Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
When a client sues your business because the flooring you installed scuffs and scars easily, General Liability insurance can help. General Liability insurance will pay for third-party lawsuits about personal injury, property damage, installation problems and other related covered risks.
Surety Bonds complete a contract between three parties: principal, surety, and obligee. They financially guarantee that the principal will fulfill the pre-determined set of obligations to the obligee. The surety or the insurance company will provide the financial guarantee on behalf of the principal.
Flooring contractors are often legally required to carry Workers' Compensation to cover their employees. The coverage will pay for the medical expenses and lost wages when an employee gets sick or injured on the job. In return, the employees are not allowed to sue for negligence when those events occur.
Professional Liability is a special type of coverage that protects flooring contractors against claims that the professional service provided caused financial harm to the client. If the client claims your mistakes to perform the proper service caused this loss the insurance will cover the cost of defending your business.
Insurance will provide financial protection to flooring contractors against many known and unknown risks. It will protect you from paying medical expenses when an employee is involved in an accident, costly lawsuit and legal action that could eventually force your business into bankruptcy if you pay out of pocket. The insurance will pay the covered expenses until it has reached the coverage limits. All it takes is just a small monthly fee to protect your business.
The business you’ve worked to build can instantly crumble when you face risks without insurance. Here are some risks flooring contractors can face:
These could cause tremendous profit loss if you don’t have the proper insurance to pay for losses.
Without proper insurance, a single lawsuit could bankrupt your business. So how much does insurance cost? Usually, insurance companies will ask for various criteria like services offered, the number of employees and others to define the cost of your insurance. Without taking those into account, here are some rough estimates on what businesses usually pay:
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
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