Accidents can happen anytime, anywhere, and painting contractors are not exempt from experiencing mishaps at work. When this happens, the painter ends up paying for the cost of the damage and injuries if there are any. That is why, if you are a painting contractor, you need insurance coverage to protect your employees and your business in general. In some instances, having insurance coverage is what makes or breaks a business. Why expose your livelihood to this risk when you can have the necessary protection?
General liability insurance
General liability insurance for painters cover claims arising from a damaged property or physical injuries resulting from job-site incidents. For example, an employee spilling paint on the client’s carpet. If you have general liability coverage, it will pay for the cost of cleaning and repair. If the same spill causes someone to fall, your policy will also provide protection and pay for medical charges. Depending on the plan, general liability could also protect the contractor from other claims such as false advertising and slander.
Worker’s compensation insurance
Depending on the laws in your area, contractors and business owners may be required to provide worker’s compensation insurance. This type of insurance specifically covers employees should they sustain injuries while on the job. Moreover, worker’s compensation also protects the employee against negligence claims filed by their employers.
Insurance for commercial vehicles
Painting contractors maintain a fleet of vehicles needed to run the business. As such, auto insurance is another necessity that every contractor should not ignore. Additionally, there are state requirements that determine the minimum coverage required for business vehicles. Nevertheless, you can still get a custom policy that exceeds these requirements if you feel your business needs more protection. For example, you can get an auto policy with liability coverage for instances when your employees are using their own vehicles on the job.
General business insurance coverage
Business insurance is considered a comprehensive policy that combines coverage for real estate, general liability, and loss of income. For example, if the business premises suffered theft, business insurance may cover for the replacement of all stolen business property. The same insurance could also cover income loss while waiting to have painting equipment replaced. Another significant feature of business insurance is how it can protect against data breach and other concerns such as identity theft.
Does a painting contractor need all these policies?
Running a business is no easy feat. Insurance is your protection against many problems that may arise in the course of your operation. However, one policy cannot cover all risks. Indeed, it would be best if you protected not only your business interests but also the interests of your employees.
If you want to continue operating a successful and reputable business, you need to begin by considering these insurance policies. Without the right type of coverage, you may end up with a claim that could potentially ruin your company. As a business owner, insurance is one of your primary responsibilities, and getting the right coverage is critical to your trade.