Whether you do framing, hang drywall, are a plumber or a landscaper, your small contractor business faces risks that could take away everything you’ve worked so hard to build. You don’t have the same risks that large contracting firms do, so you don’t need the same amount of coverage. Insurance Hero’s got your back with custom-built protection that addresses your risks at rates that make sense for your small contracting business.

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Small Contractor Insurance – Recommended Coverages

The following are basic insurance coverages that no small contractor should be without.

Commercial General Liability Insurance

Commercial general liability (CGL) insurance is a basic coverage for all businesses regardless of industry or company size. Every successful business has a risk management plan in place because business, like life, is unpredictable. For a small contracting company, those risks have a greater impact on its ability to survive. As you know, construction work has a high rate of personal injury to workers and the public as well as a high probability that property will get damaged. Please note that commercial general insurance does not cover employee accidents or injuries, consult your province’s worker’s compensation board for more information.

CGL insurance can provide you with the tools you need to protect yourself from lawsuits that claim:

• Personal or bodily injury due to your contracting work or business practices
• Property was damaged by you or one of your workers
• That libellous or slanderous communications were made by someone in your company that resulted in a loss or harm e.g. by a competitor
• That your company falsely advertised its contracting services (or products)

As a small contracting business without CGL insurance, you could be one accident, injury or lawsuit away from having to declare bankruptcy. It’s also important to remember that, unfortunately, lawsuits are regularly filed that don’t have any merit and that, as businesses understand, it’s vital to have coverage for legal expenses to defend against lawsuits because those costs add up quickly.

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So how can Commercial general liability insurance protect your small contracting business? A CGL policy can cover you for:

• Medical expenses for injured parties
• Lawyer’s fees and defence costs
• Settlement costs
• Damages awarded by a court or tribunal

Which is why all businesses should carry CGL insurance. A CGL policy, like the other coverages we recommend, can be tailored to address your specific contracting services, liability risks and budget.

Property Insurance

Besides liability concerns, small contractors and other businesses have to worry about and protect their assets. Perils like fires, floods, sewage backups, burglaries and others could damage or destroy structures, tools, equipment, supplies, computers and devices, receipts, work orders, cash and other assets. Like home insurance, business property insurance protects you from losing everything to a disaster. If you run your small contracting business from your home, however, your insurer likely will not cover your business assets or anything related to your business and may even cancel your policy. Insurance Hero offers a unique solution to small and home-based contractors that may not need a full or traditional policy but still need to be protected from natural disasters and liability risks.

Click here and get an online quote for Small Contractor Insurance in minutes or call us at 1 (855) 777 4376

Regardless of where your contracting business calls home or how big or small it is, Insurance Hero will get you customized coverage to meet your needs. We also have floater coverage that protects your tools while in transit and at the job site.

Commercial Auto Insurance

Just like home insurance will not cover business assets and property, personal auto insurance will not cover accidents if they classify the vehicle you use for your small contracting company as a commercial vehicle and/or decide that it’s being used for business purposes. This could leave you on the hook for costly damages and potential legal liability for an accident. Considering the amount of time you spend on the road for your small contracting business, not having the right coverage is a risk you can’t afford to take.