If you’re a contractor in Ontario and you’re looking to protect your business from the unexpected, you should consider getting contractors' insurance. When you choose your Contractors Insurance Ontario plan, you have complete control over what is covered by your policy, meaning that you can decide exactly how much coverage you want and which risks avoiding. Some of the more common things that are covered by insurance Ontario policies include damage to property caused by fire or water leakage, as well as any injuries suffered by clients who visit your construction site.
What Insurance Should A Contractor Have In Ontario?
Any contractor who's worth their salt knows that insurance is an essential part of running a business. But what insurance should a contractor have in Ontario? When it comes to your business, you need protection against loss of revenue or investment and contractors' insurance is one way to do that. Business insurance can help protect you from claims of negligence due to work injuries, property damage, intellectual property infringement, or even piracy. Contractors Insurance Ontario includes general liability and worker’s compensation which protects contractors from claims made by customers for faulty or incomplete work and health-related incidents.
Just as every contractor has different needs, there are various kinds of business insurance to choose from. Whether you're looking for general liability, commercial auto, or something else, it's important to review your coverage options with a qualified professional to make sure that you're getting what you need. General Contractors Insurance Ontario can get coverage for claims including property damage or injury caused by faulty workmanship and anything else that would fall under negligence in an Ontario court. It's also crucial to have sufficient coverages in place if one of your employees causes an accident related to their job duties or suffers an injury while on-site.
Property Damage Liability
This coverage pays for damage you cause to other people’s property. Contractors Insurance Ontario usually carries a higher limit of coverage because they’re often working in someone else’s home or business, like a restaurant or grocery store. Like most insurance policies, Property Damage Liability coverage gets cheaper as your deductible increases. A $1,000 deductible may cost 20 percent less than a $500 deductible and 40 percent less than a $100 deductible. If you want additional protection against negligence lawsuits meaning if someone gets hurt on your project, consider Professional Liability Insurance in addition to Property Damage Liability Coverage.
Contractors can increase their coverage by adding a Combined Single Limit policy, which increases your limit of liability to any one claim. For example, if you add $1 million of coverage to your Contractors Insurance Ontario policy, you could be liable for up to $1 million in damages without triggering an additional premium payment. But if you're sued for more than $1 million and lose which is rare, your total liability on that claim will be $1 million. Professional Liability Insurance pays for legal fees in cases where someone gets hurt or otherwise claims you as a professional including a contractor. It protects from negligent acts that cause bodily injury or property damage. As with
General Liability Insurance
Whether you're a weekend warrior or an established business, general liability insurance is important. The general liability insurance protects your assets, in case someone is injured on your property and sues you for negligence or fails to maintain their safety like tripping over an uneven path in a public park that they brought their children to. These accidents can cost tens of thousands of dollars in medical bills, even when nothing was intentional Airbnb Insurance Coverage Canada or negligent on your part. General liability coverage will cover you against these instances; as well as any incidents involving property damage even if there was nothing wrong with your building or home before something happened. It's important to get Contractors Insurance Ontario quotes from several providers so that you can secure sufficient protection at a price point that makes sense for your business.
If someone is injured on your property, general liability coverage will protect you if they decide to file a claim against you. Whether it's a lawsuit related to personal injury or medical expenses or something more along the lines of physical property damage, general liability insurance ensures that you're protected from outside parties seeking financial compensation for whatever caused them harm including injuries and death. General Contractors Insurance Ontario liability coverage can help with many different kinds of accidents from slip-and-fall incidents at your place of business to faulty construction on your project site.
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