How To Get Contractors Insurance

contractor insurance application for

It doesn’t matter if you are just getting into the construction industry in Canada or you have been a custom home building contractor in the industry for 25 years. You probably already know that contractors insurance is absolutely necessary to ensure the longevity and financial security of your business. It could not only potentially protect you in a variety of different situations, but it could protect your employees as well. So, how do you go about applying for contractors insurance in Ontario, Canada and what exactly does it cover?

Before purchasing, understand what Contractors Liability Insurance actually covers

types of protection provided by contractors cgl policy

The main reason that any small or large business like tub, pool, and spa installers purchase contractors liability insurance is to protect their company against liability. When you are working as a contractor, there are ample opportunities for injury or damage to present itself. However, when you purchase this insurance policy it can ensure that you are protected against lawsuits and a variety other damages that might arise on the job site. Keep in mind that although these policies can be specialized and customized to suit the specific risks and dangers that you are faced with in your industry, they DO NOT provide any insurance coverage for commercial automobiles used by contractors for their business. If you have a truck, van, or any other vehicle that you use for work, make sure to speak to your broker and arrange a separate commercial automobile policy to have coverage for that vehicle.

All in all, Contractors insurance is great, because if something goes wrong, you will only be responsible for a deductible rather than having to pay the entire amount of the damage or accident.

The Information Required For The Application

insurance application for contractor

When you are applying for general liability insurance, you will without a doubt discover that each contractors application form and each insurance provider is different. For example, some insurance companies might require certain information to insure a solar contractor, while others might not not even entertain contractors doing any work in the solar energy space. With that being said, there is some general information that you will probably see on all the applications that you fill out. Some of this information might consist of the name of your company, the physical address of your company, when the business was first opened, the basic estimated revenue cost for the upcoming year, and the kinds of risks and dangers that your business is exposed to on a daily basis. Just keep in mind that if your company is considered a higher risk company, this could potentially raise the overall costs of your policies.

In fact, a high-risk high company like an elevator installation business, could potentially find a hard time in acquiring a policy altogether. In this event, you might have to go through an insurance provider that specializes in high-risk insurance as standard markets may not have the capacity to insure these types of sub standard risks.

Don’t Be Afraid To Apply For Free Quotes

quote form for contractors insurance

With the invention of the Internet, more and more businesses are offering online services. Some of these businesses are Ontario insurance providers. If you are located in the Ontario area and are looking for general business liability insurance you will quickly discover that there are a variety of companies that offer online quotes. Why are these quotes necessary and important? Insurance is expensive and it can take up almost 40 to 50% of your company’s yearly costs. However, when you compare quotes and shop around the market there is always a chance that you will get the best potential rates.

Not to even mention the fact that you get to easily compare a variety of different providers in just a matter of minutes. Rather than spending hours going through the phone book and calling to get quotes, you can do it online in half the time. It is really in your best interest to at least compare insurance quotes online. Doing so will save you time and money in the long run.

Apply for a Free & No obligation Quote Now

Speaking With Brokers On The Phone

licensed insurance broker in ontario

There are tons of policies and insurance providers available in the country of Canada. This is not to even mention that insurance is a very tricky business. This is why it pays to speak to a specialized broker on the phone. When speaking with a broker, you will be able to understand each option that is available to you. This will allow you to specialize your policy to suit your company’s specific needs. While there is never anything bad about investing too much in insurance, there are times when you can invest in polices that aren’t pertinent to your specific needs. This could end up costing you more money in the long run.

If you aren’t sure what policies to get and what exactly they cover, you need to work one-on-one with a specialist. They can walk you through the entire process of acquiring and applying for contractor’s insurance coverage.

Other frequently asked questions before buying insurance:
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Areas where we commonly provide insurance:
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Ontario

Toronto

Mississauga

Brampton

brampton city hall picture

Ottawa

ottawa city parliament

 

Hamilton