Drywall Contractor insurance also known as general liability insurance for drywalling companies and insurance for drywallers is a coverage that provides financial protection to contractors in the event they get sued by clients and third parties. When damages, losses, or injuries occur as a result of a drywaller’s services, clients sometimes sue the professional to recover their losses.

We recommend having a coverage of no less than $2,000,000. Rates starting at $480 for the year!

 

What Drywall Contractors Need To Know About Insurance

Are you excited and looking to start your lucrative dry walling business in Canada? Well, you should be as the country truly provides many lucrative opportunities for the drywall contractor. However, before you just run out and start your business, you need to be aware of the fact that you and your employees will be exposed to a number of risks on a daily basis. Not only is it possible that you can damage the customer’s property, but you could potentially cause the customer bodily harm.

 

When Does Drywalling Insurance Kick In?

When you or one of your employees causes a customer bodily harm or damages their property they are going to come seeking reprimands from you. This is exactly when general liability insurance will kick in. It will cover the medical costs that the customer experiences and it will also cover to pay for the damaged property. If the customer wants to take the case one step further and go to court, the policy will even cover the court costs and lawyer fees. There are even some situations where it will pay the settlement in the event that you lose the case.

 

How Much Will Insurance Cost for My Company?

When it comes to insurance the first thing that most dry wall contractors ask is what’s this going to run my company? Well, the first thing that you need to know is pricing insurance right out can be tricky. Company’s needs vary and there are any number of given factors that can determine the overall costs for a company. For instance, the size of your company can play a role, the number of claims that you have filed in the past can makes a difference and even the amount of money that you bring in each year can play a part in determining the overall cost. A small drywall contractor might pay around $480 a year for this type of policy, whereas a bigger contractor might have to pay as much as $3000 a year.

 

What Is The Right Amount Of Coverage?

Once again, it is important to note that each company will vary when it comes to the coverage limit. Larger companies that take on a lot of commercial work and high paying jobs will probably need to seek out more coverage. The smaller one man contractor that doesn’t take on too many high paying jobs will probably be able to get away will a smaller coverage limit. That being said, Canadian insurance providers would recommend that smaller companies get at least a $2 million dollars coverage limit. While the bigger drywall contractors might want to consider at least a $5 million dollar policy.

 

We Can Help

There are no doubt a number of providers can provide your company with general liability insurance for drywalling, plastering & lathing, but you should let us do the honors. We not only specialize in dry walling insurance, but we offer some of the best rates in Canada.

 

We can also provide a construction bond for drywalling companies 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