37 minute read

You heard right. We have flexible insurance for contractors & skilled tradespeople.

You heard right. We have flexible insurance for contractors &
skilled
tradespeople.

Who needs contractor’s insurance?

It takes years of dedication to perfect your craft. It only takes a few minutes to protect your equipment and your tools against an insurable loss. Suffering an uninsured loss, not to mention, the impact it could have on your reputation, could be hard to recover from.

These are just some examples of contracting businesses that should be protected:

Handypersons

Home renovation contractors

Residential painters

Landscapers

Residential electricians

HVAC contractor (commercial)

Finish carpenter

Cleaning services (commercial)

Don’t see your contracting profession above? Here’s a few more:

Construction contractors
Solar energy contractors
Roofing contractor
Window cleaners
Window installers
Plumbers
Drywall contractors

Common scenarios where contractor insurance can be helpful

Painters

Problem: You are hired to paint the interior of a home and accidentally spill blue paint over brand new white carpet, damaging the carpet and underpadding.

Outcome: Your CGL may cover the cost of replacing the ruined carpet, totaling $5,000.00 in damages.

Electricians

Problem: While working at a job site, your pickup truck is broken into, and a number of your contactor tools are stolen.

Outcome: Your mobile equipment coverage may respond and cover the costs to replace your stolen tools.

Drywall contractors

Problem: A fire broke out in your garage and damaged materials you were storing for an upcoming customer home renovation project.

Outcome: Your property insurance may respond and cover the costs to replace the damaged materials.

Plumbers

Problem: You have finished installing a customer’s new dishwasher and are called back the following day after the dishwasher leaked water and damaged the wooden floors in their kitchen.

Outcome: Your CGL may respond and cover the costs to replace your customer’s damaged flooring.

Types of insurance coverage for contracting and construction businesses:

Business liability

Commercial general liability coverage can help contractors and construction businesses build trust, attract talented employees, and recover from legal costs should their services be responsible for causing a third party to suffer a bodily injury or property damage.

Property insurance

Protect your workspace and the stuff inside it, too. Property coverage can help contractors and construction businesses protect and replace items that could get damaged or stolen – like furniture and computers.

Equipment breakdown insurance

Insurance can help a contractor or construction business recover from the costs of replacing tools, building materials, or equipment if they ever get unexpectedly damaged or stolen – so you can get back to business sooner.

Commercial auto

Commercial auto insurance can help protect a contractor’s commercial vehicles used in the operation of their business, whether they’re driven by the owner or by the employees of the business.

Cyber event expense insurance

Managing operations online can help contractors and construction businesses save time. But, keeping the lights on online can open the door to security threats. Help protect your business from the costs of digital threats with cyber insurance.

Business liability

Commercial general liability coverage can help contractors and construction businesses build trust, attract talented employees, and recover from legal costs from someone getting injured.

Property insurance

Equipment breakdown insurance

Commercial auto

Commercial car insurance can help contractors and their employees protect a company car that hauls equipment, tools, building materials, and electronics.

Cyber event expense insurance

Managing operations online can help contractors and construction businesses save time. But, keeping the lights on online can open the door to security threats. Protect your business from the costs of digital threats with cyber insurance.

What is the cost of contractors insurance?

Whether you work alone or have multiple employees, the cost of insurance will vary based on the needs of your business.

Some factors that affect your rate include:

Location of your business
Claims history
Annual revenue
Additional coverage options you may want to add on to your policy

Why do contractors need insurance?

Protect people and property

Contractors and construction businesses are trusted with projects that involve a lot of moving parts. Accidents happen, but insurance can help your business recover from the costs of accidental property damage or injuries to third party entities.

Enhance your reputation

Be ready when customers ask if you have a certificate of insurance. Insurance can help contractors or construction businesses gain trust, enhance their reputation, and grow.

Protect tools, equipment, and supplies

Contractors and construction businesses rely on tools, equipment, and supplies to get a job done. Insurance can help you replace these items if they get damaged or stolen. Protect your bottom line.

Attract better talent

Good help is hard to find. By insuring their business, contractors and construction businesses can attract and retain talented employees. Having small contractor’s insurance can add to your credibility and give your employees additional peace of mind.

Do subcontractors need insurance?

From time to time, you may need the expertise or help of a subcontractor. While a subcontractor doesn’t need to be covered under your liability insurance, it is important that everyone working on your project is covered by some type of liability insurance.

If one of your subcontractors ends up damaging a third parties property as a result of the work they are doing, you could be held liable for the damages, as you were the one who hired them. When looking for a subcontractor, ask them if they have a commercial general liability insurance policy of their own. This way, if their work causes any damages, their policy will respond to the damages instead of yours.

What is contractors equipment insurance?

As a contractor, you need a lot of tools. While some tools are inexpensive, many of the tools you rely on are probably expensive to replace or repair. Having contractors equipment insurance means having protection for your equipment if it gets damaged, needs repairs or is stolen.

Do commercial and residential renovation contractors need different insurance?

While commercial and residential contractors often work with similar tools and equipment, they will generally have different customers.

Even though they often have different customers, and while their respective coverage limits may differ, both types of contractors will require the same types of insurance.

The TruShield advantage:

Legal expense insurance

Covers up to $50,000 of your legal costs associated with: legal defense, statutory licence protection, employment disputes, tax protection, contract disputes, and debt recovery.

Also includes unlimited telephone access to general legal advice.

24/7 Claims service

We’re always open for you. With around-the-clock claims support by phone and online, we help to make settling claims fast, simple, and stress-free.

Flexible payment options

Pay for your policy all at once or in convenient monthly installments. We also offer 0% interest and we’ll even accept payment by credit card.

Ready to get a quote?

Advice from our experts:

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Legal information

Terms, conditions and exclusions apply, see policy for details. The services described on this website are not insurance policies and not all policies are eligible. For more information on our services and for information on our insurers please see Terms and Conditions.

Certain content used on this website are trademarks or tradenames of Northbridge Financial Corporation (or its affiliates) and are used under license by our insurers. For more information please see Trademark Information.

TruShield Insurance, 105 Adelaide Street West, Toronto, ON M5H 1P9

Customer satisfaction

You heard right. We have flexible insurance for contractors & skilled tradespeople.

You heard right. We have flexible insurance for contractors &
skilled
tradespeople.

Who needs contractor’s insurance?

Common scenarios where contractor insurance can be helpful

Painters

Electricians

Drywall contractors

Plumbers

Types of insurance coverage for contracting and construction businesses:

Business liability

Property insurance

Equipment breakdown insurance

Commercial auto

Cyber event expense insurance

What is the cost of contractors insurance?

Why do contractors need insurance?

Protect people and property

Enhance your reputation

Protect tools, equipment, and supplies

Attract better talent

Do subcontractors need insurance?

What is contractors equipment insurance?

Do commercial and residential renovation contractors need different insurance?

The TruShield advantage:

Legal expense insurance

24/7 Claims service

Flexible payment options

Ready to get a quote?

Advice from our experts:

When to update your insurance policy coverage

Need to file an insurance claim? Here’s what you need to know.

Cyber liability insurance

Small business experts:

Head office

Business Insurance in Canada

Send us a message

Update payment information

You heard right. We have flexible insurance for contractors & skilled tradespeople.

You heard right. We have flexible insurance for contractors & skilled tradespeople.

Who needs contractor’s insurance?

Common scenarios where contractor insurance can be helpful

Painters

Electricians

Drywall contractors

Plumbers

Types of insurance coverage for contracting and construction businesses:

What is the cost of contractors insurance?

Why do contractors need insurance?

Protect people and property

Enhance your reputation

Protect tools, equipment, and supplies

Attract better talent

Do subcontractors need insurance?

What is contractors equipment insurance?

Do commercial and residential renovation contractors need different insurance?

The TruShield advantage:

Legal expense insurance

24/7 Claims service

Flexible payment options

Ready to get a quote?

Advice from our experts:

Small business experts:

Head office

Business Insurance in Canada

Send us a message

Update payment information

Search

You heard right. We have flexible insurance for contractors &
skilled
tradespeople.