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Insurance for Waterproofing Contractors

Founded in Ontario, Contractors Insurance is a trusted and award-winning commercial insurance brokerage. We specialize in providing personalized insurance plans for various contractors and tradespeople. One of our specialties is customized waterproofing company insurance.

Whether you operate a big or small waterproofing company, our customized insurance can be set up according to your needs and preferences.

We stand out from others because we assist you at every step. Our team will assist you regardless of whether you’re negotiating premiums, filing claims, and everything in between.

What is Waterproofing Contractor Insurance

Insurance for waterproofing contractors is more than just the standard commercial general liability insurance policy. Though CGL insurance is vital and can also be availed as a stand-alone policy, waterproofing company insurance can have additional coverage to address other industry risks.

Here are some policies typically bundled as insurance for waterproofing contractors.

Commercial General Liability Insurance

In the process of installing waterproofing on homes, buildings, and structures under construction, there is a chance of causing third-party property damage or physical injury. Property damage for which the business is liable (e.g. a crack in the foundation) can be real or only perceived – but as long as legal action is taken, the waterproofing company would need to spend to defend themselves legally. As for physical injury towards third-party individuals, this can happen around tools lying around or near excavation sites. The settlements in such cases can be steep, depending on the injury.

Commercial general liability insurance (aka CGL insurance) protects your waterproofing business in all of the above scenarios. It covers injuries and property damage that are connected to business operations. In addition, third-party bodily injuries that occur within your business premises are also covered.

And if waterproofing failure or mistakes cause moisture damage later on, CGL insurance for waterproofing contractors will also cover third-party property repairs.

Last but not least, CGL insurance also covers advertising/reputational third-party injuries such as libel, slander, copyright infringement, and so on.

Commercial Auto Insurance

Most waterproofing contractors use commercial vehicles to reach project sites and to carry tools and materials. Because waterproofing contractors spend significant amounts of time on the road, commercial auto insurance is recommended. This type of insurance covers bodily injury, property damage, and vehicular damage in case of accidents.

In addition to all of the above, commercial vehicles are also covered for theft, vandalism, fires, floods, and other perils.

Commercial Property Insurance

Commercial property insurance is crucial for any business that has a physical office or workplace where valuable equipment/materials are stored or where clients are received.

Commercial property insurance covers costs associated with damage/loss of property that is caused by a covered peril. In addition, this type of insurance covers lost income due to commercial property damage.

Installation and Tool Floater Insurance

Most waterproofing contractors rely on tools and materials to keep business operations going. When these items are lost, damaged, or stolen, this can cause major delays.

This is why installation and tool floater insurance is essential. This type of insurance provides specialized coverage for tools and uninstalled materials so that your business is never phased by theft or accidental damage.

Pollution Liability Insurance

Waterproofing contractors handle various chemicals while performing job tasks. The work area (e.g. basement) is also typically damp and susceptible to mould growth. In case an accident happens with waterproofing chemicals or a client claims that mould was introduced to the basement by your employee, pollution liability insurance will cover settlement fees as well as cleanup costs.

Workers’ Compensation

Amidst excavated sites, structures under construction, and similar work environments for waterproofing contractors, accidents can happen. This is why it’s important for your waterproofing company insurance to include workers’ compensation insurance.

This type of insurance gives payouts if employees are injured, become ill, get disabled, or pass away due to work accidents.

Who Can Benefit from Waterproofing Company Insurance Coverage?

Waterproofing companies, big or small, can benefit from having customized waterproofing contractor insurance. This applies no matter what your scope of waterproofing services includes.

If your business does most or all of the following, then a complete waterproofing company insurance bundle is recommended for you:

  • Regularly driving to different project locations
  • Using high-powered tools and equipment while installing waterproofing
  • Excavating around a foundation to install exterior waterproofing
  • Working on damp, mould-prone areas like basements
  • Using chemical compounds that might contaminate the soil if spilled accidentally
  • Having a physical location for storing materials and meeting clients

Why Is It Important for Waterproofing Companies to Have Waterproofing Contractor Insurance?

As with most other trades, competing for customer preference in today’s landscape is challenging for waterproofing companies. Moreover, because waterproofing is a big investment for property owners, earning customer trust becomes all the more vital.

Having a complete waterproofing insurance plan establishes your business as a trustworthy and reliable waterproofing company. In addition, waterproofing contractor insurance allows your business to keep running even amidst accidents and unforeseen events.

Waterproofing Company Insurance Claims Example

Claims Example #1

  • Problem Icon

    A client finds a new crack forming in their basement and claims that the waterproofing company’s installation caused it. 

  • Outcome Icon

    The client sues, but the waterproofing company is not found liable for the crack. CGL insurance for waterproofing contractors will still cover the legal fees amounting to $4000.

Claims Example #2

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    The waterproofing membrane has a major product defect that causes the finished basement to be flooded after waterproofing was installed. Cleanup was needed, and appliances were damaged in the incident. 

  • Outcome Icon

    The client sues, and the waterproofing company is found liable. CGL insurance for waterproofing contractors will cover the settlement costs amounting to $85,000. 

Claims Example #3

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    A waterproofing contractor gets involved in a car accident on the way to a client’s house. Both cars are damaged, and the other driver sustained minor injuries. 

  • Outcome Icon

    The waterproofing contractor is found liable for the accident. Commercial auto insurance will cover the settlement fees and repair fees totalling $30,000.  

Claims Example #4

  • Problem Icon

    A client noticed that mould was proliferating in their recently waterproofed basement. The resident staying in the remodelled basement got severe sinus/respiratory problems. The client blames the waterproofing company for introducing toxic mould to the area. 

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    The waterproofing contractor is found liable for introducing mould. Pollution liability insurance will cover the settlement fees totalling $166,000.  

Leading Provider of Insurance for Waterproofing Contractors in Ontario

With Contractors Insurance, we provide clients with comprehensive insurance services. Below are some of the benefits you can expect from our dedicated team.

Personalized Insurance Plans

Want to eliminate unnecessary riders found in unstreamlined insurance plans? We can help. We offer personalized insurance plans that will cost-effectively protect your business. 

Utmost Transparency on Coverage and Limitations

Jargon and ambiguities dominate the world of commercial insurance, and it can be confusing for customers. That’s why Contractors Insurance is doing things differently.

We do everything we can to be as proactively transparent as possible. Our team will walk you through all the key details of your insurance plan’s scope – like what triggers a claim and the exclusions present in your policy.

Thorough and Straightforward Insurance Education

Every client is a partner to us. With our help, you’ll be armed with all the information you need to make the best decisions for your waterproofing company insurance. We’re here to be a constant source of information and expert insights on business insurance.

Frequently Asked Questions About Waterproofing Contractor Insurance

Typically, insurance for waterproofing contractors costs around $61 per month for a coverage limit of 2 million dollars. The costs may increase as you add additional policies. The most cost-effective choice in such cases is to bundle your insurance.

Currently, insurance for waterproofing contractors is not required. However, getting waterproofing company insurance offers numerous benefits – including added financial security and winning over more customers. This is why many businesses opt to get this insurance bundle.

Ready to Get the Coverage You Need?

Waterproofing contractor insurance will help you create a secure future for your company while also giving you added peace of mind. Contact us today or get started with a quick quote!

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