What Insurance Do Toronto Pipefitters Need?
Your job as a pipefitting contractor comes with risks. You work with welding torches, saws, and other heavy equipment to resize and solder pipes. Pipefitters contractor insurance protects you in the case of an accident or legal claim.
Pipefitting contractors in Toronto, the Greater Toronto Area (GTA), or elsewhere in Ontario need a package of different types of insurance combined into one policy known as pipefitting contractor insurance.
As a Toronto pipefitter, you could be involved in the installation, assembly, and maintenance of piping systems in different industries. You could be working in the construction or oil and gas industries, or in manufacturing plants, hospitals, schools, or chemical plants, among others.
How can pipefitter insurance protect you?
1. Your tools and some equipment were stolen from your work van. Your tools and equipment coverage may reimburse the cost of replacing your stolen tools.
2. You accidentally cause a fire on a construction site while soldering pipes and you get sued for causing property damage. Your commercial general liability insurance policy can help cover the cost for repairs and a lawsuit.
3. You are driving your personal car to a job site and you get into an accident. Your personal car insurance does not cover you for your work. You will need commercial auto insurance.
Did you know? In Ontario, pipefitters and steamfitters are a skilled trade.
What’s in a pipefitting contractor insurance package?
Commercial general liability (CGL) insurance
CGL insurance protects you against claims that allege third-party, such as a client getting injured as you are doing your job.
It can also help protect you against third-party property damage such damaging property while you are pipefitting work at a jobsite, home, or business.
Without commercial general liability insurance, you would be responsible for paying any liability costs out of your own pocket.
It wouldn’t be uncommon for you to have $2 million of CGL insurance.
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 pipefitter, 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 doing your job.
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 pipefitter.
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 insurance package. Your personal car policy will not cover you should you get into an accident while travelling to work as a pipefitter.
Surety and bonding
Before you get hired to work, you might be required to have a surety bond. A surety bond is a promise backed by a surety company that guarantees the fulfillment of your work on a project.
Umbrella liability insurance
This type of insurance provides additional coverage that exceeds the protection limits of your primary insurance policy. It also provides protection against certain claims that are not covered by your primary policy.
How much insurance do I need as a Toronto pipefitter?
It will depend on the size of what kind of work you do as a pipefitting contractor and any past claims.
Ask your Western Financial Group business insurance expert to determine the right level of coverage for you in this field so that you are protected.
What do I do if there’s a claim against me as a Toronto pipefitter?
- 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 you the right insurance at the right value as a Toronto pipefitting contractor. Our experts are available now to help you navigate the business insurance journey to protect you as a pipefitter.
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