Should you have contractors insurance?

Contractors standing in front of van

Every independent contractor in Ontario should be insured with a “Contractor’s General Liability” policy.

This type of insurance offers protection in a variety of circumstances, as independent contractors can be held liable for various damages, including:

  • Bodily Injury
  • Property Damage
  • Tools & Equipment
  • Third Party Liability

Types of insurance available for contractors:

Commercial General Liability - Helps cover legal fees if faced with injuries, fatalities or property damage caused by a contractor’s work.

Business Property - Helps cover costs of damage to a contractor’s business location,  including fire, theft, vandalism, flood, explosion and extreme weather damage.

Equipment and Tools - From computers backhoes, this insurance helps protect contractors from losses caused by theft or damage of tools and equipment.

Commercial Auto - Offers protection if a company vehicle becomes damaged or stolen during work activities.

Professional Liability and Errors and Omissions - If a contractor makes an error or omits important information that negatively impacts a client, they are at risk of being sued. Professional liability and errors and omissions coverage can help cover costs associated with a lawsuit.

Cyber Event Expense Insurance - Managing operations online can help contractors save time, but it opens their business to online security threats. Cyber insurance helps contractors with financial loss or liabilities, resulting from a cyber related event.

Protect yourself and your contracting business

If you have questions about protecting your contracting business let us know. If you'd like an insurance quote simply contact us and one of our insurance specialists will be happy to assist you.