Celebrating Skilled Trades in Canada and the Importance of Business Insurance Protection

Some routine aspects of a skilled trades business might involve traveling to job sites, using tools, working with employees or even running an office. Each of these activities poses its own unique risks that could be worth protecting, since an unexpected loss with any of these could impact you or your business. These may include accidents involving your company vehicle, theft of your tools, or damage to a customer's property during a job.

Professionals in this line of work could face a variety of risks. Below are a few examples from different industries to illustrate how the right insurance could help protect your business.

Example 1.

The scenario: You install a water heater at a client's home. The water heater's temperature control malfunctions and burns the client. They now require medical attention and claim you are responsible for the mishap.

The solution: If your business had Commercial General Liability insurance in place, it may have covered the legal fees and the medical expenses involved if any.

Example 2.

The scenario: You and your employee are headed to a job site. An accident occurs with a third party and your employee is at fault. The third party's vehicle gets damaged, and they suffer from injuries and require medical attention.

The solution: Commercial Auto insurance provides protection if you're in an at-fault accident which causes injury or death to a third party or damages their property. In this scenario, the liability portion of your Commercial Auto insurance policy may cover the third party's collision-related expenses.

Example 3.

The scenario: You hired a freelance contractor for a job and he steals some important tools from your business.

The solution: If your business was covered with Commercial Property insurance the cost of the stolen tools may be covered. In addition, because work had to be paused and income was lost during this downtime, Business Interruption insurance (usually bundled with Commercial Property insurance), could help cover the lost revenue and assist with ongoing expenses until operations resumed.

Example 4.

The scenario: Your new employee knocks over a bucket of paint on a client's new floor. The floor is damaged completely.

The solution: Having Commercial General Liability insurance may help cover the damages caused and replace the client's floors.

It is important to understand these policies will only kick in if they are already in effect and active at the time the accident or loss occurs. Can't find your industry in the examples above? Check out this complete list of industries that could be covered by TD Insurance.

While we can't predict or prevent all unexpected events, there are things you can do to try and reduce some risks. Here are a few things you could keep in mind to help:

• Maintain and use the right tools.
• Ensure your employees are all certified and trained for the task.
• Follow safety protocols and use proper gear.
• Survey the scope and layout of the job and site.
• Remind everyone on the team to be aware of their surroundings to avoid accidents.

Though it is great to take measures to be safe, having the right business insurance in place can help your business recover from an unexpected event and get you back in business.

At TD Insurance, we understand you've dedicated significant efforts into your business, and we can help you protect it no matter which line of skilled trades you're in. You can speak with a licensed TD Insurance advisor (1-855-724-2883) to get a personalized quote, with flexible coverage that fits your business needs, or you can learn more here.

Are you a skilled trades expert? Let's look at why it's important to protect your business and yourself from unexpected events.