Welders Liability Insurance
If you are looking for the best liability insurance for welders in Canada you came to the right place. Whether you are a CWB member, mobile welder, contract welder, own a welding shop or you won a welding contract and just need insurance for a specific job or contract the expert insurance brokers at the commercial insurance brokerage ALIGNED Insurance can help!
What’s Covered By The Best Liability Insurance For Welders In Canada?
We offer specially designed and customized liability insurance for welders in Canada and some of the most common overages included are:
- Installation floater
- Tool coverage on a replacement cost basis
- Coverage for rented equipment
- Loss of revenue associated with the theft of contractors equipment
- Pollution extensions available
- Faulty workmanship
- Faulty design
- Faulty materials
How Do I Get The Best Liability Insurance For Welders In Canada?
ALIGNED Insurance is an independent insurance brokerage that works with 65+ top Canadian insurers and does the shopping around for you to ensure we negotiate the best terms possible. To do so we need to gather information on your operations including:
- Years of experience
- Claims history if any
- Type of work being done
- % of work being done in Canada, US & rest of the world
- Size of jobs
- # of employees
- amount of work subcontracted
- other
What does welding insurance cover?
Welding insurance is designed to cover a range of operational risks that a welding contractor business might run into. The type of protection you get depends on the insurance coverage you purchased. For example, general liability insurance protects your business against third-party injuries and property damage, while commercial property insurance covers your physical assets and buildings.
In general, welding insurance protects your business against liability claims and lawsuits and helps with the incurred expenses related to a claim, such as medical bills, settlement awards, repairs, and replacements.
How much does welding contractor insurance cost?
It depends on the type of coverage you have and how much coverage you have. A robust, comprehensive insurance policy will be more expensive than a basic package. On average, businesses can expect to pay around $1800 each year for welding contractor insurance. However, this figure might change based on your business risks.
Factors that impact insurance cost include:
- Number of employees
- The services you provide
- Business location
- Value and amount of equipment owned
- Annual and projected revenue
- Years of experience
- Historical insurance data
- Your deductible
What type of insurance do welders need?
Welders can benefit from commercial general liability insurance. This is basic insurance protection that all businesses should have. Since welders work with heavy and dangerous equipment and high amounts of heat, there’s a significant risk of injuries and accidents. Commercial general liability insurance protects your business from these onsite risks, such as third-party property damage and injuries.
Commercial property insurance is also important, especially since the tools that welders work with are specialized and expensive. Damages to tools or equipment can prove significant to repair or replace on your own. Insurance helps with lost or damaged welding tools and equipment.
Business interruption insurance is a subset of commercial property insurance and helps with replacing lost income when your business is forced to shut down because of damages and repairs. For example, when your welding business closes because of a flood or electrical damages.
Lastly, welders can benefit from pollution liability insurance, especially if they work in industries that use higher levels of chemicals or other pollutants.
Related Posts
- Commercial General Liability (CGL) Insurance Explained
- How Much Is Liability Insurance For Oil and Gas Contractors?
- Environmental Contractors Pollution Liability Insurance
- E&O Insurance Coverage Explained
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