Insurance for Toronto Window Installation Companies
Window installation requires precision. Window measurements need to be exact or they can lead to air leaks, drafts, and water damage. Does your Toronto window installation company have enough business liability insurance to financially protect it from lawsuits?
Business liability insurance provides protection should damages or losses result from negligence or faulty installation in a residential or commercial premise.
A Western Financial Group business insurance broker will get you commercial coverage that uniquely suits your Toronto window installation company.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance to businesses. We work with our insurance partners to find the best coverage for your business insurance needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose for your Toronto window installation business’s specific needs.
Why do Toronto’s window installation companies need customized business insurance?
Customized commercial insurance is needed to address the risks involved in installing windows in homes or commercial buildings.
How does insurance protect your Toronto window installation business?
A client says the windows installed by your Toronto company were all incorrectly installed and have caused her house to be full of air drafts. The client has sued you for negligence. Professional liability insurance, also called errors and omissions insurance, helps cover lawsuits related to a window installer’s mistake or professional negligence.
Liability insurance is the cornerstone of your window installer insurance coverage. Here are the window installation liability coverages that you need.
Professional liability insurance
Professional liability insurance is also known as errors and omissions (E&O) insurance and it’s essential for your Toronto window installation apparel business. It protects you against claims arising from professional negligence, errors, or omissions in the services that you provide.
It helps cover defense costs, settlements, or judgments related to such claims. In the case of a professional error claim, for example, your Toronto window company’s E&O policy would pay for some or all of the claim costs.
Commercial general liability insurance
Commercial general liability insurance for window installers protects your business from a variety of risks, including the risk of a lawsuit arising from your business activities. CGL insurance covers third-party (customer/supplier/ member of the public) bodily injury and third-party property damage.
For example, if a buyer trips and falls and is injured while visiting your window showroom or if a client’s property is damaged, CGL insurance can cover the associated legal expenses, medical costs, and potential settlements.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Cyber liability insurance
If you take credit/debit payments from your clients, your Toronto window company could be hacked by cyberthieves. Cyber liability insurance will help protect you financially should there be a cyber-attack.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages. Cyber liability insurance helps cover these costs.
What other insurance coverages do Toronto window installation businesses need?
Tools and equipment insurance
This type of insurance provides financial protection for any transportable tools or equipment that Toronto window installation businesses use.
Tools and equipment insurance can provide reimbursement to repair or replace tools if they are lost, damaged, or stolen. Insured events apply to tools and equipment that are vandalized, stolen, lost, or damaged by fire or flood.
Any item valued at less than $1,500 is considered a tool. Anything valued above $1,500 is considered equipment.
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Toronto window installer business if it’s damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Commercial property insurance also covers contents such as computers, furniture, tools, equipment, and inventory. Commercial property coverage also extends to protect others’ property that is under your care.
Business interruption insurance
This type of insurance supports you when your Toronto window business can’t operate due to a covered loss. There are a number of losses that can force your business to shut down. Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial auto insurance
If you are using your car for your job in the window installation business, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your Toronto window installer insurance package.
How much does Toronto window installer insurance cost?
The following factors are usually considered when determining the cost of your business insurance: Location(s), services provided, number of employees, years of experience, annual revenue, and any past claims.
What do I do if I have a claim against my Toronto business?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best Toronto business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage for your Toronto window installation company. Our experts are available now to help you navigate the business insurance journey to protect your Toronto business.
Talk to an Insurance Expert
Call Us Now 888-595-3104