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Everything You Need To Know About Contractors Insurance

 

What is a contractor?

You’ve probably heard the word time and time again (you’ve probably even said it without realizing) but what exactly does a contractor do? Well, that will depend on the type of business you operate. But in general, a contractor is a person or company that does business on a contract basis. To some degree, being a contractor is similar to being a business owner.

Laws surrounding contractors’ insurance may be different depending on where you’re located. For example, in Hamilton to do business, contractors are required to have a valid Trade and Contractor License – and with this comes third-party liability insurance.

Regardless of where you’re located in Ontario, if you are a contractor or even a subcontractor, having insurance coverage is vital – especially if you are in the construction business since this is one of the most susceptible industries for liability lawsuits.

 

How Contractors Insurance Works

We have access to over 25 insurance carriers who can provide unique quotes specific to your operation. Before we reach that step though, you will need to provide answers to the following questions (this will help in determining an appropriate quote):

  • How many employees do you have?
  • Where do your employees conduct work for you?
  • Are your employees part-time, full-time, or subcontracted?
  • How long you have worked in the specific industry?
  • How many claims you have filed in the past?
  • Details of any claims filed.
  • The risks associated with operating your business.

We will then take this information to the carriers we represent to negotiate on your behalf. The result will be creating a Contractor Insurance coverage plan perfect for your business, at a great rate.

 

What Does Contractors Insurance Cover?

Many contractor insurance policies have specific coverage components, including the ones listed below.

  • Bodily Injury: This coverage is provided to cover claims in the event of a financial loss initiated by an injury caused by you or one of your employees. However, this coverage does not protect your employees.
  • Property Damage: This coverage will provide the funds necessary to repair or replace any damaged items at a job site.
  • Advertising: Protection under a contractor’s liability policy will cover businesses in the event of a lawsuit claiming copyright infringement when advertising their services.
  • Reputation: A contractor’s 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: Provides 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. Including:

  • Cyber Liability: If your business stores any personally identifiable information such as birthdays, credit card numbers, addresses, and other key information, your business has cyber liability exposure.
  • Work Performed by Subcontractors: Most contractor’s liability insurance policies exclude coverage for work done by subcontractors. Coverage extending to work performed by subcontractors can be included in 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.

 

How Can You Get Started

If you have specific questions relating to Contractors Insurance, or want more information, the Duliban Insurance Brokers team is here to help! Contact us today to find answers to your questions and to get a free quote based on your specific needs.

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