Interior Or Exterior Painting Contractors
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Painting Contractor Insurance
Owning a painting contracting business can mean your days are filled with feast or famine. Some days may be very slow with no projects scheduled, while other days it seems you don’t have enough people to cover everything you need. You work hard to keep everything flowing smoothly in your business. Relieve yourself of one major stress by making sure you have the right types of business insurance coverage options for your company.
General Liability Insurance
General liability insurance protects you from things you don’t expect. Hazards, natural disasters and customer accidents for example, can be covered by a general liability insurance policy. General liability covers most problems that might arise in your day-to-day business operations, as long as the event is not specifically excluded on your policy.
Business Owners Policy (BOP)
General liability coverage is included with a business owners policy, or BOP. A business owners policy lets you tailor property and asset protection based on your specific needs.
- Equipment Breakdown – If your paint compressor breaks down for example, a BOP can take care of the expenses involved with fixing it or replacing it with a new one.
- Buildings and Contents – If your painting contract company keeps a stationary office, losing the roof in a storm could be too big of a financial hit for your company to take care of on its own. Your BOP can protect the physical structures of your business – even those you have on site at a customer’s location. The BOP can also protect you from losses of physical assets you have inside the buildings if needed.
- Business Income and Extra Expense – When disasters arise they can cost your company in lost income as well as extra expenses. Your BOP can cover these added financial burdens so that you don’t have to.
- Products and Completed Operations (Included in General Liability) – If you sell a product to your customers that harms them in some way, the BOP can take care of the liability and damages.
- Electronic Data – Keeping files in digital computerized format is inexpensive and efficient. If those files are corrupted or destroyed however, they can be expensive to replace on your own.
- Newly Acquired or Constructed Buildings – If you purchase a new storage building to house your painting company tools and supplies or you decide to build a new headquarters, your BOP can provide protection for those new structures from the start.
- Valuable Papers Protection – Some critical papers and files are only available in hard copy format. If you lose these papers, or they are ruined in a flood or fire, the expense of replacing them may be more than your company is able to handle alone.
- Employee Dishonesty Coverage – Since your employees must access customer’s personal property to complete their jobs, your company is at risk of being liable for dishonest actions or activities.
Workers Comp Insurance
Having a team of painting professionals is what helps your business be successful. In the United States, you are required by law to provide workers comp protection for your employees. This helps them and you if anyone ever gets hurt from an on-the-job accident.
Commercial Auto Insurance
Traveling to the client’s work site to provide painting services puts your company at risk of losses caused by auto accidents. A commercial auto insurance policy can pay damages or expenses for replacing vehicles if accidents happen.
Professional painting contractors need to be bonded before they can win customer contracts. A surety bond provides a guarantee to your customers that you will meet the obligations outlined in the contract.