Why Tile and Terrazzo Contractors Need Insurance
Companies categorized under this industry work with ceramic tile, stone, and terrazzo setting and installation.
As a tile or terrazzo contractor, customers rely on you to add beauty to their homes. Whether you work with ceramic tile, stone, or terrazzo, attention to detail and your workmanship are essential in delivering quality work homeowners and businesses can be proud of. These aren’t the only things you need to be concerned with. Tile and Terrazzo contractors are also risk claims and lawsuits.
Risks Tile And Terrazzo Contractors Face Include
- Third-party Injury: Your employees need materials and equipment on site to deliver quality work. As much as you train them to maintain their workspace, it is easy for them to forget about organization. In some cases, customers or visitors trip over these materials and injure themselves. When that occurs, you are financially responsible.
- Property Damage: You complete services at the customer’s location which means you risk damage to property that isn’t yours. If your employees damage customers’ fixtures or flooring, you are responsible for replacing or repairing it.
- Car Accidents: When employees travel to their job sites, they are considered on the clock. If they cause an accident driving a business vehicle or their personal vehicles, your tile and terrazzo business is responsible for all damages.
- Employee Injury: Even though employees are trained to use specialty equipment, accidents do happen. When employees are injured on-the-job, it is their employer’s responsibility to pay medical expenses.
- Loss of Business Property: You store thousands of dollars of material and equipment in a warehouse. What happens if a fire destroys it or a criminal steals or vandalizes it?
Buying insurance for your tile and terrazzo contractor business is the only way to protect your finances, reputation, and ability to continue business.
What Types of Coverage Do Tile And Terrazzo Contractors Need
Tile and terrazzo contractors have many available insurance policies to choose from. Every contractor needs to buy general liability, commercial property, and worker’s compensation insurance. Some may also want to consider business auto if they own a fleet of vehicles or errors and omissions insurance.
- General Liability: Pays for expenses including costs to defend, replace property, medical expenses for third party injuries, or settlements. Claims can vary from damaged property to lawsuits alleging your final product isn’t adequate.
- Commercial Property: Commercial property or business property pays costs to rebuild or replace damaged buildings and business property like tools and materials. It is also important to add loss of business income to cover expenses and lost income if you have to close during construction.
- Worker’s Compensation: Some states require work comp depending on the number of employees you have. It pays medical expenses and lost wages when an employee gets injured while working.
- Errors & Omissions: Also referred to as E&O insurance, this policy pays if a customer sues saying the work you completed is faulty or caused further damage to their home or building. This coverage also extends to protect you if you contract the work to another party.
- Business Auto: Covers auto accident claims and pays for damage to a business vehicle as well as additional damages you are held liable for.
Tile and Terrazzo Contractor Insurance Cost
Every tile and terrazzo contractor is unique in how you conduct business, which means no two contractors will pay the same price for insurance. Carriers look at your experience, employee experience and training, and contracts you use to help calculate premium. Request a quote below to calculate your insurance costs today.