Carpenter Contractor Commercial General Liability Insurance And so much more
What is Carpenter Insurance
If you are wondering what carpenter insurance is- it can be simply described as commercial liability protection in case of lawsuits arising from bodily injury or property damage. This contractor insurance policy is a commercial liability insurance product that provides protection in the event damages or losses result from negligence or faulty carpentry job within a residential or commercial premises.
WHAT DOES CARPENTRY
INSURANCE COVER?
The most common types of insurance polices for carpentry contractors are:
Commercial General Liability Insurance (CGL)
CGL provides liability protection for contractors in case of lawsuits arising from bodily injury of property damage.
Equipment and Tools Insurance
Coverage for your tools and equipment, the property of other sin your care and transportable business tools from loss damage and theft.
WHAT IS THE COST OF CARPENTER
INSURANCE?
Tradition Mutual Insurance
Company offers competitive contractor packages to fit your needs.
For a CGL policy with $2,000,000 liability coverage, non-owned auto protection, tenant legal liability, commercial contents/tools, crime coverage, income replacement insurance, our packages start at $725/year.
DO I NEED CARPENTER
CONTRACTOR INSURANCE?
If you are an individual or business providing contracting services in the province of Ontario, you should get a comprehensive contractors insurance policy that covers your tools, legal expenses and liability for property damage and bodily injury coverage.
Not only will a CGL policy protect you in the case of a loss or legal battle but it is also required by many clients and general contractors subcontracting out work.
Why Should Kyle Wijnands Service your Carpenter
Contractor Insurance Policy?
Cheap carpenter insurance is great but professional service from someone who drives and deals with clients where you live- That's the mutual difference.
Kyle get’s it. As an Ontario carpentry contractor, you want cheap contractor insurance. Prices everywhere are going up and why get gouged on your business insurance as well? Tradition Mutual Insurance Company understands that it’s more than just getting cheap business insurance, it’s about getting someone servicing your commercial insurance file that knows who you are each time you call and lives in your area or has connections near you. Kyle and his team at Tradition Mutual Insurance will be sure to be standing by when you call or email about CGL policy questions or a commercial insurance claim.
We get it- shopping for carpenter insurance can be a pain. Our turnaround time is quick and thorough. Kyle and his team will review your existing contractor insurance needs and make sure you have the right coverage that fits your unique situation. A one size fit's all approach doesn't work when setting up your Ontario contractor insurance. Get a quick business liability insurance quote today and let Kyle place you into a commercial policy that best suites the needs of your small business.
Carpenter Liability Insurance
Most, if not all, homeowners and business owners throughout Ontario Canada will need a carpenter at some point whether its to renovate or repair their home or commercial space or to build an addition or detached structure. At the same time home and business owners are becoming more savvy when looking for a carpentry contractor and may request proof of insurance or WSIB coverage before they sign a contract or let you on their premises. We receive numerous calls from contractors who are looking for insurance coverage because their clients are requiring proof of insurance before starting a job.
Commercial General Liability - This portion of a contractor insurance policy protects you as a rcarpentry business owner against if you cause property damage or bodily injury. The CGL policy also covers you for defense costs.
Let's say you or your staff damage a customer's granite counter-tops while installing trim. One of your employees scrapes the the side of their sports car while on the construction site. One of your clients is injured while at your business. These are examples of a instance when a liability insurance claim could be triggered. Commercial general liability insurance is designed to protect you as the business owner and your business assets for potential lawsuits resulting from third party bodily injuries, advertising liability and third party property damage.
These types of claims or losses would arise from your business operations on of off your business premises or products that you distribute/manufacture. Tradition's commercial general liability coverage protects you for the legal costs to defend you and your business in court as well as the compensatory costs the are required to be paid to the third party for the damages.
As a carpenter, you face a wealth of risks. You may feel that you provided ultimate service for your client but that doesn't meant that the client won't accuse you of negligence causing damages. If you unknowingly damage the clients property or the carpentry work causes a problem at a later date, you may be deemed responsible. Carpentry and framing companies are always at risk of being sued by their clients and you’re no different.
The structure may eventually experience water damage or collapse and their insurance company may look for a probable cause elsewhere. Do not be surprised if your business is served in a lawsuit. It is best business practice to close the gaps in risk for your carpentry business. Don't delay. Click "get a quote" and provide some details about your business so I can reach out to you and ensure you are properly covered today!
Tenant Legal Liability Insurance- This portion of a carpetner commercial insurance policy protects against certain damages to leased premises.
Non-owned automobile Insurance- This portion of a CGL policy provides insurance if an employee occasionally drives his or her personal vehicle for business purposes and your business is pulled into an auto related insurance lawsuit as a result.
Carpentry contractor
Vehicle Insurance
The provincial government of Ontario requires that carpentry contractors have mandatory automobile coverage on their commercial fleet or business vehicles. Even if your personal vehicle is partially use for business purposes, your auto policy should be rated accordingly. A breakdown of the automobile insurance coverage offered by Tradition Mutual Insurance is as follows:
Third Party Vehicle Liability - This mandatory auto coverage protects you or your business if you are responsible for a third party's injuries or property damage. Typical limits for this coverage are 1 million 2 million or 5 million.
Direct Compensation Property Damage (DCPD) - This mandatory auto coverage protects your business vehicle when you are partially at fault or 100% not at fault. This particular auto coverage allows you to deal with Tradition Mutual Insurance directly instead of suing the driver or going after the 3rd party insurance company to recover your damages.
Accident Benefits - In the event you or the occupants of your work vehicle are injured this mandatory auto coverage protects you regardless of fault.
Collision or Upset - This optional coverage provides you as a business owner the coverage for your vehicle caused by impact with an object such as a tree or a third party vehicle. This coverage also applies if your vehicle flips over for any reason.
Comprehensive - This optional coverage provides you as a business owner the coverage for your vehicle caused by a loss other than collision or upset. Losses such as hail, vandalism, fire, theft, flood or even being dumped off a ferry to lighten the load in the event of a storm would be provided under this coverage.
All Perils - This optional coverage combines collision/upset and comprehensive and offers added protection for theft of your commercial vehicle for an employee who has access to the vehicle.
Tradition's Added Protection - Tradition Mutual Insurance offers optional business vehicle coverage such as vehicle replacement coverage called the OPCF20 which gives you commercial rental vehicle after an insured loss of your vehicle while it is being replaced or repaired. We also offer accident forgiveness coverage which guarantees that your commercial auto insurance premiums will not increase to your renewal as a result of your first chargeable at fault loss involving your business vehicle. This coverage can be added for each vehicle in your commercial fleet for each primary operator of each business vehicle.
Carpentry contractor Property Insurance
As an Ontario carpentry contractor, whether you own, rent, or lease a building, a commercial property insurance coverage is very important. The following is a brief overview of the types of physical damage coverage you should consider having a business owner.
Building Insurance- If you own a building used commercially, this policy is designed to provide coverage for a variety of perils such as fire, smoke, wind, vandalism, etc.
Content Insurance - This portion of a commercial insurance policy protects your physical assets of your business including stock, equipment, software, furniture, machinery and tools. Perils include fire, water damage, vandalism or theft.
Crime Insurance - This portion of a commercial insurance policy protects you for actual money loss due to theft such as employee dishonesty.
Business Interruption Insurance: If you need to temporarily shut down your business due to a claim, Tradition's business interruption insurance covers the income you have lost as a business during the time it takes to restore your operations back to what they would normally be. Commercial interruption insurance is essential to ensure that the bottom line of your business doesn't take a hit in the event of a insured loss.
Equipment Breakdown Insurance- This part of the insurance policy provides you as a business with coverage to repair or fix equipment that breaks down to mechanical or electrical malfunction.
Water Protection Insurance- Sewer back-up and drain backup coverage is available for your building and commercial contents in the event of damage caused by the backing up or overflow of water from within sewers, sumps, septic tanks or drains. The coverage can also be extended for damage that fall into the peril of catastrophic flooding.
Earthquake Insurance
Earthquake coverage is available upon request in the case of damage to your building or contents resulting from an earthquake.
Google Verified Insurance Reviews
John Brookshaw
"We have been with Tradition Mutual Insurance for 60 plus years Kyle is one of the BEST agents we have ever had Full marks on everything!"
Corey H.
"Kyle was very professional and easy to talk to. He explained everything in full detail taking the time to go the extra mile and find me an even better deal. Definitely recommend!"
Jeff Moore
"Kyle is one of the nicest guys I have ever dealt with. Kind, courteous and willing to go that extra mile. If I could, I would give him a 6 out of 5 stars. Kyle is worth changing your insurance company."
Frequently Asked CARPENTRY
Insurance Questions
How Long Will it Take to Get Carpentry Contractors Insurance?
Before you’re able to get general liability insurance for your carpentry or framing business, I will first need to qualify that you fit into our underwriting criteria. After you complete your request for a quote, I will call you to collect all of your experience in the field of contracting, business insurance history as a contractor, contractor installation floater details, contractor tools, contractor WSIB information for any employees you may have, liability limits and deductibles, contractor business interruption coverage needs, annual contractor gross receipts, commercial locations that you rent/own, locations that you occasionally rent for our tenant's legal liability coverage and the need for liability for non-owned auto coverage. If your commercial coverage needs falls into one of our extensive contractor insurance packages, I could have coverage bound for you in as quickly as 20 minutes.
Why Do I Need Carpenter Commercial Insurance?
There are a variety of practical reasons why a carpentry contractor needs a carpenter insurance policy. First of all, a commercial general policy covers the costs that can arise from property damage, liability lawsuits and defense costs in the event of an insured loss. Here are some additional reasons why Tradition Mutual Insurance often provides commercial insurance for contractors:
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Carpentry Contractor Insurance and a commercial lease - Many contractors rent or lease an office or showroom. In such cases, the landlord offering the lease typically will require that you have commercial general liability insurance (CGL.) This type of coverage protects your business against allegations of personal injury or property damage to a third party for which your business is found legally responsible. The business offering the lease wants to ensure you have coverage to ensure they are not drawn into a lawsuit.
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Carpentry Contractor Insurance and Tradeshows - Business insurance is an important factor in networking and advertising your services or products. Many tradeshows, convention centres, farmer’s markets, job fairs and company gathering venues will request that a business provide proof of insurance for a certain minimum amount of coverage (typically a 2 million CGL policy limit or proof of tenant legal liability) before being permitted to have access to the event or location.
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Ontario Customers Requesting Proof of Carpenter Contractor Insurance -Ontario customers are becoming more and more savvy. Customers hear the horror stories through social media of a commercial business or contractor that offers a service or product that didn’t have commercial insurance and the consumer was left footing the cost for physical damage or bodily injury. A certificate of liability insurance can make your business much more credible to Ontario consumers and includes coverage/liability limits, insurance company name, policy number, effective/expiry dates.
Does a Carpentry Contractor Really Need Contractor Insurance?
All Ontario startups and brick and carpentry contractors should have business insurance. Contractor insurance is critical for the long-term financial success of a business. Something can always go wrong and a small mistake causing bodily injury or property damage to a 3rd party can cost thousands of dollars. Many general contractors will require that you provide proof of commercial general liability insurance prior to going on a jobsite. Many contractors would agree that commercial insurance is essential for anyone who owns a business because it covers the costs that can arise from property damage, liability lawsuits and defense costs in the event of a loss. Without business insurance, a contractor would have to cover the damages and legal costs made against their company out of pocket.
Can I Do without Carpenter Insurance?
As a carpenter, you face a wealth of risks. You may feel that you provided ultimate service for your client but that doesn't meant that the client won't accuse you of negligence causing damages. If you unknowingly damage the clients property or your work causes a problem at a later date, you may be named in a lawsuit to be deemed responsible. If you are not required by a commercial landlord, municipality, city, consumer or another business to have a carpenter contractor insurance policy, there are a few other questions that a carpentry contractor should consider to make sure you are 100% confident that you don’t need retail business insurance coverage.
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Does my contractor business have enough money or assets available to rebuild my business if it should experience a catastrophic water, wind, fire or smoke claim.
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Does my contractor business have enough money or assets available to defend itself to settle a liability lawsuit?
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In the event of an insured loss, how many months can my contractor business go without business income while still meeting my financial obligations.
What is the Cost of Carpenter Insurance?
Many contractors wonder "How much does contractor insurance cost?" As a framer or carpenter, you want to make sure you can find the cheapest and best commercial insurance option. Prioritizing costs is normal in this uncertain economic climate. If you are simply wanting 2 million commercial general liability (CGL) and nothing more, your policy could be around $500 a year. If you are wanting a package option including some retail business interruption coverage or content and equipment coverage, your policy could be closer to $725 a year. The type of commercial policy will cause these costs to vary. Depending on your contractor business, a number of factors determine the cost of your business insurance such as:
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The industry that you work in as a contractor
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The years of experience in that particular part of the
contractor industry
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Yearly revenue of your contractor business
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Claims and insurance history
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Coverage limits and retail business insurance deductibles
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Risk exposure. ie policy such as the kind of stock, building type, territory etc.
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If you're bundling your policy with commercial auto insurance for your
contractor business
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If your quote factors in paying yearly or monthly
To get a free, no-obligation quote to determine the cost of your retail business insurance, give Kyle Wijnands at Tradition Mutual Insurance a call at 519-393-3246 today.
Do I Need Contractors Insurance as an Independent Carpenter Contractor?
Many carpenters mistakenly believe that they do not need insurance. However, as an independent carpentry contractor you still engages in a level of risk each and every time you do work in a client’s home. Something can always go wrong and a small mistake can cost thousands of dollars. Many general contractors will require that you provide proof of commercial general liability insurance prior to going on a jobsite.
What Does Contractors Insurance Cover my Business For?
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Property insurance: Coverage built into a carpenter contractors insurance policy for damage to your business property including stock, equipment, contents and buildings.
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Carpenter Contractors General Liability Insurance: Coverage built into a contractors insurance policy for bodily injury or property damage to a 3rd party.
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Business Interruption Insurance: Coverage built into a contractors insurance policy for lost income due to physical loss or damage to your business assets as a result of an insured peril.
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Crime Insurance: This includes inside or outside robbery coverage, money and securities protection. A contractors insurance policy can also chose to have employee disappearance, destruction and dishonesty coverage as well.
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Commercial additional agreements: Additional coverages built into a contractors insurance policy. Please contact Kyle Wijnands for a summary of these coverages.
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Equipment Breakdown Insurance, Flood Insurance, Earthquake Insurance and Sewer/Sump/Drain Backup Insurance is available for purchase under a contractors insurance policy.
How Do I Know What Type of Contractors Insurance is Needed?
Carpenters just like painters, plumbers, electricians, flooring contractors, renovation contractors, HVAC technicians, window installers, fence and deck contractors, roofing contractors, and concrete contractors are all contractors who have a duty of care to their client's premises and are at risk of being sued. This duty of care ensures that no harm or damage results to persons or property as a result of the contractors actions or inaction. In tort law, if a mason does not fulfill their duty of care responsibilities while working on a building, the contractor is at risk of being sued for negligence. If a faulty installation causes collapse, fire or injury a mason is likely to be sued. Contractors insurance is designed to protect brick and stone masonry businesses from damaging lawsuits relating to negligence or improper work. General liability could mean the difference between forced liquidation and remaining in business. No two contractors businesses are the same. Whether you are a HVAC contractor, framer, painter, handyman, general contractor, electrician or plumber, your contractor business is unique. When you call Kyle Wijnands, he will personally assess your business insurance needs to make sure you have a contractor insurance package that fits your unique needs. His thorough risk assessment of your business is free and there is no-obligation. Give him a call at 519-393-3246 today.
What is Carpenter Contractor Equipment Insurance?
As a carpenter, it is likely that you own tools such as power drills, saws and other equipment that are quite expensive. Contractor equipment insurance is designed to protect this equipment in the event that it is damaged or stolen. To discuss what’s covered and not covered under your contractor insurance policy, please reach out to Kyle Wijnands at 519-393-3246 to discuss.
What is Carpentry Business Interruption Insurance?
Ontario Carpentry Contractor business interruption insurance covers you the contractor for loss of income from the business as a result of an insured loss. It ensures that perils such as fire, smoke, flooding, vandalism or theft don’t keep you from losing the potential of making an income.