Looking for basement contractor insurance in Ontario?
You put your all into finishing and remodeling basements for your clients. Whether you’re a jack-of-all-trades that does most of the work yourself, or a general contractor working with third-party plumbers, electricians and drywallers, we’ll walk you through the coverage options and set you up with insurance that reflects the realities of being a basement contractor.
Save on basement contractor insurance
Your business has a lot of assets that are worth protecting, like trucks, tools and building materials. Our affordable insurance packages for basement contractors include commercial general liability along with coverage for your vehicles, tools and equipment, and more. If you have a shop, we can insure that too. We work with over 70 of Canada’s top insurance companies to find you the exact coverage you need at some of the best prices around. Call us for a free quote.
Do you have a home-based business?
If you run your basement finishing business from home, you’re not alone. It’s very common, especially when you’re just starting out. It’s a good way to manage costs, and because most home businesses don’t need commercial property insurance, your premiums will be considerably lower. If you store tools or business materials at home, however, your home insurance may not fully cover you. We can advise you on protecting all of your business assets.
What’s included in basement contractor insurance?
Our insurance packages for basement contractors start with the basics, here’s what’s included:
Commercial general liability
This protects your business if you, your crew, or your subcontractors cause property damage or an injury. Your subcontractors should also have this coverage.
Coverage if your company vehicles are in an accident or stolen. If you or your team use your own personal trucks to transport tools and supplies to jobs, those vehicles need enhanced coverage too.
Tools and equipment
Tools like hammers, drills, saws and sanders are covered for replacement or repair if they’re damaged or stolen. This also covers short-term rentals so you don’t miss a day of work after a claim.
If your business has an office or shop, this provides protection against fire, storms, burst pipes, vandalism and theft. For home-based businesses, property coverage can include inventory and business supplies.
Other coverage to consider
Depending on the specifics of your business, there are other types of coverage that may make sense for you.
If your company has a website or stores customer payment and other personal data electronically, cyber coverage is a wise investment to protect your business and its reputation.
All contractors doing renovation work face pollution risks from asbestos, mold and more that can lead to expensive cleanups. This provides protection for you and your business against costly claims.
Most commercial property policies include coverage for lost revenues if damage to your company’s premises makes it impossible to carry on business as usual for a time. It doesn’t usually apply to home-based businesses.
Good to know: Common questions about basement contractor insurance
How much is basement contractor insurance?
Basement contractor insurance packages start at around $1,000 a year. The actual rate for your business depends on a number of factors:
- Whether you need insurance for company vehicles
- Whether you have a shop or office that needs coverage
- How many employees you have
- The annual revenues of your basement contracting business
- Whether you use subcontractors
- Your years of experience and that of your employees
- Whether you’ve had claims in the past
Is coverage for general contractors more expensive if I do most of the work myself?
General contractors and subcontractors need the same types of insurance, so one doesn’t necessarily pay more than the other in premiums. How much your basement contracting business policy costs has more to do with the total revenues of the business and company assets like vehicles, properties and machinery that require coverage.
Will basement contractor insurance cover my business if we also do other work?
Yes, if your business specializes in basements but also takes on projects to do other construction and renovations, your basement contractor policy will cover you. The policy covers the type of work (construction and renovations), and doesn’t typically specify where the work is done.
How much liability insurance is enough for my basement contractor business?
Depending on the size of your contracting business and the exact type of work you do, we recommend a minimum of $2 million in commercial general liability coverage. One of our commercial insurance experts would be happy to advise you based on the specifics of your business.
Your business is unique, so are your insurance options.
Being an outlet for over 70 of Canada’s top insurance companies means our commercial experts have access to a wide range of coverage options as unique as your business – at some of the best rates in Ontario. We sweat the details so you can focus on your business. Want to learn more about the coverage options available to you? Here’s a few of them.