Running a contactor's business in Ontario is not easy and it's especially important to make sure that all your business risks are covered. Even small contractors face many of the same problems as the larger companies, and they need insurance that is very similar. In fact, without a insurance policy specially designed for your business, you could be uninsured, and that can lead to disaster. Let's look at Marvin C for an example.
Marvin always found electrical work to be rewarding and he worked for many years for a construction company as an electrician. However, he knew that some day he would strike out on his own and become an independent electrical contractor. One day Marvin received a financial windfall from an unexpected source and decided to make this dream come true. He had a flair for business and it did not take long for Marvin to have a thriving local electrician service with the right employees.
After a year in operation, Marvin placed a bid on a local construction project. He won the bid and that meant installing electrical services for a large residential subdivision, as a subcontractor. This changed his business risk factors, so Marvin called his insurance professional to discuss the kind of contractor insurance coverage he would need.
The new project went well, and after a couple of months all of the wiring was installed and the houses went up for sale. However, two years later, Marvin received a letter from the construction company that hired him, and it was not good news. A house had caught fire and burned down, causing serious injuries to one of the occupants. The homeowners sued the construction company for damages and now the construction company wanted damage money from Marvin's company, because the cause of the fire was faulty wiring.
Marvin contacted his insurance specialist and everything was taken care of. Thankfully, he had chosen an experienced professional that provided loss assessment services, so he was fully covered.
If you are a contractor you need to make sure you have the right kind of insurance. Whether its builders risk insurance, liability coverage, or coverage for your tools and equipment. Alll must be covered and in the proper amounts. This ensures that you can stay in business and pay the bills.
Do you perform construction or repair services for commercial or residential customers? Chances are, you need insurance for contractors. Here are some examples:
You won't find one policy that fits all contractors. That's because these types of businesses vary so much when it comes to services and work performed. However, most contractors should consider these options:
When you buy a contractor's policy you may want to think about these options:
If you want the best possible insurance and the most affordable rates, you can check with many companies and compare coverage options and premiums. However, this could take a long time, and it's much easier to simply go with an experienced insurance brokerage like Bunnell Hitchon Insurance Brokers Inc.
We have been around for more than a hundred years, and will be there for you when you need contractor insurance. As an independent insurance brokerage, we offer claims review and analysis services. We can find you the best deals on insurance, because we have many insurance partners. We offer a wide range of insurance options and we can even insure your US operations.