What Insurance Do Toronto Deck and Fence Contractors Need?
Toronto deck and fence contractors need liability insurance to protect themselves against injuries and mishaps involving clients and suppliers and for any damage to their property.
Should there be a lawsuit against you and you are held legally responsible and do not have deck and fence liability insurance as a Toronto contractor, you would be responsible for paying the costs out of your pocket.
Is your deck and fencing business in Toronto, the Greater Toronto Area (GTA), or elsewhere in Ontario? Your Western Financial Group business insurance expert will make sure that your commercial insurance is customized to your needs as a deck and fence contractor and at the right value for you.
What is insurance for deck and fence contractors?
Insurance for deck and fence contractors is a package of insurance coverages that are designed to protect you as a Toronto deck and fence contractor. It helps protect your deck and fence business against the risks that you face, including bodily injury, property damage, and reputational harm.
How can deck and fence insurance protect your Toronto business?
1. Your client list and their payments history was hacked. Cyber liability insurance helps protect you financially in the case of a cyber-attack. Depending on the size of the breach and the information that was taken, the customers who are affected can hold your Toronto deck and fence business liable and sue for damages.
2. A client trips over a pile of wood you’ve left on a walkway along the side of her house. She breaks her wrist, twists her neck, and then sues you. Commercial general liability insurance (CGL) can help cover your legal expenses and any awards ordered by a court, whether you win or lose, and uninsured medical expenses.
How much CGL do you need as a Toronto deck and fence contractor? You can expect to have at least $2 million in coverage, but that will depend on the size of your business and its services.
3. You leave some tools and equipment at a job site and they are stolen. Tools and equipment insurance will help cover the cost to replace them. Any item valued at less than $1,500 is considered a tool. Anything valued above $1,500 is considered equipment.
How much is deck and fence contractors’ insurance?
How much deck and fence contractors’ insurance you need and how much it will cost will depend on the size of your Toronto business and the work that you do.
That means it’s unlikely that all deck and fence businesses would pay the same monthly or annually for their insurance coverage.
Insurance coverages for Toronto deck and fence businesses:
Commercial general liability (CGL) insurance: This is necessary liability insurance for Toronto deck and fence contractors. Without CGL, you will pay costs related to third-party injuries or damage out of your own pocket.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your deck and fence business in court, as well as costs to cover damages to compensate third parties.
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
You should also make sure that any subcontractors you work with have CGL insurance. If a subcontractor damages property or causes a third-party injury at a job, you could be held liable.
Commercial property insurance: Commercial property insurance is a must for Toronto deck and fence contractors who have their own shops.
It can provide financial coverage in the case of a fire that destroys or damages your shop and its contents.
Commercial property insurance also protects your shop, office or place of business and its contents from damage or loss related to severe weather, natural disasters, theft, and vandalism.
Tools and equipment insurance: It provides financial protection for any transportable tools or equipment that your Toronto fence or deck business uses to do work.
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.
This type of insurance can also be called equipment floater insurance instead of tools and equipment insurance.
Mobile property insurance: If you regularly move equipment to different work locations as part of your Toronto deck and fence business, mobile property insurance provides coverage for property that you don't store at a fixed location, or for equipment routinely taken off site.
Mobile property insurance covers transit. It also covers theft that could happen due to property not being stored in a secure location, as opposed to commercial property insurance that covers property generally expected to be in a designated location.
Business interruption insurance: This coverage supports you when your Toronto deck and fence company can’t operate due to a covered loss.
There are a number of losses that can force your business to shut down. Some examples include:
- 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 expenses such as:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Business interruption insurance can be the difference between recovering from a loss and closing permanently.
Commercial vehicle insurance: When you or your employees are on the road travelling to a job site and anywhere in-between, commercial vehicle insurance may cover your vehicles in the case of an accident. Your personal vehicle insurance will not cover you in the case of an accident if the work is related to your Toronto deck and fence business.
What do I do if my Toronto deck and fence business has an insurance claim?
- 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.
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get your Toronto deck and fence business the right business insurance package. Our experts are available now to help you navigate the business insurance journey to protect your deck and fence business.
Please share this article with your friends
Talk to an Insurance Expert
Call Us Now 888-595-3104