Framing Contractor Insurance
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What Insurance Do Framing Contractor Need?
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
A Fiduciary Bond (or Surety Bond) protects a fiduciary - someone who is granted power over another person’s interests or assets via a will or contract - from being sued for alleged fraud, embezzlement, or dishonest acts.
Frequently Asked Questions
Why do Framing Contractors need insurance?
Companies categorized under this industry work mainly in structural framing and sheathing. Other services include additions, alterations, maintenance, and repairs.
As framing contractors, you are responsible for erecting the frame of residential or commercial buildings. This means that you are at risk of any mistakes that cause your client financial harm. A liability claim for your mistake alone could potentially lead your business to bankruptcy.
Insurance is your business’s safety net. Any covered incident that could happen in the scope of your business operations is covered by insurance. This means that you won’t have any out-of-pocket expenses as the insurance will pay for it until it has reached its limits.
What risks do Framing Contractors face?
Some risks your business may face include these:
- One of your contractors failed to perform the contracted work which causes your client to lose a lot of money.
- Your employee gets sick due to the chemicals he/she inhaled that you used for your framing construction.
- A customer entering your office slipped when you’re just about to clean the spillage. This then caused the customer to suffer an injury.
These are just some of the many risks that framing contractors can face.
How much does Framing Contractor Insurance cost?
The cost of insurance varies from business to business. Most insurance companies will ask for the type of services you offer, the number of employees you have and the coverage you need for your business. To find out the cost of insurance for framing contractors, apply for a quote online. Your free quote will be delivered to your inbox in minutes. You can also contact our customer service hotline.