What You Need to Know About General Contractor Insurance
General contractors have many responsibilities when it comes to working on a new project. And with each new job comes numerous possibilities for industry-related risks and liability claims they have to manage. This is where comprehensive general contractor insurance comes in.
The key with general contractor insurance is building it to fit precisely what your business needs in terms of protection. Whether you are a small contractor or you work for a large organization, you deserve to know that your livelihood is protected.
Insurance Coverage Options
With every new contracting job comes a new set of risks, so whether you are an independent contractor or the CEO of a large company, you need contractor insurance to safeguard your business from unforeseen events and liabilities.
Fortunately, our super Insurance Hero team makes finding contractor insurance in Ontario effortless. We understand that setbacks can be costly. We also understand that insurance can be, too. With our expert knowledge and experience with insurance, we will work diligently to help you get the insurance you need at the most affordable rates possible.
What is general contractor insurance?
General contractor insurance is a customized insurance portfolio built to safeguard contractors from various industry-related risks, such as damages, losses or bodily injury to a third party or client. Your general contractor insurance will cover the cost of legal fees in the event of a claim against your business and any damages that occur, such as repair costs, property damage, medical bills and more.
What are the requirements for contractor insurance?
Depending on the type of contracting work you do, your insurance needs will vary. For example, a roofing contractor’s needs will vastly differ from a landscaper. However, to protect themselves from financial loss, all general contractors are required to have commercial general liability insurance.
In the event that a third party injures themselves or third-party property damage occurs at the job site and even after the job is finished, commercial general liability insurance safeguards you from legal responsibility. This insurance policy covers any associated medical bills, legal fees, and repairs or replacements. It also protects you should the above occur on your company’s premises (e.g., your company’s office) or against any advertising and reputational injuries (e.g., slander, libel, copyright infringement).
Our award-winning team of insurance heroes will review your business’s specific wants and needs to help you get the best insurance possible.