Flooring Contractors Insurance Ontario

What You Need to Know About Flooring Contractors Insurance

The need for flooring contractors to install new carpet, wood, laminate and tile flooring is stronger than ever as the Canadian housing market continues to grow. Yet, as with any business, any setbacks brought on by unanticipated mishaps could quickly disrupt or even bankrupt your company. While understanding the risks that your company can and will likely encounter is essential to staying ahead of the competition, another just as important necessity is owning a solid, comprehensive flooring contractors insurance policy to safeguard you and your business. 

Insurance Coverage Options

The secret to success is constructing a flooring contractor insurance plan tailored to fulfill your business’s exact needs. And because every new job comes with its own unique set of dangers and risks, whether you’re a self-employed flooring contractor or the owner of a sizable flooring company, you need flooring contractors’ insurance to safeguard your business from various unforeseen events and liabilities.

Fortunately, Insurance Hero makes it quick and simple to locate premium contractor insurance in Ontario. We will use our extensive knowledge and understanding of the insurance market to do our utmost to secure the right insurance you seek at the most affordable rates possible.

What is flooring contractor insurance?

Flooring contractor insurance is a specialized insurance program designed to protect flooring contractors from industry risks specific to their line of work, including property damage, financial loss, and bodily injury to a client or third party. Your flooring contractor insurance will help cover any resulting damages, including property damage, repair costs, medical expenses, and more, as well as any legal fees if a claim is made against your company.

Who should get flooring contractor insurance?

Any commercial or residential flooring service provider should think about purchasing general liability insurance, at the very least, not only because it is mandatory in Ontario but also to cover themselves in case they accidentally cause property damage or personal injury. Some of the many types of flooring contractor jobs include:

• Floor covering installer (carpet, wood, vinyl, laminate)
• Commerical flooring installer
• Carpet installer and replacement
• Concrete and/or epoxy flooring installer
• Tile setter

What coverage is available for flooring contractor insurance?

For all flooring contractors, commercial general liability insurance is a must. It protects you, your business, and any employees against liability for third-party claims of physical injuries or property damage allegedly experienced at your office or at the project site (even after the work has been completed). It covers costs associated with healthcare, legal defence, and replacements or repairs. Damages to one’s reputation and advertising are also covered by this insurance (e.g., slander, libel, copyright infringement).

However, commercial general liability insurance alone is not enough. Flooring contractors should seriously consider adding a few of the following coverage options to create their comprehensive insurance policy:

Builder’s Risk Insurance

This insurance provides coverage for the building, on-site materials, and liability claims while the flooring job is being completed. Construction liability insurance and course of construction insurance are other names for this insurance coverage. Contractors frequently insist that their clients obtain this insurance, but on occasion, it will be the contractor’s responsibility to acquire this insurance.

Professional Liability Insurance

Also known as errors and omissions insurance, professional liability insurance protects your employees and business from the financial risk of client complaints of negligence or inadequate work. Any company that provides services should give professional liability insurance serious consideration. It covers:

• 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

Pollution Liability Insurance

Flooring contractors must be concerned with environmental liabilities even if the exposure risk is very minimal. Although it may appear pristine, brand-new flooring could hold dangerous pollutants underneath. If environmental damage occurs at the job site suddenly or gradually and causes physical harm or property damage, pollution liability insurance will cover you.

Installation Floater Insurance

The personal property that a contractor has produced, manufactured, or installed is covered by this insurance coverage. In essence, this insurance solely covers the supplies and equipment required for the flooring job. Until the buyer accepts the finished job, it safeguards property that is installed, in transit, or stored in a temporary location.

Commercial Auto Insurance

If you or any of your employees use a vehicle for work-related purposes, such as moving products or travelling to and from job locations, you may need commercial auto insurance. This is because personal auto insurance does not cover vehicles used for work-related purposes. Included are the following coverages:

• Third-party liability
• Accident benefits
• Uninsured automobile coverage
• Direct compensation-property damage

Commercial Property Insurance

If you own or lease commercial real estate for a physical office, commercial property insurance protects both your physical office and the contents within by covering any damage brought on by perils such 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.

You can also extend your coverage to include business interruption as an extra benefit of commercial property insurance. If you suffer a sickness or injury and must temporarily shut down your business, it helps to lower ongoing costs like bills, employee pay, etc., that result from lost income.

What is excluded from basic flooring contractor insurance?

Standard flooring contractor’s insurance only includes commercial general liability insurance. Because of this, there are many exclusions that all flooring contractors should strongly consider purchasing additional coverage for. Some of these include the following:

• Property damage to your own property 
• Equipment or tools left at the job site
• Faulty design work or negligence
• Loss or theft of materials and equipment