How to Protect Yourself with Insurance as a Manitoba Welder

What Insurance Do Manitoba Welders Need?

June 3, 2024

Manitoba welders need different types of insurance to protect themselves, their business, and their clients. Welding insurance protects you against lawsuit claims for accidents causing third-party bodily injury or third-party property damage.

Here are the key types of insurance Manitoba welders should consider:

1 General liability insurance: Covers third-party bodily injury, property damage, and legal defense costs against claims that may arise from welding activities.

What else does general liability insurance help cover?

Medical bills if someone is injured
Legal costs and settlement costs of liability lawsuits filed against you
Liability lawsuits related to slander and libel

It’s recommended that Manitoba welders have $5 million in CGL coverage.

2 Commercial property insurance: This type of insurance protects the physical assets of your welder's business, such as tools, equipment, and workspace, against risks like fire, theft, and vandalism.

3 Professional liability insurance: Also known as Errors and Omissions (E&O) insurance, it protects you against claims of negligence or mistakes in the welding services you have provided.

4 Commercial auto insurance: This type of insurance covers vehicles used for business purposes, including transporting welding equipment and materials.

5 Mobile property insurance: If you regularly move equipment to different work locations as part of your Manitoba welding business, mobile property insurance provides coverage for property that you don't store at a fixed location, or for equipment routinely taken off site.

6 Product liability insurance: It protects against claims arising from the products or materials used in welding that may cause harm or injury after the work is completed.

7 Umbrella insurance: Provides additional liability coverage beyond the limits of existing policies, offering extra protection against significant claims or lawsuits that you could face as a Manitoba welder.

8 Business interruption insurance: This coverage supports you when your Manitoba welding business can’t operate due to a covered loss.

Here are some examples of losses that can force your welding business to shut down:

Damage to your equipment from fire or vandalism
A major reduction in revenue due to a client/supplier facing losses of their own
A disruption in your supply chain

Business interruption insurance can help with expenses such as:

Rent
Utilities
Payroll
Property taxes
Alarm monitoring
Relocation of your business

9 Tools and equipment insurance: It can provide reimbursement to repair or replace tools if they are lost, damaged, or stolen. Insured events apply to tools and equipment that are vandalized, stolen, lost, or damaged by fire or flood.

Any item valued at less than $1,500 is considered a tool. Anything valued above $1,500 is considered equipment.

10 Pollution liability insurance: This type of insurance helps cover costs to clean up pollution caused by your work as a Manitoba welder. It can help pay for clean-up costs, civil fines, and emergency response expenses.