Drywallers Insurance Ontario
What You Need to Know About Drywallers Insurance
Canada offers many profitable opportunities to drywall contractors all across the country. As such, it’s no wonder you are ready to start your own drywalling business. But first, you need to be aware of the many hazards that you and your workers will be exposed to on a regular basis before you start your company. After all, contractors run the risk of not only damaging a client’s property but also causing harm to them physically.
Insurance Coverage Options
Building a drywall contractor insurance policy specifically to meet the demands of your company is the key to success. And whether you’re a self-employed contractor or the CEO of a huge drywalling business, you need commercial insurance to protect your drywall business from unanticipated events and liabilities since every new contract job comes with a new set of risks.
Fortunately, finding top-quality contractor insurance in Ontario is easy with the help of Insurance Hero. We will make every effort to obtain the insurance you require at the most competitive prices available using our in-depth knowledge and experience of the insurance market.
What is covered by drywall contractor insurance?
Commercial general liability insurance is mandatory for all drywallers. It safeguards you, your company, and any staff from being held accountable for third-party claims of physical harm or property damage sustained on your commercial property or at the job site (even after the work has been completed). It pays for medical expenses, legal expenses, and replacements or repairs. This insurance policy also covers reputation and advertising damages (e.g., slander, libel, copyright infringement).
But just that alone isn’t enough. For a comprehensive insurance policy, drywall contractors should strongly consider including several of the following coverages:
Commercial Auto Insurance
You need commercial auto insurance if you or your staff use any vehicles for work-related activities like transporting materials or travelling to and from job sites, as personal auto insurance does not insure personal vehicles used for employment-related activities. The following coverages are included:
- Third-party liability
- Accident benefits
- Uninsured automobile coverage
- Direct compensation-property damage
Commercial Property Insurance
Your physical office and its contents are safeguarded by commercial property insurance, which pays for any financial damage resulting from such risks as:
- Property damage due to natural disasters, flood, fire, vandalism or theft.
- Property damage or theft of electronics, equipment, company documents or employees’ personal belongings.
- Inventory theft by employees.
Business interruption is an additional feature of commercial property insurance that you can include in your coverage. It safeguards your company in the event that you are temporarily forced to close it down due to an illness or injury and are unable to work. This assists in reducing recurring expenses due to income losses, such as bills, employee salaries, etc.
Builder’s Risk Insurance
While working the job, the building, on-site materials, and liability claims are covered by the builder’s risk insurance. Contractors frequently require their clients to obtain this coverage as they are the property’s owners. This insurance policy is also known as construction liability insurance or course of construction insurance. Nevertheless, occasionally the contractor will be in charge of getting this insurance. Make sure you confirm who’s purchasing the policy.
Professional Liability Insurance
Professional liability insurance, commonly referred to as errors and omissions insurance, guards your company and staff against the financial expense of client accusations of negligence or poor work. Any business that offers services ought to seriously consider getting professional liability insurance. It includes:
- Errors, mistakes and oversights
- Failure to meet deadlines
- Failure to deliver your product to a customer
- Professional negligence
- Failure to meet a standard of care
- Breach of contract
Equipment and Tools Insurance
The expense of replacing or repairing tools and equipment that need to be replaced due to theft, vandalism, fire, or flood is covered by equipment and tools insurance. Whether in storage, transit, or left at a job site, this policy covers all tools and equipment, regardless of whether they are owned, leased, or rented.
Installation Floater Insurance
This insurance coverage protects the personal property that has been installed, made, or built by a contractor. Basically, this coverage protects only the materials and tools needed for the drywalling job. It protects property that’s stored in a temporary location, in transit, or installed until the buyer accepts the completed work.
