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Contractors Insurance Oshawa

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Oshawa Construction & Contractors Insurance – Free Quotes Online

Construction is a risky industry. Stats from an article in Occupational Health & Safety suggested that the number of injuries on construction sites are on the rise, increasing from 231 in 2014 to 357 in 2019. At McDougall Insurance, we understand the bustling nature of construction sites, which exposes you to various risks daily. Whether you’re a small independent contractor or a large company working in the city of Oshawa, Ontario, finding the right insurance protection is crucial to avoid legal hassles and financial disasters. Our dedicated team specializes in risk management for contractors and builders, enabling us to ensure that you’re well-protected. We offer contractor insurance in Oshawa designed to help you fulfill your legal and contractual requirements as well as protect your business.

We stand out as the go-to brokerage for Ontario professionals. As a trusted insurance broker in Oshawa, we prioritize fulfilling your requirements and insurance needs. Accidents can happen despite precautions, so be prepared with the right coverage from McDougall. We handle the insurance parts, thus allowing you to focus on your business. For tailored Oshawa contractor’s insurance, look no further than McDougall Insurance Services.

What is Contractors Insurance?

Contractor’s insurance in Oshawa encompasses diverse specialty fields in the industry, providing varying coverage solutions for general contractors, roofing specialists, electricians, and plumbers. It’s crucial to have insurance that aligns with both your industry’s specific demands and your individual business needs. While coverage requirements differ, certain components are standard in any comprehensive contractor’s insurance policy, regardless of the trade you’re in.

Contractor insurance in Ontario may be mandatory. It depends on your trade, but we recommend familiarizing yourself with your contractual or industry requirements before taking on any new projects.

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Commercial Property Insurance

Commercial property insurance protects more than just offices. For contractors who operate out of warehouses, have large quantities of materials and tools, or who have a physical space to go back to, this insurance is designed to protect that. It can cover the cost of repairs or restoration for business property, equipment and tools, and business buildings.

Commercial General Liability Insurance

As a contractor in Oshawa, Ontario, commercial general liability insurance may be a contractual obligation, as this insurance protects your business against expenses arising from costly claims and legal action taken against your business if your operations or employees causes bodily injury/property damage to a customer, a vendor, or another third party. You may also consider contacting Business Insurance broker.

Business Vehicle & Fleet Auto Insurance

Business auto or business vehicle insurance is tailored to protecting your business vehicles and ensuring that you remain in compliance with provincial law. If you have five or more commercial vehicles, then you may save on your auto insurance by opting for an encompassing “fleet insurance” policy.

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Advantages of Contractor Insurance with McDougall Insurance

Navigating the realm of contractor insurance is a crucial decision that demands careful consideration. Wondering if it aligns with your business goals? McDougall Insurance, a prominent player in contractor and construction insurance, presents three key benefits derived from their extensive experience:

Have a Peace of Mind

Contractors often grapple with nightmares such as lawsuits, project delays, and unexpected equipment breakdowns. McDougall Insurance alleviates these concerns by offering the right insurance policy. Whether facing a fire on-site or vandalism, McDougall Insurance ensures you can navigate worst-case scenarios with confidence.

Fulfill Legal Requirements with Ease

In Ontario, commercial liability insurance is mandatory for contractors and construction trades. Amidst the hustle of a construction site, where errors can lead to severe injuries or property damage, a robust insurance policy from McDougall Insurance steps in to cover legal expenses and judgment costs.

Enhance Client Acquisition Efforts

For Oshawa-based contractors, having commercial general liability insurance isn’t just about compliance; it’s a powerful marketing tool. Property owners and government clients often insist on properly insured businesses, making McDougall Insurance a key player in helping you secure contracts and showcase your credibility.

Options for Contractor Insurance in Oshawa

Contractors all do very different work, and there are many different “trade types” in the world of contracting. As such, no contracting business faces the same level or type of risks. Your contracting business may be contractually obligated to carry a certain kind of coverage, and it may also not have any requirements for any coverage but could still greatly benefit from different coverage options. Here are some examples of coverage that is unique to contractors and can be added as an option.

Installation Floater

Some contractors may require an installation floater, especially HVAC techs, plumbers, and electricians. This coverage protects any property you own or are responsible for at a job site.

Tool Floater

This coverage extends your existing property insurance for any tools or equipment you may be using while at a job site.

Builders Risk Insurance

Builder’s risk insurance is oftentimes required before any major contracting operations may begin, as it is designed to cover any damages that could occur to a building or area under construction. Typically, conventional property insurance isn’t enough to cover properties under construction.

Pollution Insurance

Also referred to as pollution liability insurance or environmental liability insurance, this coverage offers protection should your business ever conduct operations that cause pollution, such as gas leaks, hazardous waste contamination, and so on.

Contractors Surety Bonds

This Surety bond is essentially a statement that the contractor will complete the project in accordance with the contract documents. This is often used by large contractors who want to bid on a potential larger contract, and the project owner wants insurance to guarantee the job will be completed. Also you can reach out to our experienced surety bond broker.

Performance bonds

If the contractor is unable to complete a job or the job is left partially finished, this bond acts as insurance for the project owner and compensates them for the remaining cost. The performance bond may be required of the contractor.

For additional information on any of the coverage options that are listed above, be sure to contact an Oshawa contractor insurance broker from McDougall Insurance. We will sit down with you to discuss your trade’s circumstances and go over what coverage options may be best for you.

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How much is Contractors Insurance?

The cost of contractor insurance in Ontario can vary based on several factors:

  • The industry you’re in and the services you provide
  • Your history of insurance claims
  • Your annual and projected revenues
  • Your business’s size and location
  • How many employees you have
  • Years of experience

It’s essential to request personalized quotes from insurance providers to get accurate pricing tailored to your specific needs. To determine the cost, consider the following types of insurance coverage commonly included in a contractor’s insurance policy:

Commercial General Liability (CGL) Insurance

This provides coverage for bodily injury or property damage for which your business may be held liable.

Commercial Property Insurance

Protects your business property, tools, and equipment against covered perils like fire, theft, or vandalism.

Commercial Auto Insurance

Commercial Auto Insurance Covers vehicles used for business purposes, including liability and physical damage coverage.

Contractor's Equipment Insurance

Specifically covers tools and equipment used in your contracting business.

Contractors Surety Bonds

Often required for construction projects, providing financial guarantees to clients that you will fulfill your contractual obligations.

To get an accurate quote, reach out to insurance providers or experienced Insurance broker who can assess your specific needs and provide you with a customized estimate based on the coverage required for your contracting business.

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Who Needs Contractor Insurance in Ontario

Currently, Ontario’s construction industry employs over 413,000 people. Among those working professionals, who actually needs contractor insurance? Oshawa businesses and contractors who work within the following industries should carry contractor insurance to protect their bottom line and defend themselves against potential risks:

  • General Contractors
  • Handyman Services
  • Excavating Companies
  • Electricians
  • Plumbers
  • Roofing Contractors
  • Masonry Contractors
  • Painting Contractors
  • Drywall & Siding Contractors
  • HVAC Companies

Why McDougall for Your Oshawa Contractor’s Insurance Coverage?

Navigating contractor’s insurance can be complex, but our experts understand the intricacies of available coverage. We’ll collaborate closely with you to create a policy that aligns with your business needs. Each business is unique, and our team recognizes that your construction insurance requirements may differ significantly from others’.

Assessing day-to-day risks can be daunting, which is why countless contractors trust McDougall Insurance & Financial. Our size and experience grant us access to a wide array of markets in Ontario, enabling us to secure tailored coverage and pricing options for all our contracting clients. Reach out to one of our contractor’s insurance brokers today and discover how we can benefit your business.

Oshawa Contractor’s Insurance FAQs

It depends on the contractual agreements and conditions of the policy. Mostly, subcontractors will have limited coverage under an existing contractor policy, so we recommend clarifying with your broker what level of coverage is supplied for subcontractors. If coverage is limited, we recommend that subcontractors acquire their own coverage.

Depending on the policy, your contractor insurance coverage may include a component known as “completed operations” coverage. This valuable feature safeguards contractors against property damage or injuries that may occur after their work is completed.

Suppose, for instance, a contractor completes a roofing project, and a few months later, the roof leaks and causes property damage. In that case, the completed operations coverage steps in to provide financial compensation against any arising legal disputes. This is a great way to ensure that any property damage is covered, and your business’s reputation is safe.

Contractor insurance in Oshawa provides a comprehensive range of coverage options to address the unique risks faced by construction professionals. This typically includes general liability insurance, which safeguards against third-party bodily injury and property damage claims. Additionally, property damage insurance protects your tools, equipment, and materials. Workers’ compensation coverage is also available to ensure financial support for injured workers and meet legal requirements.

Always. McDougall prides itself on offering comprehensive, tailored coverage to protect construction projects and the hardworking contractors who do so much to complete them to a certain standard of quality. Contractor insurance policies are highly flexible and can be tailored to meet the specific needs of various construction projects in Oshawa. Whether you’re engaged in commercial building construction, residential renovations, or specialized trade work like roofing, electrical services, or plumbing, insurance providers can create personalized coverage packages that address the unique risks associated with your line of work.

What Our Customers Are Saying

Eric Irvine

Been dealing with McDougall/Brister Group Winchester for at least the past 5 years and the service has been excellent. Our broker William Barclay is very helpful and helped us save money with the best possible insurance quotes and goes above and beyond with his customer service!

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