Painting Contractor Insurance: What You Need To Know
Accidents happen to even the most conscientious and safety conscious of workers, and when you are pouring your heart and soul into improving your client’s property, it can be easy to overlook things. When it comes to painting, there are all sorts of accidents that can happen that if you are not covered by insurance, can end up costing you a pretty penny.
It is important that as a painting contractor, you have the proper insurance to coverage to insurance your painting business, your equipment, your employees and your clients.
What insurance for painting do contractors need?
If you employ anyone as an employee, you must have workers compensation insurance - this is a legal requirement, even if it just one person. If you are found not to have it, you can be fined up to $250 for every day that you have been without it, as well as having to purchase a workers comp policy to become compliant with State Law.
General liability insurance is not a legal requirement, however, as a professional painting contractor would you be willing to risk work with a client without it? Drop a tin of paint all over your client’s brand new carpet or knock their TV over while working (Voluntary Property Damage Coverage)? Can be a costly mistake - unless you are properly insured with a general liability insurance policy for painting contractors.
General liability and workers compensation insurance coverage are not the only insurance coverages you need as a painting contractor. If you drive a van or a car to travel to the client’s property, you will be legally required to hold business auto insurance for your company and possibly a personal vehicle if it used in the course of your business.
You also want to make sure that all of the equipment and tools that you carry around and use to do your work is covered by your tools and equipment insurance. This includes materials such as paint and paint brushes, ladders and so on. These add up and if they were to get lost, stolen or damaged, it can be very expensive to replace them all.
As a large percentage of painting contractors are self-employed, it is also worth investigating forms of insurance that will protect you, your family and your income in the event of you being injured or unable to work for any reason. These include critical illness insurance, and cash benefit policies to cover unpaid injury accidents.
How much does painting contractor insurance cost?
The cost of the insurance will be determined by the type of work you do. Jobs that have a higher chance of causing harm to the public, or jobs that use high-value tools, have a higher payout in the event of a legal claim This also means that the insurance premiums would be higher than if you were insuring a less risky type of job or less valuable equipment. It also depends on the level of coverage you need and any excess liability insurance you may elect to purchase.
If you are a painting contractor or are thinking of starting up as one, it is vital that you have the right level of insurance. You can find yourself out of pocket without it.
Call today and set up a consultation with an insurance specialist at Mountain Insurance-Montrose.
Mountain Insurance-Montrose provides insurance for painters in Colorado Springs and Montrose, Grand Junction, Ouray, Crested Butte, Gunnison, Telluride, and surrounding areas.