(888) 900 0205Plastering Contractor Insurance
As the housing market recovers, the plaster industry will become more popular than it was a few years ago. In fact, it will likely see double digit growth in the next five years. If you own a business in the plaster industry, you should double check your plastering contractor insurance to ensure that your company is fully protected. Your policy needs to include the following coverage types.
General Liability for Plastering Contractors
If you're a plastering contractor, you know that every project comes with its own set of risks. From accidents on the job site to property damage, running your business without business insurance is like asking for trouble. Business insurance tailored for plasterers is an essential safety net, protecting you from claims that could otherwise cost you a fortune.
What is General Liability Insurance for Plastering Contractors
General Liability (GL) insurance is one of the most important coverages you need as a plastering contractor. It protects you against claims of property damage, bodily injury, and even personal or advertising injury that occur during the course of your work.
Coverages Include:
- Each Occurrence: Covers the costs of claims for bodily injury or property damage resulting from your operations.
- Damage to Rented Premises: Protects you if a rented workspace or client's property gets damaged due to your work.
- Medical Expenses: Covers small medical claims if someone is injured on-site, like a client or bystander.
- Personal and Advertising Injury: Protects you if you're accused of slander, libel, or false advertising related to your business.
- General Aggregate: The total amount your insurance will pay out during a policy term for all claims.
- Products/Completed Operations: Covers liability after your work is finished, in case issues arise after you’ve left the job site.
Claim Examples
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Damage to Client’s Property: A plastering contractor was working on a commercial building and accidentally damaged the building’s HVAC system during installation. The client filed a claim, and the contractor’s GL insurance covered the cost of repairs.
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Slip and Fall Incident: While prepping a residential home for plastering, a client tripped over some materials and injured their knee. The contractor’s insurance covered the client’s medical expenses and avoided a costly lawsuit.
Business Owner’s Policy (BOP) for Plastering Contractors
A Business Owner's Policy (BOP) combines General Liability insurance with property insurance in one convenient package. This coverage is perfect for small to mid-sized plastering businesses, providing protection against both common liability claims and damage to your business’s physical assets.
Coverages Include:
- Property Insurance: Covers damage to your business property, like tools, supplies, or even your office space.
- General Liability Insurance: As described above, covering claims of bodily injury or property damage.
A BOP gives you comprehensive coverage and is often more affordable than buying separate policies. If you're running a plastering business with employees, tools, and materials to worry about, this package deal is a great option.
Workers' Compensation for Plastering Contractors
Workers’ comp is a must for businesses with employees. It covers medical bills, lost wages, and rehabilitation costs if an employee is injured on the job. This is especially important in the plastering business where lifting heavy materials, working at heights, and handling tools increases the risk of workplace injuries.
Claim Example: An employee was smoothing plaster on a ceiling when they fell off a ladder, injuring their shoulder. The company’s workers' compensation policy covered the worker’s medical bills and lost wages while they recovered, keeping the business free from potential lawsuits.