How much does
Contractors Insurance Cost?
What should I expect to pay as an Ontario Contractor for Insurance?
As an Ontario contractor whether you are a painter, plumber, electrician, masons, flooring contractor, renovation contractor, hanyman, HVAC technicians, window installer, fence and deck contractor, roofing contractor, or concrete contractors, our 2 million contractor insurance package starts at $725/year for
- $2,000,000 third party liability coverage for bodily injury and property damage. $3,00,000 aggregate limit per year.
- $2,000,000 third party advertising injury
- $10,000 medical payments coverage
-$500,000 tenants legal liability.
Should you be looking for lower coverage that are outside of package limits, the price could be around $500-$600/year. To see what your price will be a year, please contact me with a few of your insurance details.
How does my business history affect the cost of my contractor insurance?
One of the factors that affects contractor liability insurance rates is:
-The years of experience the company/employees have in the trade.
- The number of employees.
-The total gross annual receipts in the last 12-months.
-The types and number of losses and or claims that the company has experienced in the last 5 years.
-The nature of the business and the type of operations.
-The online reviews and reputation of the business.
-If your business has many safety protocols set in place, this will lower the cost of your insurance.
-If more coverage is bundled with Tradition Mutual Insurance such as commercial auto inrance, home or tenant insurance, this will lower the rate.
Does my business location affect my insurance location?
If your business is located in a rural area with a statistically low chance of vandalism, this wall help lower the cost of your policy. If your business is in an area known for a higher chance of lawsuits, increased theft/vandalism, these are factors that can affect the policy costs.
Get a quote to determine the cost of your contractor insurance now!
What it is the cost of insuring contractor tools, stock or equipment?
If you are working as a contractor in Ontario, you should consider a tool floater for covering your tools as you take them from job to job. The cost for $10,000 of coverage could cost as little as $10/year. If your business installing anything and you are concerned about the stock being stolen or damaged before installed, Tradition Mutual Insurance can insure this as well for as little as $150/year for $10,000 at any one worksite or $5,000 while in due course of transit. We also provide coverage for income protection, crime coverage, equipment coverage and office packages for very affordable rates in our contractor packages.
How long will it take to find out the costs of my contractor insurance?
After you complete your request for a quote, I will call you to collect all of your experience in your field of work, business insurance history as a contractor, installation floater details, contractor tools, WSIB information for any employees you may have, review liability limits and deductibles, review business interruption coverage needs, 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 packages, I could have coverage bound for you in as quickly as 20 minutes.
What is the average costs of contractors insurance policy?
To see what your price will be a year, please contact me with a few of your insurance details.
Every contractor wants to ensure he or she is getting the best price for commercial insurance. The average cost of contractor insurance policy in Ontario is typically between $600-$1200/year. For some small-business owners, they avoid being properly covered because of reasons of yet another cost of doing business. Unfortunately, many contractors only choose to get insurance protection when a problem with one of their jobs arises. This is a common mistake that I want to insure I can make sure doesn't happen to you. I hope that I can put you at ease by letting you know that contractor insurance doesn’t have to break the bank and it is my goal to have proof of commercial insurance in your hands within a few hours.
However, the premium for appliance installer liability insurance policies can vary from contractor to contractor. Typically, our liability, tool, loss of income, equipment and installation floater package start at $725/year for $2 million in coverage. This packaged rate will assume that you are a contracting business that provides exclusive sub-trade type of contracting work and have gross annual receipts of less that $2,000,000 a year. Please keep in mind that your price will also depend on your history and experience as a contractor, business contracts, company size, ownership of stock, buildings, contents and tools.
How do I get low cost contractor insurance?
Remember that cost is only one factor in choosing the right insurance provider. I will ensure that my commercial insurance products at Tradition Mutual Insurance are more than just about price. As a contractor in Ontario, you face number 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. You want a policy that wasn't just about price but about properly covering you in the event of a third party bodily injury and property damage claim or personal property loss. Help me offer you affordability with excellent coverage and customer service. 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!