Window and Door Installer Business Insurance
If you own a window and door installation business, don’t overlook the importance of commercial insurance. Window and door installer insurance protects your business in third-party lawsuits related to client injuries, worker injuries, property damage, and more.
No business owner anticipates a lawsuit. But accidents are always a risk, even if your workers adhere to all the right safety standards. What would happen if an employee cut themselves on a broken window and needed stitches? If you got into an accident in a work truck, could you cover the cost of repairs out-of-pocket?
Window and door installers face a number of risks on the job. However, window and door installer insurance can mitigate the financial risk of third-party lawsuits that can sometimes be incredibly costly. Here are some of the commercial insurance policies that can be beneficial for window and door installation businesses.
General Liability
General liability insurance includes bodily injury liability coverage and property damage coverage. So, if a client got injured on a job site and needed medical attention, general liability insurance would cover their medical costs. It would also cover your legal defense in a third-party lawsuit related to accidental property damage. For instance, if a window is installed incorrectly and it causes water damage inside the building, insurance would cover it.
Workers Compensation Insurance
Workers compensation insurance protects your business and your employees if someone gets sick or injured on the job. This policy covers a variety of costs related to employee illness or injury, including medical expenses, lost wages, and temporary or permanent disability benefits. Workers’ comp is required in almost every state for businesses that have more than one employee, and you will likely need it before you can apply for a business license.
Commercial Auto Insurance
Most window and door installation businesses use a work truck or van to drive to job sites. In order to legally drive, you will need to purchase commercial auto insurance. This policy covers the driver’s legal fees if they cause an accident and get sued. It also covers the costs of bodily injury and property damage claims. Business owners have the option to get a full coverage business auto policy that includes physical damage coverage.
Surety Bond
If your window and door installation business deals with contracts, having a surety bond can come in handy. Surety bonds guarantee that your business will fulfill the terms of a contract with a client. If your business fails to uphold the agreement, your customer can get the surety bond. A surety bond is a fixed amount of money similar to a legal settlement, but there’s no lawsuit involved.
Excess Liability
Every insurance policy has a coverage limit. It’s the most amount of money that your insurance company will pay out in the event of a claim. For most window and door installation businesses, the basic liability coverage limits are sufficient. However, if you need additional protection, you might consider getting excess liability insurance. This policy will increase your liability coverage limit in increments of $1 million for more protection.
Window And Door Installer Business Insurance Cost
The cost of window and door installer insurance depends on a few factors. When you apply for a quote, the insurance company will look at where your business is located, how many employees you have, and how many insurance claims you’ve filed in the past.
Also, keep in mind that insurance policies are sold individually. The more policies you purchase, the higher your premium will be. In addition, your coverage limits and your deductibles will impact the cost. For window and door installation businesses, the average cost of commercial insurance starts at $25 per month.
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