What Insurance Coverages Should A Painter Have?

Are you thinking about becoming a painter in the Ontario area? Well, why not? There are tons of jobs available with all the new construction and remodeling going on in the area. With these ample opportunities, painters from all around are trying to take advantage of everything the area has to offer. However, before just blindly jumping into the business you need to know that you and your employees will be faced with a variety of risks on any given day. Without the right policies you will not only expose yourself and your employees to unnecessary risks, but you will put your family’s financial future at risk as well. So, what types of painting insurance policies are available for painters and which do they need?

 

Painters General Liability Insurance

Painters in the Ontario area will oftentimes find themselves working inside and outside of homes and businesses and around other individuals. This opens them up for a number of risks. General painter working on a residential project while covered under a liability insurance policyliability insurance is one type of policy that can protect you and your employees in the event that you cause bodily harm to a third party or property damage. For instance, if you accidentally spilled turpentine on a customer’s carpet and ruin it, this policy will pay to have the carpet replaced. If a customer claims that the paint or chemicals you used made him or her sick, this policy will cover most or all of their medical expenses.

This policy can also protect you against slanderous advertising claims. Just for example, if you post an ad that says your company offers the best painting jobs in town, it is possible that some other company could try to sue you for slandering their name. While this is highly unlikely, it is possible and this policy will offer the protection where it is needed. That being said, it should be noted that this policy doesn’t offer bodily harm protection for you and your employees.

OPCA outlines their program details that all members in Ontario may qualify for. It is worth noting that bonds may be required to land jobs that are exclusive to bonded companies only.

 

Painters Workers Compensation Insurance

With the ample painting opportunities available in Ontario, it won’t take long before your business grows like crazy. However, if you really want to expand and make the most of your business opportunities, you are going to need to take on employees. This might be exciting and allow you to take on more responsibilities, but it also opens you up to even more risks. When employees are working under your license, you are responsible for them and their actions. This is exactly where workers compensation insurance will come in handy. In fact, not only is workers compensation insurance handy for a variety of reasons, but also it is actually required by law in Ontario. Any individual who opens a small business with employees will be required by law to purchase workers compensation coverage for those employees.

Workers compensation insurance will cover your employees in the event that they are injured or die due to injuries sustained on the job. It will pay for their medical expenses, it will cover their lost wages while they are out of work, and some policies will even pay death claims in the event that the employee dies due to the injury.

 

Commercial Auto Insurance For Painters

Painters have a lot of equipment and tools that they have to lug around from job site to job site. This can include anything from ten-foot ladders to scaffolding. With such a need for major pieces of equipment painters oftentimes have to invest in vans and trucks. Unfortunately, being on the road everyday traveling from site to site can put you at the risk of vehicle accidents. It is no mistake that the roads of Ontario can be treacherous. This is especially true during the winter months. Commercial auto insurance can offer the exact kind of protection that you need.

In the event that you are in an accident and found to be at fault, commercial auto insurance will pay to repair the damages done to the other driver’s vehicle. It will also pay for their medical expenses, if the driver has to visit the hospital. Keep in mind that there are some insurance companies that will offer specialized coverage that will cover your vehicle’s damages and your medical expenses as well.

painter truck covered by a commercial automobile insurance policy for a limit of 2 million

 

Keep Your Costs Low

As you can see there are a variety of insurance policies that a painter in Ontario needs. However, that doesn’t make the cost any cheaper. Most small painting companies will try to skimp on coverage amounts and deductibles just to lower their monthly payments. While this might seem like a good idea, it will only put you at more risks. If an accident does occur and you don’t have the proper amount of coverage to rectify the situation, the expenses will have to come out of your pocket. That being said there are ways that you can lower your monthly premiums.

 

  • Bundling Your Policies – Bundling your policies is without a doubt one of the best ways to keep your premiums low. You might even be able to go through the same provider and bundle your commercial insurance policies with your existing homeowners or auto insurance policies. You will already be established with the company, which will offer cheaper rates.
  • Get Quotes – Always make sure that you are shopping around before just signing up with any provider. Obtaining quotes from Ontario insurance brokers is absolutely free and easy thanks to the Internet. Some companies offer cheaper rates, so be on the lookout for these money-saving opportunities.
  • Regular Safety Training – Many providers will offer discounts to companies that require their employees to undergo regular safety training. For instance, safety driving and defensive classes might reduce the overall costs of your commercial auto insurance, while proper lifting classes might help reduce the overall costs of your painters liability insurance. Just be sure to check with your provider to see if these offers are available to you.

save money on insurance premiums in ontario

 

 

 

What Can You Expect To Pay?

It really is hard to say what any painting company will pay for insurance policies, because there are so many factors that determine the cost. For instance, the number of employees that you have will affect the cost. There are also other factors like, the amount of money that you make each year, how long you have been in business, you and your employee’s previous driving records, your claims rates, your credit history, and even the types of jobs that you do can affect the overall costs of your insurance premiums.

Read about qualification requirements for Ontario painters to be able to be certified and save the most amount of money on premiums while landing more jobs.

Understanding The Dangers Of Not Having Business Insurance

Are you aware of the fact that your business is always at risk? At this point in time, it is estimated that Canada is home to roughly 36 million individuals. This is great for businesses. You can always rest assured knowing that someone in the country is going to need your services. Unfortunately, Canada is a very diverse country and that can make it difficult to satisfy everyone. If you happen to run a business in Canada, you’ll want to familiarize yourself with the insurance for business. Failing to protect your business could have severe repercussions in the future. Within this guide, you will learn more about the dangers of not having commercial general liability insurance.

The Chance For Lawsuits Is High

The unfortunate truth is that the chance of being sued at some point in the future is very high. Companies sue one another frequently and businesses are also at a very high risk of being sued by the lawsuits businessconsumer. You just never know when something is going to go wrong. To date, Canada has seen 75 lawsuits involving copyright infringement this year. It has also had 63 lawsuits regarding trade mark infringement. The good news is that some business insurance Ontario providers offer products that can protect you from such problems.

It is in your best interest to get covered as quickly as humanly possible. If you do not, you may become a victim and you may not have any effective way to defend yourself.

Bankruptcy Is Rampant

Believe it or not, bankruptcy in Canada is far more common than you might imagine. In 2016, it was estimated that roughly .7 percent of businesses filed for bankruptcy. 1% of all businesses experience insolvency. This might seem like a small number, but there is always a possibility that you could become one of the 1%. Unfortunately, the numbers are even higher when looking at individual sectors. And, you should realize that some bankruptcies are caused by lawsuits. If you lose a lawsuit filed by another company or a consumer, there is a good chance that you’re going to be required to pay a huge settlement.

This is something that you’ll want to avoid at all costs. If you do not want to face a premature bankruptcy, you’ll want to protect yourself with the best business insurance Canada has to offer. Intact and Aviva are two great insurance providers. They’ll offer services that will be able to protect you in the event of an untimely lawsuit.

Protect Your Employees

Failing to protect your business is also putting your employees at risk. At this point in time, Canada has a national unemployment rate of 6.3 percent. Unfortunately, a lot of people have lost their jobs, because companies have been forced to lay off and some have been forced into bankruptcy. It is your duty to go above and beyond to protect your employees. The best way to make this happen is by investing in good commercial insurance. Commercial insurance will be there to protect you from legitimate and frivolous lawsuits. In return, this will also protect your clients and your family.

Without insurance, you’re are truly playing a risky game with your employees. Protect these individuals by ensuring that your company is insured by a sufficient amount of insurance today!

Ruining Your Future

There is a good chance that you depend solely on your business for your income. And of course, your income is absolutely pertinent for supporting yourself and your family. Without a steady flow of income, your family is going to have a difficult time making ends meet. This is why it is absolutely pertinent to protect your income and ensure it stays around for as long as humanly possible. State Farm, Aviva and Bullfrog all offer insurance products that are designed to protect businesses in the country of Canada. If you want to brighten your future and the futures of your family members, you need business insurance!

This type of insurance will protect you from problems with your storefront, liability issues and lawsuits. Suffice to say, it’ll keep you going so you can continue providing for your family. Do not take a gamble. Get insured as quickly as possible, so you do not have to put your family at risk.

Fire Damage

Canadian businesses that are not covered by commercial insurance are at risk of fire damage. While the risks of a fire are low, it is always a possibility. If you are a business owner, it is imperative to obtain business liability insurance. You should not take any risk on one of your most prized possessions, as the proceeds provide a nest egg for you and your family and covers your living expenses.

If a fire does break out inside your business, you may be able to get it under control, with very little damage. However, if you are not present when the fire starts, it could burn your business to the ground. Commercial general liability insurance will cover almost all of the repair, renovation or replacement costs. Without coverage, you will have to pay out-of-pocket or obtain a loan to cover the expenses, which is not always a feasible option.

In 2015, the Off of the Fire Marshal and Emergency Management recorded 10,951 “loss fires.” While 48 percent of those fires occurred in residential occupancies, two percent involved mercantile occupancies, five percent industrial occupancies and two percent personal services and business occupancies.

Unexpected Downtime

Operating a business that relies on a computer system, certain equipment and your health can generally pose some risk of downtown. For instance, if a storm rolls through the territory you live in, it could leave you without access to the Internet for days, weeks or even months. The overall damage will depend on the severity of the storm, which could also cause damage to your business. Without a computer system or electricity, your business operations would be interrupted, leading to financial loss.

With this said, some business insurance Ontario companies which you can visit by going to LiabilityCover’s website –  http://www.liabilitycover.ca/commercial-general-liability-insurance/ offer interruption coverage that will kick in and protect your business from financial loss.

protecting business future

 

Tips For Preventing And Mitigating E&O Claims

Errors and omissions insurance is truly a vital component of modern business, because life is simply unpredictable. Business owners never really know what to expect from one day to the next, despite having a thorough schedule laid out in front of them. Some consumers will simply file a lawsuit in hopes of getting one over on your business. Other times, one of your employees may be responsible for the problem. Even the most careful business in the world may experience problems from time to time. Below, you will learn how to prevent and mitigate E&O claims.

A Written Contract

First and foremost, you should make sure you always have a written contract. The contract will prove to be a vital piece of evidence should the client decide to file a lawsuit against you and your company. Of course, not all contracts are equal. When constructing the document, you need to make sure it specifically states what work will be done, what it will cost, and what will not be done. This will allow you to ensure you fulfilled your obligations per the contract and will help to ensure you emerge victorious in the courtroom.

Quality Control Procedures

Many companies have been severely damaged over the years, due to poor or insufficient quality control standards. In all likelihood, you’ve heard about a major company being forced to recall their products at some point or another. The recall was likely enormously costly and it probably caused many consumers to form a negative opinion about the company in question. You need to do your best to avoid a similar mistake. This is where an effective quality control procedure will be immensely helpful.

And of course, you need to continue monitoring and tweaking your quality control standards to ensure they’re up to par. Perform internal and external audits frequently to keep them in working order. This will ensure your company is always able to deliver a satisfactory service to the client.

Open-Door Communication

Many public service providers fail to listen to their customers. Many of them will only listen long enough to gain their trust and earn their business. This is a huge mistake that can end up ruining the company’s reputation and finances. One of the best ways to settle customer complaints is by responding quickly and professionally. Avoiding the complainant will not help matters. In fact, it will only escalate the problem and force the customer to file a lawsuit against the company. By communicating with the customer and solving the issue, you could potentially prevent a lengthy lawsuit and avoid costly litigation fees.

Face-To-Face Meeting

By inviting the customer to a face-to-face meeting to discuss the problem, will definitely be a great place to start. The customer will respect you even more, if you are willing to look them in the face. Of course, you will need to keep your composure, listen to the customer and avoid a shouting match. If necessary, you should consider hiring a mediator to oversee the meeting. If you show the customer that you genuinely care, you may just be lucky enough to spare yourself a trip to the courthouse. To inquire more about errors and omissions insurance in ontario, visit www.liabilitycover.ca

Need A Surety Bond In Canada? How To Get What You Need

Canadian Surety Bond

Within Canada, there are numerous federal and provincial laws, which regulate businesses and other professionals. In fact, many businesses will not be able to offer their services to the public, until they’re properly bonded and licensed. If you’re going to run a business in the country, there will undoubtedly be a need for surety. If you’ve made it this far, you’re likely dealing with this very problem right now. The good news is that acquiring a surety bond in Canada isn’t too difficult. Below, you’ll learn precisely how to acquire the bond, so you can begin generating an income.

Characteristics Of A Good Surety Provider

One of the biggest obstacles you’ll face is the need for a good surety issuer. Canada’s surety market is truly over saturated with providers and this can complicate the process substantially. With this in mind, you will want to look for a few key attributes. These will be listed below for your convenience.

  • The surety provider should be familiar with your industry or line of work
  • They should be well aware of the local and national markets, which pertain to your business
  • They need to consistently get involved with local and national surety associations
  • Should be skilled in finances and accounting
  • The surety provider should be wholeheartedly interested in your well being and success
  • Reputable and well respected

If you’re able to find a provider, who exhibits all of these traits, you’re in luck.

Make Contact

In order to truly find a reliable surety provider, you’ll need to make contact with them directly. By directly speaking with the surety provider, you’ll be able to develop a better understanding of their business, experience, and knowledge. Remember that many surety issuers also deal with insurance. Although these companies may be great, they might also focus too much on the insurance aspect of the business and may have very little knowledge regarding surety. Be sure to ask the individual some pointed questions regarding surety bonds. If they’re able to answer quickly and accurately, you can rest assured knowing you’ve found a good provider.

Preparing For The Prequalification Process

Every surety company has its own standards and requirements that must be followed, when underwriting a surety bond. However, these are commonly shared among surety companies throughout Canada. For instance, you are more than likely going to have to undergo a rigorous process known as prequalification, before you can even be considered for a bond. The underwriter is going to ask you tons of questions, request your credit report, and collect information about you and your company. This whole process can take a bit of time and may even try your patience.

If you want to speed up the process, it will help, if you try to prepare in advance.

What To Compile?

You will need to compile a list of your key employees and the role they play in your business. For instance, this may include your project and assistant managers, developers, and architects. Make sure that you have a detailed copy of these employee’s resumes, as well.

Surety companies base a lot of their research on the financial stability of your company, so you want to make sure that you have all your financial statements in order. This should include a list of your liquid and business assets, debts, and the previous year’s income tax record.  

Submitting The Application

Once you’ve worked through the steps above, you’ll want to go ahead and begin working on the application. As technology has become more prevalent in the industry, more and more providers have begun accepting applications online. This is great for the consumer and makes the process much easier. Completing the application can be done within a matter of minutes, but you may need to wait a short period of time to acquire your quote.

If you agree with the quoted price, you can go ahead and make the initial payment, sign the agreement and acquire your bond. If not and you would like a more favorable price, you should proceed through the process again.

Overall

Although the information above may pertain to one surety provider, you should understand that each issuer would have a unique application process. Be sure to make contact with your surety company of choice, so you can learn the specifics, before plowing ahead.