Commercial Insurance for

DRYWALL CONTRACTORS

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Drywall Contractor Business Insurance

When you think about all the risks that your drywall business faces every day, drywall contractor business insurance becomes a smart idea. Job sites can be hazardous. You never know when someone might get hurt on your site or you may accidentally cause property damage. Lawsuits can result. You’ll also be liable for injuries to employees if they get hurt while working for you.

It’s these types of losses, and more, that can lead to significant financial losses if you don’t have insurance. When you do have business insurance, you can rest assured knowing that you have a policy in place to protect you.

But getting drywall contractor business insurance is more than just protection for you. It helps you get more contracts. Many general contractors and customers won’t award you a new gig unless you have proof of liability insurance.

Drywall contractor business insurance is a combination of policies designed to protect a drywall contractor from the financial risks of losses. Losses can come from a number of different types of events. Events include someone getting hurt on the job site, theft of tools and equipment, and auto accidents.

Let’s take a look at some of the types of drywall contractor business insurance to think about:

property insurance

Property Coverage

workers compensation

Workers Compensation

tools coverage

Tools Coverage

General Liability Insurance

General liability insurance covers you if a third-party claims that you caused their injuries or property damage. For example, someone trips over a bucket on your job site and gets hurt. If you don’t have general liability insurance, they can sue you for their injuries. A small accident could cost thousands of dollars. Without insurance, you pay for these losses out of your pocket.

Instead, with a general liability policy, your insurance company takes care of the claim, paying any medical costs associated with the claim. General liability insurance also pays to repair or replace damaged items that may result from your work. An example of a property claim is if you accidentally get drywall mud on a customer’s expensive sofa. You’re liable for the damage and the insurance pays to clean or replace the sofa.

Inland Marine

Inland marine insurance is a very important type of policy for drywall contractors. You are constantly moving tools, equipment, and supplies. Inland marine insurance protects these items while they are in transit. So if someone steals your tools at the home improvement store, you’re covered to get them replaced.

Another way inland marine protects you is an auto accident. If the accident damages your tools, you need coverage. You can’t make the claim on the auto insurance policy for items transferred in the vehicle – you need a policy that is specially designed to pay for those losses. Inland marine is that policy.

Workers’ Compensation Insurance

Most states require any business with one or more employees to carry workers’ compensation insurance. While you may be a solo operation, you need to get coverage if you hire even one employee for a job.

Workers’ compensation pays for medical costs, lost wages, and rehabilitative expenses for employees who are hurt while performing job duties. In some states, you may be liable for injuries even if the employee is horsing around on the job. Getting a workers’ compensation policy makes sure you meet the legal requirements. It also gives you the right protection to avoid being personally liable for the injury.

Commercial Auto Insurance

Your work truck is an important part of your livelihood. It stores and transports everything you need to get your job done. This is why commercial auto insurance is so important. Personal auto insurance doesn’t protect you from claims that happen in work vehicles. You want to make sure that if you hit another car that you transfer liability to a commercial auto insurance policy. This policy pays for the damage to the other car and any injuries that may result up to the policy limits.

On top of the liability coverage on the policy, you want coverage for your work vehicle if something happens to it. Electing for comprehensive and collision coverage when purchasing the auto insurance policy gets coverage.

Surety Bond

Surety bonds are one tool that helps your drywall business appear more professional to prospects and customers. A surety bond is an inexpensive insurance product that covers your contractual obligations. The bond guarantees that you will fulfill the contract terms. If you don’t, the customer can make a claim on the bond and the insurance company will pay the customer for valid claims.

Unlike traditional insurance, if the insurance company pays the customer on the bond, you will repay the insurance company the amount lost. Because the bond gets repaid, they are much less expensive than insurance. Many customers won’t work with a non-bonded company.

Excess Liability

Remember that policies only pay up to the policy limits. If your general liability policy has a $100,000 limit, you may have an instance where the claim exceeds it. Excess liability is an inexpensive way to increase the liability coverage that you have. It adds more protection for the most catastrophic losses. First, the baseline policy pays up to its policy limits and then the excess policy kicks in to pay the remainder up to its policy limits.

Drywall Contractor Business Insurance Cost

The cost of drywall contractor business insurance is contingent on many factors. When you get a quote, you’ll need to provide your location, total revenues, number of employees, and any claims you may have had in the past. Also, cost depends on the type of insurance you buy.

Most drywall contractors start with a general liability policy to protect them against the biggest financial risks. General liability insurance costs as little as $25 per month or $500 per year. The best way to know what to expect in terms of cost is to get a quote.

GENERAL LIABILITYPopular

$ 25

month
  • Unlimited Certificates
  • $100,000 to $5,000,000 Limits
  • $250 Deductible Available
Get a Quote

WORKERS COMP

$ 55

month
  • Unlimited Certificates
  • $100,000 to $1,000,000 Limits
  • Medical Care Coverage
  • Disability Coverage
Get a Quote

TOOLS & EQUIPEMENT

$ 17

month
  • Unlimited Certificates
  • $10,000 to $500,000 Limits
  • Trailer Coverage
Get a Quote

COMMERCIAL AUTO

$ 99

month
  • Unlimited Certificates
  • $100,000 to $1,000,000 Limits
  • Hired /None Owned Cvg
Get a Quote