Painting Contractor Insurance
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
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
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.
Workers’ Compensation Insurance
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.
Commercial Auto Insurance
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.
Excess Liability Insurance
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.
Painting Contractor Insurance Cost
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.