Looking for the best buy insurance for your painting contractor business. But, not sure where to start your search? Yours is not the only business encountering unplanned risks daily. In fact, every company has its unique risk factors to deal with.
The right insurance will enhance your business’s reputation by showing clients you are prepared for unforeseen eventualities. And, better yet, you can tender for contracts that require your business to be insured.
Take the ouch out of insurance. Read this great guide to get you started on making the right insurance choices for your business.
Why Does Your Painting Business Need Insurance?
Regardless of your business’s size, you will require protection from unplanned accidents or events at some stage.
And, if you have employees, you have their welfare to think of as well. Paying out of pocket for small incidences is all very well and fine. But, what about those big-ticket items. Despite the best safety measures, your employee could fall off scaffolding and be seriously injured. The onus will then fall on you for your employees associated medical costs, missed wages, and rehabilitation if needs be. In fact, your employee could very well end up suing you.
Then, of course, there is damage to a client’s home due to your work activities. You know the risks; after all, you deal with them daily.
Look to your risk factor
There are numerous policies out there to choose from. But where do you start? Start by evaluating your risk factors. Most insurance companies use a method called risk assessment to calculate premium rates. The lower risk your business poses of filing a claim, the lower the premium. Your insurance provider will take a close look at things like claims history, driving record, credit history, and the amount of insurance coverage you are seeking for your business.
Types of Insurance for Painting Business
General Liability insurance
General Liability insurance covers third-party risks, such as property damage or bodily injury that can occur in the course of your work. A third-party is anyone who doesn’t work for your company. The most common example is your employee accidentally damages your client’s furniture with paint.
Typically, painters pay a medium premium of around $50 per month or $600 per year.
Workers Compensation insurance
Workers Compensation insurance provides coverage for your employees in the event of bodily injury or illness resulting from working conditions. The insurance covers medical bills and provides for wage replacement. It also waives the rights of your employee to sue you. Check your state requirements. Most US states have made Workers Compensation compulsory.
Typically, the median cost of this insurance is around $275 per month and $3,320 annually.
Commercial Auto insurance
Commercial Auto insurance provides coverage for your business’s vehicles. The nature of the painting business can often require you to move from one site to another. If you use your personal vehicle for business purposes, your Personal Auto insurance policy might not offer coverage for commercial damages.
This insurance typically covers damage to property, vehicle theft, and other potential vehicle damages.
Commercial Auto insurance’s median cost is less than $135 a month or $1600 annually.
Getting it right at the start
From the outset getting the right type of insurance coverage will save you time and money. And better yet, your business insurance is tax-deductible.
Go online and get those quotes on painting contractor insurance for your business. The insurance provider you decide to go with will guide you every step of the way in the best-fit policies for your business.