Insurance for Iron Workers & Blacksmiths
Iron workers have potentially dangerous jobs. As the owner of an iron working company, you have the additional stresses of making sure everyone is as safe as they can be. Accidents can still happen however, and your best investment is to make sure you have the right kinds of small business insurance to protect your company, yourself and your employees.
General liability protects your company when accidents happen. It also covers general unexpected events and other hazards. From client injury to property damage to natural disasters, general liability helps protect your iron working business. This is comprehensive insurance that grows with your company. Generally, this insurance expands to cover events you may not have previously thought of as long as they’re not specifically listed on your policy as not being covered.
Business Owners Policy (Bop)
A business owners policy (BOP) combines general liability insurance with different types of property coverage. The type of coverage your BOP will protect you with depends on you. You can tailor this coverage to meet your specific business needs.
- Equipment Breakdown – Iron workers can’t complete their business contracts if their equipment breaks down. The loss of a compressor or welding torch can be expensive to replace and may cause you to lose money on the contract. A BOP can cover those expenses.
- Buildings and Contents – Whether you keep a public office space or you simply have a workshop and storage area, if your business structures are damaged in a storm you may have problems paying for the replacement. A BOP protects those buildings as well as the tangible assets you have inside, such as your office desks, tools and welding equipment.
- Business Income and Extra Expense – If your primary business locations and assets are damaged, you can lose income by shutting down operations until repairs are made.
- Products and Completed Operations – When you sell products to customers or you finish a contract, problems can arise from the products or work in the future. A BOP can protect you from those potential problems.
- Electronic Data – Whether you keep your customer contracts electronic or you rely on specialized software to design your iron works projects, they are at risk from viruses and power outages. A BOP can help you repair or recover damaged electronic data that is critical to your business operations.
- Newly Acquired or Constructed Buildings – As your business expands, a business owners policy expands to provide coverage for your new property.
- Employee Dishonesty Coverage – Busy jobsites often experience the frustrating phenomenon of missing tools, equipment and supplies. Unfortunately it is estimated that as much as six percent of small business revenue is lost due to employee’s dishonest actions such as theft. Protect your company from losses caused by employee dishonesty with your business owners policy.
Driving around to customer jobsites increases your auto accident potential. Commercial auto insurance can protect company, personal, rental and loaner vehicles that you use for business purposes.
Whether you have apprentice iron workers employed or just general office personnel to manage your schedule, you are required by law to protect them with workers comp insurance. Workers comp pays your employee’s medical expenses if they’re ever injured on the job.
If your iron worker company wants to win big contracts, it will need to be bonded. A surety bond provides a guarantee to your customers, that you will complete the work according to the terms of the contract.