Construction is one of Canada’s major industries, giving jobs to more than 1.2 million Canadians. Although construction project sites and contractor responsibilities are unique, there are two common risks that most (if not all) contractors face: property damage and causing injury to a third party.
In a risk-laden industry like construction, contractor insurance in Toronto is a must-have. It is specifically designed to help companies, contractors, and subcontractors to be protected against common potential liabilities. Not only does this insurance give peace of mind, but it is also mandatory for some businesses.
KASE Insurance is one of the leading providers of contractor insurance in Toronto and the rest of Canada. We can help you get the protection you need so that you can focus on getting the job done.
Contractor insurance, also known as contractor’s liability insurance or general contractor’s insurance, is a type of insurance policy that helps companies, individual contractors, and subcontractors protect themselves against potential liabilities. Projects and contractor tasks vary across the industry, but the top risks and liabilities are injuries to third parties and property damage. Contractor insurance will help protect those working in the construction industry with the expenses related to the above risks.
The construction industry has one of the most high-risk environments out there. Individuals working in this field interact with heavy-duty equipment and hazardous materials on a daily basis. Contractor insurance in Toronto provides peace of mind to project owners and their clients alike, as well as to the contractors/subcontractors working for them.
With this type of insurance in place, all stakeholders know that there is protection in case of unforeseen events or accidents. It’s definitely a smart business move to have contractor insurance in Toronto, which is why contractor insurance as oftentimes considered a mandatory requirement. In some cases, before contractors are hired, clients will ask them to first produce this proof of insurance.
The main objective of contractor insurance is to protect companies, contractors, and subcontractors against liabilities and damages. So let’s talk about the two main coverages that this insurance policy has – along with example scenarios:
While working within a project site, whether it’s a house, a building, or some other structure, there is always a chance of accidentally causing damage to the property itself or something within the property. It could be an accidental hammer swing that shatters a window or a mistake with a power tool that breaks a part of the structure. In such an occurrence, your contractor insurance coverage will ensure you’re covered in case you have to pay to repair or replace what was damaged.
While working on a project, a contractor may also accidentally cause or contribute to an injury. For example, accidentally dropping a tool or construction material from a high place can seriously hurt someone walking by or watching from below. In such a scenario, there are two things to consider: medical bills and a possible lawsuit. Having contractor insurance will make sure that you have assistance paying any necessary legal fees or medical costs.
In addition to the examples stated above, there may also be accidents that are not directly caused by the contractor that happens on the property itself. The contractor could be removing baseboards from a wall and, in the process, pull out a nail that had been lodged into a water pipe. The resulting flood could cause damage to the property or objects therein. Though this is not the contractor’s fault, he is still responsible. Our contractor’s insurance policy will help pay for the damages in this situation.
Though these are the common coverages of a contractor insurance policy, we can discuss additional coverages tailor-fit to your profession.
Contractor insurance in Toronto can be purchased by contractors working in construction and renovation as well as carpenters, electricians, HVAC installers, roofers, landscapers and the like. In construction and similar industries that have a high risk of accidents, one can never be too prepared. Contractor insurance can be purchased by the individual contractor themselves or by the company hiring them. Protect your company, your employees, or yourself as an individual contractor from unforeseen accidents and events that could lead to liabilities.
When working in industries like construction, landscaping, renovation, and the like, it’s best to be always a step ahead. Although you’re already doing your business a world of good by getting the contractor insurance, you can still customize your insurance to any additional coverage that you may need based on your profession.
As one of the top insurance providers in Canada, KASE Insurance is your partner in putting together the best possible insurance plan for you or your employees. With a great track record serving various clients from multiple industries, garnering numerous awards along the way, and getting a wealth of industry recognition, you know you’re in good hands with KASE Insurance.
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