Ontario Contractor Insurance - Online Quotes - Zensurance (2024)

FAQs

What insurance should contractors have in Ontario? ›

In order to operate a business in Ontario you are required by law to carry commercial general liability insurance. Often times with construction or trade jobs you will be required to show a certificate of insurance or proof of insurance.

Expect to pay between $500 and $2,500 annually. Every Ontario small business is unique and has different insurance needs. How much you pay depends on your industry, perils, insurance history, requirements, and many other considerations. Business insurance costs should be calculated on a case-by-case basis.

Product Liability Insurance protects business owners against claims alleging third-party property damage or bodily injury caused by a product you manufacture, distribute, or sell. It protects your business from damages from design, manufacturing, or marketing defects, such as incorrect labelling and safety warnings.

Businesses and professional entertainers can be financially covered against incidents of injury or damage to a third party or their property and accusations of professional neglect.

Handy-people in Ontario are not legally mandated to carry insurance, but it is highly recommended. There may be several situations where you are required to have insurance, such as: You are a subcontractor and need to show proof of insurance to acquire work from a general contractor.

The minimum requirement for mandatory auto insurance in Ontario is $200,000 in Third Party Liability, Direct Compensation – Property Damage, Accident Benefits, and Uninsured Automobile coverage.

On average, an insurance policy that offers coverage for up to $2 million can cost about $30 a month in premiums.

A $5 million umbrella policy costs around $375 to $525 per year, on average.

Product liability insurance covers lawsuits for physical harm or damage caused by a product. It's not designed to cover problems caused by software, apps, IT and technical products. For example, product liability insurance doesn't cover coding mistakes and software errors that cause financial harm to your customers.

What is product liability for dummies? ›

Product liability is a doctrine that gives plaintiffs a cause of action if they encounter a defective consumer item. This doctrine can fall under negligence, but it is generally associated with strict liability, meaning that defendants can be held liable regardless of their intent or knowledge.

You should consider product liability insurance if your business designs, manufactures or supplies a physical product that is sold or given away for free. Your business may be held legally responsible for any injuries to people or damage to property caused by a faulty product.

Boxing Insurance is designed to financially protect the insured should they get accidentally injured whilst boxing.

AOE stands for “arising out of employment” and COE stands for during the “course of employment.” To be eligible to receive workers' compensation benefits including medical treatments, disability benefits, vocational rehabilitation, and death benefits, it must be shown that an injury or illness both arises out of ...

Commercial general liability (CGL)

Insures against the liability exposures of many businesses. Coverage includes product liability, completed operations, premises and operations, and independent contractors.

Commercial general liability insurance protects you and your business against claims for bodily or personal injuries, advertising liability, as well as property damage to third parties arising from your operations or products or occurring on your business premises.

Contractor shall maintain general liability coverage on an occurrence form with limits not less than $1,000,000 per occurrence and $2,000,000 aggregate for bodily injury and property damage liability.