A Complete Guide To Framing Insurance
As a framer in Ontario, you will have to wear many hats. You will have to deal with wood frames, steel frames and you might even find yourself repairing post-built frames. This is without a doubt an industry that is growing in both revenue and employment. This is partly due to the fact that the Ontario housing market is coming back into play again. Whether you are just starting or business or have been in business for a number of years it is most important to make sure that you are shielding yourself from the risks that you face every day. While there will be a number of risks, the right insurance agent can help you build a package that will offer the protection you need.
The Stats Of The Framing World
You have probably already discovered that the framing industry in Canada is booming. In fact, as of right now there are almost nearly 30,000 contractors throughout the country. While there are currently more steel contractors, the number of wood contractors isn’t far off. These contractors are responsible for producing over 100,000 jobs and almost $20 billion in revenue every year.
Know Your Liability Needs
When it comes to liability insurance you will find out hands down that commercial general liability is the most important type of coverage that you can have. In fact, it is some important that the law in most areas in Canada requires it. Any homeowner or general contractor that hires you might ask to see proof of this insurance beforehand. If you have to hire a subcontractor yourself, you should ask to see proof of their general liability insurance. That being said, general liability insurance isn’t the only type of liability insurance available.
- Commercial General Liability Insurance – As a framer, you will be exposed to a number of risks on a jobsite and CGL insurance can offer most of the protection that you need. This coverage protects you in the event that you damage the customer’s property or cause the bodily harm. It will also cover any court-related expenses if the situation goes that far.
- Employment Practices Liability Insurance – There are many situations when employees can come hostile and make fake claims against your company. For instance, if you fire someone, they could file a lawsuit against your company saying that you wrongfully fired them or harassed them during their employment. Even if you aren’t at fault a lengthy court case could result in thousands of dollars worth of defense fees. EPLI insurance will cover those court-related expenses.
- Professional Liability Insurance – Professional liability insurance is sometimes referred to as errors and omissions insurance and it offers quite a bit of protection. In the event that your professional services cause a customer to incur financial losses, this insurance will kick in and cover those losses. It will also cover any court-related expenses.
- Consider Umbrella Coverage – Umbrella coverage isn’t a type of liability insurance, but it is certainly worth considering. Insurance policies have limits and they only offer so much protection. Once you have exceeded those limits you will have to pay out of pocket for the rest of the claim unless you have umbrella insurance.
Workers Comp Is A Must For Framers
Framing usually isn’t a job that can be done alone. You will usually need a crew to help you get frames in place and assemble them correctly. Working with a fully functioning team can make your whole operation overall more effective. If you are going to have employees in the Ontario area the law will require you to invest in a workers comp policy. General contractors might also ask for proof of this coverage before hiring you on. Workers comp was specifically designed to offer protection for your employees.
It covers your employees in the event that they are injured on the job. If they fall and break a leg the coverage will pay the medical expenses and physical therapy expenses. There are some situations when the coverage will even pay for the lost wages while they are out of work. However, the plan does also protect you. In the event that the employee wants to sue for the injuries they incurred, the plan will cover all court-related expenses.
Protect Your Property With Framing Insurance
Whether you are on the job site or at your shop, you are going to have lots of tools and business property that will need protecting as well. Not only are your tools at risk of being stolen or vandalized, but also your office could catch on fire and burn down or get hit by a tornado. Fortunately, there are specialized plans that can offer the protection that you need in all situations.
- Builders Risk Insurance – The good thing about working on a new installation project under a general contractor is that the contractor will probably already have invested in this policy. However, if you are working on an existing building you will not be able to afford this insurance. This is why it is probably best to just go ahead and invest in it. The plan protects your tools and property while they are on the job site.
- Inland Marine Insurance – Your tools will not always be stored on the job. There are times when they will be transported from shop to work site or from work site to work site. It is not unreasonable to think that a tool might fall off the back of a truck and get lost or damaged. This is where inland marine insurance will offer its helping hand. It will pay to replace or repair the tool.
- Extra Expense Insurance – If your office is destroyed by a fire or natural disaster, you can still continue your day-to-day operations. However, this will mean that you will have to move to another office, which will be costly and time-consuming. Extra expense insurance will cover the cost of temporary rented spaces until you move back to your original location.
Build The Perfect Portfolio
Each framing contractor will have specialized needs and risks that will need covering. At LiabilityCover we have the knowledge and know-how to help you devise the perfect package that will protect you against all possible risks that you will face on any given day of the week. Reach out right away and get a free quote.
