fire and replace any equipment affected by the disaster. The total amount will depend on the size of your business and the kind of equipment you own, among other factors.
Claims Example #2
During your restoration of a client’s home, one of your employees ends up damaging a significant section of a foundational wall.
Your general liability insurance may help pay for the repairs needed to fix your client’s home. The total amount may depend on the scope of the damage.
Claims Example #3
One of your mould remediators gets hired to work on a home. However, the client claims they missed cleaning up some parts of the house, which caused it to spread and affect other residents of the home. The client sues your company for third-party injuries.
Pollution liability insurance could help cover cleanup costs and pay for your client’s medical fees, settlement fees, or other legal expenses.
Leading Provider of Restoration Contractors Insurance in Ontario
Contractors Insurance provides customer-centric solutions to our clients. Our restoration contractor insurance offers the following benefits:
Personalized Insurance Plans
We don’t do unnecessary, costly riders. You will only be required to pay for the coverage that suits your business’s needs.
Utmost Transparency on Coverage and Limitations
We strive to be transparent in everything we do. As such, we will provide you with all the information you need regarding your insurance bundle and explain how it works, including your policy limits, what triggers a claim, and how to file claims.
If you require adjustments to your insurance bundles, let us know and we’ll do our best to accommodate them.
Thorough and Straightforward Insurance Education
We will support you on your insurance journey, ensuring you have everything you need to make informed decisions regarding your business insurance.
Frequently Asked Questions About Restoration Contractors Insurance
There are several factors that determine the cost of your insurance bundle, including but not limited to:
- The size of your business
- Your location
- The kinds of services you provide
- Your projected revenue
That said, the cost of insurance typically starts around $3,500 annually for coverages up to $1 million in CGL policy and another million in pollution liability insurance.
This question is best answered by a professional insurance broker who could guide you in the right direction when it comes to your policy.
Ready to Get the Coverage You Need?
Contractors Insurance is one of the leading providers of business insurance in Toronto. We specialize in getting to know our clients’ businesses, assessing the risks they face, and crafting a customized insurance bundle that covers their needs.
Our comprehensive restoration contractor insurance offerings will give you the peace of mind you deserve to finish your projects without worrying about your finances.
Contact us today, or get started with a quick quote!