Owning a painting business can be an incredibly lucrative career. Whether you paint residential homes, commercial buildings, or anything in between, lots of people are in need of professional painters year-round. If you own a painting business, however, it’s important to have painting contractor insurance to protect yourself and your company.
While painting may seem like a simple and straightforward task, painting contractors can face a number of risks on the job. An employee could fall off a ladder while painting the exterior of a house. A client could trip over the cord of an airless spray painter and get injured. Painting businesses can also face property damage claims. If you accidentally spilled paint all over a client’s wood floor, they could sue you for the repairs.
Even the most responsible business owners can face costly lawsuits. Fortunately, painters contractor insurance can protect your business, your employees, and your clients if something goes wrong unexpectedly. It could be the difference between declaring bankruptcy and continuing to grow your business.
Here are several types of insurance that painting businesses should consider:
General liability insurance is one of the most important types of commercial insurance you can purchase. It provides protection against third-party bodily injury and property damage claims. For example, imagine that a client comes into your office for a consultation and slips on a wet floor. General liability insurance would cover their medical expenses, as well as a judgment or settlement if they sued you.
Inland marine insurance covers your painting equipment and tools during transit, either on the road or on a train. It will also cover your equipment that is being stored temporarily in another location. So, for instance, if you kept your pressure washers, sprayers, and scaffolding in storage and there was a fire, inland marine insurance would compensate you for new equipment.
If your business is growing and you have multiple painters on staff, you will need to purchase workers’ compensation insurance. This type of insurance is a legal requirement in almost every state for businesses with more than one employee. Workers’ comp applies when an employee gets sick or injured as a result of their job duties. For example, a worker could develop a lung disease if they are not given proper masks to prevent inhaling harmful chemicals. If they sue your business for unsafe working conditions, worker’s comp would cover your legal defense. It also covers medical bills, lost wages, and disability benefits for the employee.
As a painting business owner, you probably use work vans or trucks to travel to job sites, check on existing projects, and restock supplies. Your work trucks must be covered by commercial auto insurance because personal car insurance policies don’t apply to commercial-use vehicles. This type of insurance will cover the driver’s liability if they cause an accident. You can also upgrade your policy to include physical damage coverage, which pays for the truck’s repairs if you get into a collision.
Painting professionals often deal with contracts to guarantee the work they provide to customers. A contract may detail a certain budget, the timeline for completion, or a guarantee of touch-ups after a specified period of time after the job ends. If contracts are an integral part of your business, having a surety bond can be useful. If you fail to uphold the agreements of a contract, your client can receive the bond, which is a fixed amount of money.
When you purchase general liability insurance, there is a policy limit, which is the maximum amount your insurance company will pay. While most liability coverage limits are more than sufficient, you have the option to purchase an excess liability policy for more protection. This type of insurance will extend your liability coverage once you’ve maxed out the basic policy limit, typically in increments of $1 million.
The cost of painting contractor 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 your business has filed in the past. The average cost of painters insurance starts $25 per month. However, you can lower your premium by raising your deductibles or getting a policy with lower coverage limits.
We’re big believers in keeping things simple, so ask us anything and we’ll answer honestly and without the jargon.
Why Do Painters Need Insurance?
Painters need insurance because they face a variety of risks on the job. Workers and clients can get injured. A client’s home could get damaged due to painting mistakes or accidents. You could get into a crash on the way to a job site. There are lots of situations that may warrant a lawsuit, even if you are not at fault. Painting contractor insurance can protect your business from these types of situations and will help you avoid a major financial loss if you have to go to court.
What Are The Risks Facing Painting Contractors?
There are dozens of risks that painters deal with on a daily basis. They can fall off ladders, get injured using heavy equipment, inhale toxic paint fumes, get exposed to mold, slip and fall on corded tools, and much more. Not to mention, painters can make costly mistakes that could land the business in court. Even if you are following all the right safety precautions, accidents can still happen, which may affect your business financially.
Is Painting Contractor Insurance Required?
Certain types of painting contractor insurance are legally required. For instance, if you have more than one employee working for you, you must carry workers’ compensation insurance, unless your business is Texas-based. Some states have their own insurance requirements if you want to apply for a business license. Also, keep in mind that many landlords require businesses to carry insurance before they can sign a lease on office space or commercial warehouse space. But having painters insurance is valuable, even if you don’t legally need it.
How to Get Painting Contractor Insurance
The process of getting painting contractor insurance is pretty straightforward, but it’s important to consider your coverage needs first. Every business has different insurance needs based on the size of the company and the amount of risk they face. Here is what you should do before you purchase a painters insurance policy:
Research insurance companies: There are dozens of business insurance companies on the market, and they each have different advantages. Do some research before you choose a provider to make sure the company you choose has the type and amount of coverage you need.
Select your coverages: The next step is to think about the types of insurance your business needs. For instance, if you work alone and have no employees, you probably don’t need workers’ comp. If you own multiple work vehicles, you should definitely purchase commercial auto insurance.
Determine how much coverage you need: Every painting business faces a different amount of risk given the amount of experience you have, the types of jobs you work on, etc. Choose coverage limits that you feel comfortable with in the event of a claim.
Choose a deductible: Some types of insurance have a deductible, which affects the cost of your coverage. Pick a deductible that you could comfortably afford to pay in the event of a claim.
Get quotes: Most insurance companies allow you to get a free quote online. To find the best deal, get quotes from a few different carriers and compare them.
Talk to an agent: If you are buying painters insurance for the first time, it’s a good idea to speak with an agent. They can answer your questions and help you choose the right policies so you don’t leave any gaps in your coverage.
Are Monthly Payments Available For Painting Contractor Insurance ?
We offer easy monthly payment plans with most of the polices. Usually a down payment is required to start. Payment plans may include 9 or 10 monthly options depending on the qualifying business.
What Are The Penalties To Cancel My Insurance Policy ?
USA Business Insurance Services doesn’t penalize customers for policy cancellations. When you cancel your Insurance, you are not required to pay penalties.
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