How much does contractors insurance cost?
The cost of contractors insurance starts at $500 to $1000/year or $42 to $84/month, depending on the insurer and your particular profession. The more risky your particular job is judged to be, the higher the costs.
For example, a carpenter, drywall specialist or electrician with $2 million of insurance would likely have the base premium of $500 to $1000 each year. However, a plumber, remediation specialist, or roofer with the same coverage could start at $2500/year.
The cost of contractors insurance depends on the following factors:
- Insurance coverage options
- Business operations
- Annual revenue
- Number of employees
- Insurance history
We gather contractors insurance quotes from different Canadian insurance providers to ensure you’re getting the best price for your protection.