What To Know Before Buying Masonry Insurance
As a mason in the Ontario area, you will be working with any number of bricks, blocks and concretes on a daily basis. You might find yourself installing a new driveway and the next day you might be cleaning and caulking an existing structure. Whatever tasks you are undertaking there are always going to be risks associated with the job. Some of the risks might be foreseeable and you might be able to avoid them, but there are going to be risks that just pop up out of nowhere and catch you off guard every time. And, this is why you need to safeguard your company from these risks with the right insurance coverage.
The Masonry Stats For Canada
It is hard for any Ontario resident to deny that there isn’t a large demand for masons and the demand only continues to grow as the housing market it propping back up. In fact, there are currently over 30,000 masonry contractors operating out of the country. Amongst these 30,000 they employ over 100,000 people. The industry is estimated to bring in over $20 billion in revenue each year.
Why Liability Insurance Is Crucial
Liability insurance will not only protect your company is a variety of unique situations, but the law requires it in most areas of Canada. Without this type of insurance you will not be able to legally perform your duties. That being said, what you need to know is that there are a number of liability insurance policies available. Many customers or general contractors might even ask for proof of this insurance before hiring you. The most important thing about these liability policies is that they could potentially protect your company from overwhelming financial losses that result from false claims and lawsuits.
- (CGL) Commercial General Liability Insurance – CGL insurance is a staple when it comes to building an insurance portfolio. This coverage offers protection when you or your employees damage a customer’s property or causes them bodily harm. It also protects you and your company in the event that the customer wants to sue you because of these damages or injuries. This will be one of the first things that general contractors look for when hiring you.
- Commercial Auto Liability Insurance – Masons don’t have the luxury of working inside a shop. This means that most of the work will be done on-site, which means you are going to need transportation to haul your equipment and materials. Commercial auto liability insurance will be necessary for every company vehicle that you have. It will cover medical expenses and property damage expenses if you are considered at fault of the accident. It also safeguards you from lawsuits the same way CGL insurance does.
- Employment Practices Liability Coverage – EPLC is excellent if you are going to hire employees. It will protect you in the event that any employee claims that you participated in unfair business practices. For instance, when firing an employee they can sue you for wrongful termination. Employees can also claim harassment and discrimination in the workplace. This coverage protects you from lawsuits that stem from these claims.
Workers Comp Is Always A Must Have For Masonry Contractors
As a mason you probably already know that the industry can be quite risky. Constantly lifting heavy stones and bags of concrete open you and your employees up to musculoskeletal strains and injuries. There are also risks of slip and falls from dangerous heights, puncture wounds and cuts. It goes without saying that there are a wide number of risks and work-related hazards. This is why you need to make sure that you are protected with workers comp insurance. This policy will cover medical expenses that are related to on the job injuries. It will cover medical and rehab expenses.
The law will require you to invest in this policy in most parts of Canada. Many contractors will also ask for proof of this insurance when hiring you. This is because if you aren’t covered with this insurance it means that your employees will now become their employees. For instance, if you aren’t covered with workers comp and your employee gets hurt while working under a subcontractor the claim will be filed to the subcontractor’s insurance. Making your employee’s safety a top concern can go a long way to protecting your business from huge financial losses.
Masonry Property Insurance Is Essential
It is likely that you will probably have some sort of storefront where you are going to store and display materials for customers to look at. You will probably also conduct all your administrative activities here as well. This building and your other property will be vital to ensuring the successful operation of your company and that is why you need to protect them. With the right property insurance you can protect your building, materials, tools and machinery.
- Builders Risk Insurance – If you are working under a contractor on a new construction job, you probably won’t have to worry about this type of coverage. And, this is because the contractor will probably have already invested in it. However, you won’t always be working under these conditions, so you should probably just go ahead and bit the bullet and invest. This policy covers your materials and tools when they are stored on the job.
- Inland Marine Insurance – This policy offers protection when your tools and materials are being transported from location to location. For instance, if several expensive pieces of stone fall out of the back of the truck and break this policy will compensate you for those losses.
- Extra Expense Insurance – With property insurance your building will be protected from fire, theft, vandalism and natural disasters. However, if you do experience a fire you likely aren’t going to be able to operate out of that building. This is where extra expense insurance comes in handy. It will pay the rental fees for renting a new office building.
Work With An Experienced Masonry Insurance Provider
Not only is it important to invest in the right policies, but also you need to work with a skilled and capable insurance agent that can provide your business with the unique protection that it needs. Our LiabilityCover agents are experienced with masons and the type of risks that they are exposed to daily. We can help you customize a package that protects you against any threat that you might face on or off the jobsite.