As an Ontario contractor, you face a dynamic landscape of projects, challenges, and, inevitably, risks. From the hum of heavy machinery to intricate design plans, your work demands precision and foresight. But what happens when the unexpected strikes? That’s where robust commercial insurance, expertly tailored by a specialized broker, becomes your most vital tool.
At McLean & Dickey, we’ve been protecting Ontario businesses since 1922. We understand that contractors aren’t all cut from the same cloth, and neither should their insurance be. As your neighbours in Orillia, Barrie, Midland, and Muskoka, we work for you, not the insurance company, to ensure your coverage is as comprehensive as your projects.
The Unique Risks Ontario Contractors Face
The contracting world in Ontario is fraught with specific exposures that a standard business insurance policy simply won’t cover. Here are some of the critical risks you need to consider:
- Equipment Breakdown: Imagine your excavator seizing up in the middle of a critical dig, or a vital concrete mixer failing. Beyond the immediate cost of repair or replacement, an equipment breakdown can lead to significant project delays, penalties, and lost income. This isn’t just about a broken part; it’s about the ripple effect on your entire operation. A specialized policy goes beyond basic property coverage to protect against mechanical failures, electrical surges, and even operator error.
- Builder’s Risk (Course of Construction) Insurance: This is foundational for any construction project. It protects the physical structure of the building, materials on-site, and even temporary structures like scaffolding from perils such as fire, theft, vandalism, and certain natural disasters during construction. Without it, a fire that destroys a partially built home could financially devastate your business. It’s crucial to understand that this often covers the project itself, not necessarily third-party liability or professional design errors.
- Professional Liability for Design-Build Contractors: If your business offers design-build services, you’re taking on the dual responsibility of both design and execution. This significantly increases your exposure to professional liability claims. What if there’s a flaw in the architectural plans that leads to structural issues? Or a design oversight causes significant cost overruns for the client? Professional liability insurance (also known as Errors & Omissions or E&O) is essential to protect you from claims arising from negligent acts, errors, or omissions in your professional advice or design work. This is a distinct coverage from general liability, which typically covers bodily injury or property damage caused by your operations.
Beyond these core concerns, Ontario contractors also need to consider:
- Commercial General Liability (CGL): This is your frontline defence against claims of bodily injury or property damage to third parties arising from your operations. Think of a client tripping over a tool on your job site or accidental damage to a neighbouring property during construction.
- Commercial Auto Insurance: For your work trucks, vans, and any other vehicles used for business, this covers accidents, liability, and property damage.
- Tool Floater/Equipment Floater: While related to equipment breakdown, this specifically covers your smaller tools and mobile equipment that are regularly transported between job sites against theft or damage.
Surety Bonds: Often a requirement for larger projects, these bonds guarantee your performance and payment obligations.
How a Specialized Broker Ensures Comprehensive Coverage
Navigating the complexities of commercial insurance can be a full-time job in itself. That’s why partnering with a specialized independent broker like McLean & Dickey is invaluable.
- Unbiased Expertise: We work for you, not the insurance company. This means our advice is always tailored to your best interests, helping you understand the nuances of each policy and identify potential gaps in coverage.
- Access to Broad Market: We have relationships with a wide range of top-name insurers, which means we can shop around to find the best coverage at the most competitive price, customized for the unique risks of the contracting industry.
- Tailored Solutions: We don’t believe in one-size-fits-all. We take the time to understand your specific trade, the types of projects you undertake, your equipment, and your business structure to craft a policy that truly protects you.
- Claims Advocacy: In the unfortunate event of a claim, we stand by you, advocating on your behalf to ensure a fair and timely settlement. Our goal is to get you back to work with minimal disruption.
Risk Management Advice: Beyond simply selling policies, we offer insights into best practices for risk mitigation, helping you proactively reduce your exposure to costly incidents.
We're Part of Your Community
At McLean & Dickey, we’re more than just insurance brokers; we’re your neighbours. When you choose us, you’re choosing a partner invested in your success and the well-being of our shared community.
Don’t leave your contracting business exposed to unnecessary risks. Contact McLean & Dickey today for a personalized assessment of your commercial insurance needs. Let us help you build a solid foundation of protection for your future.