Drywall Contractor Insurance Ontario

A drywall contractor insurance policy typically includes the following types of coverages:

• Commercial General Liability (CGL) Insurance: CGL, or general liability insurance, covers claims of third-party bodily injury, third-party property damage, and allegations of defamation or false advertising. It’s designed to pay for damages caused by accidents or negligence. For example, if a customer or passerby trips, falls, and is hurt at a job site where you’re working, CGL may cover their medical expenses and provide you with funds for your legal defence if sued.

• Commercial Property Insurance: Commercial property insurance, or business property insurance, protects your office or workplace and its contents and inventory from damage and loss caused by fire, water, a natural disaster, theft and vandalism. Commercial property insurance might also include business interruption insurance to cover your overhead expenses if you’re forced to close operations temporarily while repairs are underway following an insurable loss. If your coverage doesn’t, you can add it to the policy as an endorsement.

• Product Liability Insurance: Product liability insurance covers the products you manufacture, distribute, or sell and install at customer job sites if they are defective. Product liability insurance may be included in general liability insurance. If not, you can add it to your policy.

• Completed Operations Insurance: Completed operations insurance is vital for drywall contractors, installers, and general contractors. It protects you against liabilities arising after a job is completed. For instance, if a customer discovers a problem with the drywall installation you performed that requires repairs, completed operations insurance may cover the repair costs.

• Contractual Liability Insurance: Contractual liability insurance protects drywallers from liabilities that arise from the contracts or agreements they sign. It is critical coverage to have if facing disputes or legal action related to your contracts with customers or subcontractors. For example, suppose a drywall contractor signs a contract with a property owner to renovate a building. In that case, that contract might state the drywaller assumes financial responsibility to pay for third-party bodily injuries or property damages that occur while the renovation work is underway. If an accident occurs, you may be liable to pay for damages, not your customer or subcontractor.

There may be additional coverages you require in your policy to build a comprehensive policy, such as commercial auto insurance to cover business vehicles and cyber liability insurance to help your business recover if it suffers a cyber-attack or data breach.