Commercial Coverage for your Contracting Business
Whether you own an HVAC company, public construction company, a small shop, or a computer business, you will want to look into protecting your hard work and assets with liability insurance.
There are so many reasons why a small company or contractor should acquire contractor liability insurance in Ontario. Every business has an exposure to a liability lawsuit. Consider a customer slipping and falling at your office or job site. The ensuing lawsuit can time up your time, your business capital, and in severe cases require the liquidation of assets to pay for a settlement.
In addition to liability exposures, businesses may also be held responsible for damage caused to someone else’s property. Being adequately insured provides you peace of mind that should something was to happen where an extensive damage was caused to personal property, the cost to replace or repair the property will be covered by an insurance company, and not your bank account.
Contents and equipment coverage can be built into these contractor policies. In some cases, these are major assets to a business and require coverage in case of damage or loss. The insurance limit for recently purchased equipment (purchased less than five years earlier) can be set at the purchase price. The claims for losses against such equipment are settled without incorporating depreciation.
As equipment gets older, coverage is amended from Replacement Cost to Actual Cash Value which a payout in the event of a claim includes depreciation.
You must also keep in mind when searching for contractor insurance in Ontario; our area can be one of the most dangerous places to work in the country. Being in Ontario, we are exposed to extreme climate changes that allows ample opportunities for construction and roofing businesses. However, these are some of the most dangerous jobs in Ontario which comes with a large liability exposure for contractors.
Allow our office to review your business and operations entirely and understand what exposures you are open to. We can then seek out an appropriate policy within our office that covers you for all of the exposures your business is susceptible to.
Protecting yourself and your business should be your top priority when searching for a liability insurance policy. The construction industry is one of the most susceptible businesses for liability lawsuits. A contractors liability insurance policy has specific coverage components to provide much-needed coverage in the event of a claim.
Bodily Injury – This coverage is provided to cover claims in the event of certain claims to cover the financial loss caused by an injury caused by you or one of your employees. Injury can have occurred anywhere including the business office or on the job site. This coverage does not provide protection for injury to your employees however.
Property Damage – If you or one of your employees damages property owned by others, this coverage will provide the funds necessary to repair or replace the damaged item, up to the limits of the policy. This coverage does not provide protection for damage to your work, however.
Advertising – Protection under a contractors liability policy will cover businesses in the event of a lawsuit claiming copyright infringement when advertising their services.
Reputation – A contractors liability policy, if selected, can provide coverage in the event your business is harmed by certain claims of libel, slander, malicious prosecution, and violation of privacy rights.
Medical Payments – While bodily injury pays for the financial loss resulting from someone becoming injured, medical payments coverage provides first dollar coverage for medical bills.
Rented Premises – Coverage is provided if your business rents a location and the property is damaged while occupying the space.
In addition to these basic liability coverages, many contractors insurance policies can provide additional extensions for coverage. For example:
Cyber Liability – The rate of cyber liability claims is skyrocketing. If your business stores any personally identifiable information such as birthdays, credit card numbers, addresses, and other key information, your business has a cyber liability exposure. All it takes is one lost laptop to result in the exposure of individual information.
Work Performed by Subcontractors – Most contractors liability insurance policies exclude coverage for work done by subcontractors. For example, if you are remodeler who hires an electrician, any damage caused by the electrician are his responsibility. However, if the electrician is not properly insured, or simply leaves town, your business will be on the hook. Coverage extending to work performed by subcontractors can be included on your policy to add an extra layer of protection.
Hired and Non-Owned Automobile – Most contractors will have an automobile policy providing hired and non-owned automobile coverage. However, in the few instances where no commercial vehicles are owned, you will want to include this coverage extension. This extension covers claims when renting, borrowing, or using a non-owned automobile for business.
Since 1976, Duliban Insurance Brokers has proudly served central Canada’s insurance needs. By partnering with the country’s most competitive and trusted companies, we deliver the very contractors liability insurance in Ontario at the lowest price. Combined with our best in class ‘hometown’ service, we are dedicated to meeting the needs of our valued clients.
“Excellent customer service! Friendly, responsive and courteous.” – Toth Brothers Roofing
“We highly recommend Duliban Insurance Brokers Ltd. We have been with them for years and they take care of our many different business and personal insurance needs. Thanks Adam & Jason you are both doing a 5 star job taking Duliban Insurance to the next level of brokerage service!” – Sherry B