Contractors’ Insurance Mississauga
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Every contractor targeting Mississauga’s thriving building construction industry will do well to protect themselves with a good contractor liability insurance policy before accepting any work from clients. Building construction is an aggressive and demanding industry where use of heavy machinery and sometimes precarious working conditions mean the risk of accidents and injuries is higher than it is in most industries.
How many times have you read that a construction worker slipped and fell from a roof, breaking an arm or a leg? Or that another mishandled a heavy-duty angle grinder, hurting himself and damaging a client’s property on a remodeling job? Without the right protection from insurance, a single accident can put a contractor out of business.
Without a solid contractor’s insurance policy you are putting your contracting business in Mississauga in great danger.
Contractors in the different construction trades should expect more work as Mississauga and other cities in Ontario are projected to experience the highest growth in Canada’s construction sector in 2020 going forward. But with more work comes a greater liability for construction site injuries and damage to property. Without a solid contractor’s insurance policy you are putting your contracting business in Mississauga in great danger.
How An Iron-Clad Contractor’s Insurance Policy Will Protect Your Mississauga Business
A good contractor’s liability insurance policy will cover your business against lawsuits that may be pursued against you because of injuries and damage to people’s property during the course of your work. Injuries may be to your own workers, the client, or people passing by your construction site. The policy will cover your legal costs as well as any settlement after the court has ruled against you. These costs can bankrupt even well-established businesses.
If you intend to bid for government contracts you will also have to produce proof that you have a contractor's liability insurance cover. In Mississauga, the city requires all of the city’s suppliers to ‘provide evidence of insurance as part of the terms and conditions of the contract’. Specifically about contractors working on its construction projects, the city requires a certificate of insurance with full liability cover.
Get A QuoteA contractor’s insurance policy with solid liability cover will protect your business’s financial health and preserve it as a going concern.
Buying liability insurance for your contracting business also covers you against claims that may be made by clients against the quality of your delivered projects. A client may feel that you did not execute your contract to the expected or agreed standard, hurting their reputation and business interests as a result and, thus, choose to make a claim for damages. If your contracts also involve design work, copyright infringement claims may also be brought against your firm by rival businesses.
So, besides helping you find work on city and government contracts, a contractor’s insurance policy with solid liability cover will protect your business’s financial health and preserve it as a going concern.
Where To Buy Contractor’s Insurance In Mississauga
As you consider your options for the best contractor’s insurance policies in Mississauga, remember that these policies usually come with exclusions. As well as exclusions, it is also prudent to have a clear idea of the amount of cover you seek, which should be guided by the amount of liability risk you perceive for your type of business operation.
Consider the possible need to extend coverage beyond what standard policies provide to ensure fuller protection for your business. Be vigilant and look out for policies that exclude coverage for professional liability, including faulty designs, materials, and workmanship. That is an important coverage that will protect your business.
Get A Quote
We are a leading insurance brokerage in Mississauga, with certified and highly experienced brokers on our team.
Should you need more guidance on choosing the right contractor’s insurance plan for your business, the insurance experts at the Able Elite Team are always glad to help.
Contact the Able Elite Team for the best contractors’ liability insurance quotes in Mississauga.