Looking for comprehensive coverage for your professional contracting business? Discover what a trades insurance policy offers, as well as five common service providers who are eligible for this coverage.
As an independent contractor, you may not think of yourself as a business owner. But, if you’re offering any sort of professional services to clients, it’s important to protect yourself and everything you’ve worked so hard to build. This includes having the proper insurance in place – no matter how big or small your operation is.
Trades and contractor’s insurance policies offer a specific type of insurance that covers a range of things that are unique to businesses operating in this sector.
In this article we’ll help answer the following:
- What trades and contractor’s insurance is
- The coverages included in this type of insurance
- Five common contractors who are eligible for this coverage
- How to get insured today
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What is contractor’s insurance?
Trades and contractor’s insurance protects you and your business against the unexpected during construction, renovations, restoration, or maintenance work.
What does insurance for trades cover?
A contractor’s policy offers insurance designed specifically for trades and contracting professionals. It provides coverage for costly legal fees, damages, or injury resulting from any of the potential hazards that are common on a job site.
In addition to liability insurance, this kind of policy can include other vital aspects of your business, such as your valuable tools and equipment. With trades insurance, you are covered if items like these are lost, stolen, or damaged, which could help save you thousands of dollars on repairs and replacements.
Specifically, a policy with APOLLO offers you coverage that can be tailored to the unique needs of your construction business, including:
- Commercial General Liability insurance, which protects you in the event that a client or visitor to your job site gets injured or your services accidentally cause damage to a third-party’s property.
- Tools and Equipment Floater, which covers the moveable items you use to complete your work that you bring with you to a job site, in case they are damaged or stolen.
- Rip and Tear Extension, which helps cover the cost of removing any part of your project that’s declared defective or unsafe. This coverage can also help with your reinstallation expenses of that particular part of your project.
Read What Does Contractor’s Insurance Cover? to learn more about this type of policy. You can also discover 6 Claims Scenarios Every Contractor Should Know to help you better understand what trades insurance covers you for.
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5 Common Professionals Eligible for Trades Insurance
If you work in the construction industry as a trades or contracting professional, you know there are unforeseen risks on just about any job site. For this reason, it’s highly recommended that you protect yourself and your business with the right type of insurance coverage.
While there are many service providers in the trades sector who are eligible for trades and contractor’s insurance, below are five common professions in the industry who typically have this coverage.
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1. Renovation contractors
Taking on a reno project – even as a professional renovation contractor – comes with inherent risk. There’s never any guarantee that accidents won’t happen on a job site, regardless of your experience.
With the proper coverage, however, you can ensure that you protect yourself, your business, and your work. For example, with trades and contractor’s insurance, the Rip and Tear Extension can help protect you if a portion of your project is deemed unsafe and you need to take it out and then reinstall it.
When you think of landscaping, you may not assume that any form of risk insurance would be beneficial for your business. However, just because you may not often work with dangerous machinery, doesn’t mean you’re immune to the unexpected.
As a landscaping or gardening service provider, your tools and equipment are vital to your business. With insurance for trades professionals, these items are covered in the event of damage or theft.
Related read: How to Start a Landscaping Business in Canada
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Working with pipes and water lines is an essential part of a plumber’s job. Of course, making an error while completing a project, such as providing maintenance work to a residential washing machine, could lead to property damages at your client’s home. Fortunately, with trades and contractor’s insurance, your business is covered in the event of property damage situations like this.
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When it comes to carpentry, your professional services help clients achieve great results. However, if you make a mistake that causes property damage or a client gets hurt while you’re working, you could get sued.
With trades insurance, you’re able to protect your business from having to pay out-of-pocket for potentially costly legal fees and awarded damages. The proper policy can also help you stay operational while you deal with any claims brought against you.
Completing electrical work comes with inherent risks for both you and your clients. Insurance provides you with protection in the event that you accidentally cause damage or injury to a third party.
For example, if an electrician completes a project for a building that results in an electrical fire, the property owner can sue. Insurance is able to help cover the expenses of a claim like this.
How to Get Insured Today
Don’t let your peace of mind go down the drain. APOLLO’s tailored coverage can help make the insurance part of running your business feel effortless.
Start your online application now and you could be insured in the next 15 minutes.
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