What Insurance Do Toronto Flooring Contractors Need?
Whether it’s a new home, an office, or a renovation, flooring is a major part of the job. If you are a residential or commercial flooring contractor with your own company or working independently, you will need a flooring contractor insurance package for your business.
Business liability is a key part of your flooring insurance. Flooring insurance protects you and your Toronto flooring business against legal claims for accidents causing third-party bodily injury or third-party property damage.
Western Financial Group, a 100% Canadian company, can help you navigate your car, home, and business insurance during this period of economic uncertainty.
Wherever your small business is located in Toronto, the Greater Toronto Area (GTA), or elsewhere in Ontario, a Western Financial Group business insurance broker will get you commercial coverage that uniquely protects what you do.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best business coverage rates for your flooring business.
We make the process easy by getting insurance quotes for you to choose from and giving you policy coverage options that suit your Toronto business’s specific needs.
Who should get flooring contractor insurance?
- Carpet installation or replacement
- Flooring installation and distributors
- Floor cleaners
- Stair installers
Liability insurance is a key part of your flooring insurance package. Here are the liability coverages that you need to help protect your Toronto flooring business from lawsuits.
Commercial general liability (CGL) insurance
This is necessary liability insurance for Toronto flooring businesses. Without CGL insurance, you will pay costs related to third-party (customer/supplier) injuries or damage to their property out of your own pocket.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your Toronto floor installation business in court, as well as costs to cover damages to compensate third parties whether you win or lose your case.
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
It would not be unusual to have $2 million or more in CGL coverage, depending on the size of your Toronto flooring business.
Of note: Your CGL coverage limit may only apply to your full-time employees. Check with your Western business insurance expert.
Pollution liability insurance
This type of insurance helps cover costs to clean up pollution caused by your work as a Toronto flooring contractor. Pollution liability insurance can help pay for clean-up costs, civil fines, and emergency response expenses.
Professional liability insurance
This type of insurance is also known as errors and omission (E&0) insurance.
If you are faced with a lawsuit as a Toronto floor installer, professional liability insurance can help protect you against loss in the event of a lawsuit due to a negligent act, or an error or omission in the course of your services.
Cyber liability insurance
If your Toronto flooring business stores your customers’ names, addresses and credit card information digitally and your computer system is hacked, cybercriminals can sell this information.
Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your system. You may also be liable for damages to third parties whose information has been stolen.
What other types of insurance do Toronto flooring contractors need?
Tools and equipment insurance
It replaces, or repairs damaged, stolen, or lost equipment and tools, accessories, or other property that you use in your work as a Toronto floor installer.
Anything valued at less than $1,500 is considered a tool and anything above that limit is considered equipment.
This type of insurance can also be called equipment floater insurance instead of equipment and tools insurance.
Commercial auto insurance
You need commercial auto coverage as part of your flooring insurance package. Your personal car policy will not cover you should you get into an accident while travelling to work.
Mobile property insurance
If you regularly move equipment across different locations, mobile property insurance provides coverage for property that you don't store at a fixed location, or for equipment routinely taken offsite.
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Toronto welding business if it is damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Commercial property insurance also covers the firm’s 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 floor installation business can’t operate due to a covered loss.
There are a number of losses that can force your flooring 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
What do I do if I have a claim against my Toronto flooring 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 as a Toronto floor installer. Our experts are available now to help you navigate the business insurance journey to protect your Toronto business.
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