Which Industries Need Contractor Insurance?

The contracting industry in Toronto is growing exponentially, with over 500,000 employed in the construction business in Ontario alone. Insurance companies are responding to this growing need for contractor insurance quickly.

If you are wondering which contractors need insurance, the short answer is all of them.

It really does not matter which industry or sector within the contracting world your business operates, as there is a good chance you have some liability. Every small business owner and independent contractor must be insured to protect their livelihoods from third-party liability lawsuits.

Only with a customized contractor insurance policy can contractors be assured that their business and any employees are covered.

The Booming Business of Building

Toronto is home to the majority of Ontario’s population, so it is no surprise that a large number of contractors are located here.

Business is booming with projects to bring old structures back to life or maintain or improve existing structures. To participate in this growing industry, contractor insurance is essential.

Build or Bust: Insurance Coverage is a Must

Today, anyone in the contracting business faces a wide range of opportunities to expand their business. However, companies can be vulnerable if they are not sufficiently covered.

Independent contractors and tradespeople face a broad range of risks that a comprehensive contractor insurance policy can only cover.

In Ontario and elsewhere, contractors face a variety of risks, including third-party liability lawsuits and weather-related damage. In order to safeguard your business and livelihood, you will need a policy that covers all possible risks and scenarios.

Due to the industry’s highly competitive nature, accidents, lawsuits, and other unforeseen events can be a real danger for businesses. Build or bust, your business is a matter of risk management.

The key is to have the right coverage from a reputable firm like W.B. White Insurance, which can make all the difference in helping your business thrive and survive.

Why is contractor insurance necessary?

Trade and construction work are some of the most dangerous jobs in the world. By having thorough safety protocols in place at your construction site, you can avoid accidents that could lead to injury or even death.

Given the many risks associated with contractor jobs and industry, the types of contractor insurance continue to climb and expand. Below is a guideline of what types of insurance and coverage are offered.

Property site injury and third-party liability
Property site damage to the structure being built
On-site damage to equipment or tools
Client lawsuit due to errors or negligence
Accidental property and or infrastructure damage
Vandalism or theft involving the project site or the tools/equipment

A customized contractor insurance policy in Toronto can help you avoid any unforeseen risks (and liabilities that may result) related to the above risks.

Various kinds of insurance coverages are available for independent contractors/tradespeople, small contracting businesses, and larger contracting firms, collectively known as contractor and trades insurance.

This is the type of insurance for anyone working in construction or other related skilled trades.

The basis of contractor insurance is commercial general liability (CGL) insurance, which is often referred to as contractor liability insurance.

However, contractor insurance can be customized to include additional coverage based on the needs and preferences of independent contractors and business owners.

Which industries need contractor insurance?

Almost any business in the contracting industry needs contractor insurance, and as a busy contractor, you want to avoid risking your business prospects by being unprepared to deal with any problems that arise.

Contractor liability insurance as well as professional liability insurance will give you the protection that you need.

We recommend you speak with a qualified broker at W.B. White Insurance to determine what benefits and protections your business will have with a trades/construction insurance policy.

If your business is listed below or operates in a similar way, then trades/construction insurance will serve you and may even save your business.

General contractors
Owner-builders
Program managers
Real estate developers
Construction program managers
Small renovation contractors
Package builders

Specialized insurance is also needed if you or your business does any of the following related trades:

Drywall and ceiling installation
Carpentry
Construction equipment operation
Elevator installation
Gas work
Electrical wiring installation or maintenance
Plumbing and pipefitting
Brick masonry, block masonry, stone masonry
Roofing
Sheet metal work
Iron and steel work

Why choose W.B. White Insurance for your coverage needs?

We are an award-winning commercial insurance brokerage with over 90 years of experience operating in the Ontario insurance marketplace.

Our expert insurance brokers have a long-standing reputation for excellence and a dedication to ensuring all our clients have the protection they need to keep their homes, businesses and other assets safe.

We’re continually updating our services to match the requirements of the modern insurance client, and we understand the ever-shifting needs of independent contractors, professionals, and contractor businesses.

Liability insurance is the best protection for both you and your company against risks associated with being sued for negligence or injury. Our elite team of professionals is here to help you get a highly effective insurance plan that’s tailor-fit for your success and safeguards your business’s future.

If you have questions about how contractor liability insurance can protect you, your employees and your livelihood, reach out to an insurance broker at W.B. White to discuss your options.

Derek Grieve

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