Getting The Right Drywall Insurance To Cover Your Drywall Business
Drywall contractors in the Ontario area wear many different hats. One day you might find yourself installing drywall, while the next you might be popping in acoustical ceiling tiles and panels. Drywall contractors also deal with insulation and gypsum board on a regular basis. With so many different jobs and responsibilities, it is now more important than ever to make sure that your Ontario based business is protected with the right type and amount of drywall insurance.
Know The Stats For The Industry
The drywall industry in Canada is without a doubt a lucrative and fast-paced one. In fact, there are over 100,000 drywall and insulation contractors operating out of the country. The industry alone keeps almost 400,000 individuals employed. What’s even more impressive is that the industry is almost a $50 billion industry.
Why Liability Insurance Is So Important
When it comes to drywall insurance, you will find that liability coverage will be essential to protecting your business. In fact, you cannot even legally operate in Ontario without this type of coverage. You have to acquire liability insurance before you even apply for a provincial license. There might even be many customers that require you to show proof of general liability insurance before they even hire you.
If you are working through a general contractor they will probably also require you to carry this type of insurance. That being said, it is good that this insurance is required because it really can offer the type of protection that you need. This insurance can cover the high costs of legal defense as well as court costs. There are a number of liability insurance packages available and each one can offer unique protection for certain situations. Working with a qualified agent that knows your business’s needs inside and out can help you develop an insurance portfolio that will protect your business in the best way possible.
Commercial General Liability Insurance
CGL can cover you and your company from a number of liability claims. If you or one of your employees causes bodily harm or property damage this policy will offer the protection that you need. It will cover the damages and medical expenses that are faced. It will also cover court costs, lawyer fees and the settlement, in the event that the customer wants to take the situation to that level. This plan also offers what is known as product liability insurance. If you install a product that is later recalled, the plan will cover any lawsuit related fees.
Auto Liability Insurance
Your business will likely be comprised of several trucks or vans and the road can be a dangerous place. You might even have a fleet of vehicles depending on the size of your business. In order to legally drive these vehicles in the Ontario area, you are going to need what is known as auto liability insurance. This type of insurance will cover you in the event that you hit someone or destroy someone’s property with your vehicle. It will cover the medical expenses and lawsuit expenses that are related to the incident. It will also cover repair damages as well.
Employment Practices Liability Insurance (EPLI)
Employment Practices Liability Insurance really is a unique type of insurance. It might not be one that is required by law, but it is certainly worth considering. This insurance plan will cover you in the event that a former employee tries to sue you for illegal business practices. This could include anything from harassment to wrongful termination or discrimination.
Consider Umbrella Insurance
What most people fail to recognize about insurance is that it comes with limits. This means that there is only a certain amount of liability coverage available. So, if the incident at hand exceeds the limits that are offered by your provider, you are going to be left paying the rest of the expenses out of pocket. However, there is another policy available that will add the extra layer of protection that you need. This policy is known as umbrella insurance. It will kick in once you exceed your limits and cover the other related expenses.
Never Forget Workers Compensation
You will also find that most parts of Canada will legally require your drywall business to carry workers compensation insurance. This is a type of policy that was specifically designed to offer protection to your employees. This insurance will cover medical treatments for any injuries that are sustained on the job. It will even go as far as to cover the lost wages that the employee experiences during their time off work. The plan will offer the protection in the event that the employee tries to sue you for the injuries.
As a drywall contractor you probably already know that the industry is not the safest. Drywall is heavy and lifting it in the wrong manner could result in an instant back or neck injury. And this is not to even mention all the other potential health hazards.
Cover Your Business Property As Well
As a drywall contractor, most of your work will be done in the client’s home. However, you will probably have some central office where you handle your administrative work and store your equipment. Business offices and your day-to-day equipment can be expensive and is an essential part of your business. Without these items, you would not be able to successfully operate and this is why you must protect them as well. You can do this with inland marine insurance; property insurance and builders risk insurance.
- Property Insurance – This type of insurance will protect your buildings and offices from fires, thefts, vandalisms and natural disasters.
- Inland Marine Insurance – This policy will cover your tools when they are in-transit to and from job sites.
- Builders Risk Insurance – This policy will protect your tools when they are stored on jobsites.
Reach Out To LiabilityCover
Working with a trained insurance agent is essential when it comes to devising the perfect insurance package. Here at LiabilityCover we have highly trained agents that can assess your specific risks and assign you insurance policies that will protect you and your business against all possible risks that it will face on a daily basis.
