Floor Covering and Ceiling Installations Contractor Insurance also known as general liability insurance for floor covering and ceiling installations contractor provides financial protection to installation businesses in the event they cause damages, losses, or bodily injury to their clients.

What Is Contractor Insurance And Why Do You Need It?

There really is an unbelievable amount of new construction going on right now in Canada. Not only are houses being constructed throughout the country, but businesses are being built from the ground up as well. This provides many unique opportunities for floor covering & ceiling installers. This is probably why more and more contractors are getting into the field. However, before you just run out and start your very own business you need to make sure that you protect yourself with the right insurance policies. One such policy is general liability insurance for floor covering & ceiling installations. This policy really can offer the protection where you need it the most.

 

Understanding Insurance And How It Protects You

Floor and ceiling installers are exposed to a variety of risks every day when working in the field. As a floor and ceiling installer, you will be working inside of homes and businesses where other individuals will be working and/or living as well. At any given time, you or one or your employees could accidentally damage the customer’s property or cause them bodily harm. What if you are installing a new ceiling and you just have it tacked up for the time being and it falls on the customer? Do you know what kind of injuries this could do to an old lady or man? Can you afford to cover these medical costs out of pocket?

What if you are installing a hardwood floor and accidentally knock a hole in the wall or knock an expensive piece of art off the wall? When you invest in floor covering & ceiling general liability insurance these are things that you won’t have to worry about. This specific policy will cover the medical expenses of third parties and it will also pay for their property damage. It will even go as far to replace the painting in the scenario above.

 

What Are The Costs For General Liability Insurance?

An average floor and ceiling contractor can probably expect to pay anywhere from $510 to $1,500 a year for this type of coverage. Just keep in mind that this is just a basic estimate. There are actually a number of factors that insurance providers take into account when determining your overall cost. Such factors might include the number of employees that you currently have, the number of jobs that you take on each year, how much money your company brings in each year, the number of claims that you have filed in the past and the number of years that you have been in business.

 

How Much Coverage Is Needed?

Coverage needs can vary from company to company as well, but it is recommended for the average contractor to get at least a $2,000,000 policy. This will be enough coverage to for a new business. If you are already an established company with many commercial contracts, we would recommend exploring limits upwards of $5,000,000.

 

Get a Quote

You can acquire a floor covering & ceiling installations insurance quotes from our Canadian insurance company. We have a number of agents standing by ready to assist you. We want to help you build an insurance package that will protect your large or small company against all possible threats.

 

We can also provide a construction bond for installation contractors in the event a bid or tender requires a financial guarantee in place

• Construction Bid Bonds – Financial Security for Contract Bidding.
• Maintenance Bonds – Provides protection for a lengthier period of time.
• Performance Bonds – Guarantee of work being completed.
• Payment Bonds – Provides protection for payment workers.
• Subdivision Bonds – A bond used for subdivison development.
• Site Improvement Bonds – Making improvements to an existing project.
• Labour And Material Bonds – Helps cover Labour and Materials Cost.
• Surety’s Consent or Agreement to Bond – Agreement with the Bond Issuer.
• Bad Credit – Bonding for Businesses with poor credit.
• Fiduciary Bonds – Similar to Insurance (Protects your business)

 

Frequently asked questions

• What Is Covered Under A Contractors Insurance Policy?
• Types Of Contractors That Need Contractors Insurance And The Reasons Why?
• How Much Does Contractors Insurance Cost?
• A Comprehensive Guide For Learning How To Apply For Contractors Insurance?

 

Other Types of Contractors We Commonly Insure