Why Painting Contractors Need Insurance
Painting is an art that few can master. It requires a great attention to detail, treating the project like a fine art, and using the right processes and tools to deliver quality work that your customers appreciate. Whether you offer interior or exterior painting, you need painters insurance to protect your business’s financial assets and reputation.
Companies categorized under this industry work mainly in covering or painting interior or exterior walls. Other services include new work, additions, alterations, maintenance, and repairs.
Risks Painting Contractors Could Face
Too many think house painting is a cut and dry service. But the truth is as a house painter, you face many risks every day.
- Paint Spills: Painters lay tarps over furniture and sidewalks to protect their customer’s property. If you miss this step and the paint spills on their property, you are responsible for repairing or replacing their items.
- Employee Injury: Painters use a number of repetitive movements that can cause injury to their shoulders or arms. They also use ladders which pose a risk of falling and breaking an arm or leg. If this happens to an employee, you need to pay medical expenses and continue paying them for their time away from work.
- Other Injuries: If a customer or visitor to the property falls over your sanders, cords, or tarps and injures their leg, your business is responsible for any costs associated with the injury.
- Vehicle accidents: As a painter, you rely on trucks to travel to various jobsites throughout the week. Depending on how severe an accident is and if you are responsible, repairing the damage can be costly.
- Stolen Property: It is common to leave supplies and equipments at long-term job sites or even in your vehicle. When property is unmonitored, you risk having it stolen and then needing to replace it so you can continue your services.
What Types of Coverage Painting Contractors Need
Every painting contractor needs painting insurance. To decide what insurance is best for you, there are a few questions to ask yourself. Do you have a company vehicle? Do you have a commercial building or office? In most cases, you need general liability, commercial property, and business auto policies.
- General Liability: Protects you against third-party lawsuits that claim property damage or injury. It includes defense costs associated with these lawsuits as well.
- Worker’s Compensation: Pays costs associated with employee injury including medical costs and lost wages while they are off of work.
- Business Auto: Pays to repair damages to your business vehicle and third party autos if you caused the accident.
- Commercial Property: Provides coverage to replace or rebuild your property when it is stolen or damaged in a covered event like a fire.
- Inland Marine: Pays the cost to replace property that is stolen from vehicles or damaged while in transit between locations.
- Professional Liability: If you answer painting questions for your clients or offer advice that goes wrong, this policy covers and financial damage or lawsuit defense costs that occur.
How Much Does Painting Contractor Insurance Cost
Insurance companies look at every painting business differently when they calculate your painter insurance cost. They want to know whether you are an interior or exterior house painter, how much experience you have, your process when a hiring a painter, and safety measures you take at jobsites. To request a quote for painters insurance today, fill out the form below.
What type of insurance does this industry need?
- This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.
- Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.
- Inland Marine insurance covers goods in-transit either on land or through shallow water, as well as certain types of movable property (such as medical equipment). If your business has valuable equipment which regularly needs to be moved, then this can be a core policy to protect your property.
- Commercial Auto insurance provides coverages such as liability, collision, comprehensive, medical payments and uninsured motorist coverage. Any vehicle on the road must be insured, and any incidents that occur while a vehicle is being used for business purposes may not be covered by a personal auto policy. That's why it is so important to make sure you have Commercial Auto insurance for any vehicles owned by the business.
- Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.