Flooring Contractor Insurance
Any flooring contractor needs to have the right liability insurance coverage. The cost of this coverage will depend on your business size, location and the type of work you do. Don’t be fooled into thinking that you won’t need insurance because you are a small business with only one employee. You can still get injured or damage property if something goes wrong with one of your jobs.
Types of Flooring Contractor Insurance
If you damage someone’s home or business while doing your job, this will be covered under liability insurance. For example: If a tile installer drops and breaks some tiles on the floor, they can file an accident claim with their insurance company so that it is paid for by them, not the homeowner. This way, they don’t have to come out of pocket if something goes wrong during installation.
1. Liability Insurance Coverage For Flooring Contractors
If you are a flooring contractor or do similar work, this type of insurance will protect you from lawsuits. This coverage is essential if someone gets injured at your job site due to not being installed correctly. For example: If the tile installer didn’t install the tiles straight and there were significant gaps between them, it could cause someone who slips on these tiles to fall hard, which would be covered by liability insurance.
2. Accident Insurance Coverage
Accident insurance can also protect you if someone gets injured at your worksite, but it is important to note that this coverage does not cover damage due to poor installation. For example, if the floor installer broke some tiles because they installed them incorrectly, then liability won’t cover this accident since it wasn’t caused by something else.
Accident insurance will only pay medical bills and lost wages for each person hurt on a job site as long as everyone working there had their policy with the same insurer. Even though flooring contractor insurance doesn’t have many requirements, ensure that your business has all three types of protection: worker’s compensation, general liability and property damage coverage.
3. Worker’s Compensation Insurance
If someone is hurt while working for your company, worker’s comp will pay their medical bills and replace lost wages. This type of insurance covers any employees injured at work no matter the circumstances surrounding the injury or whose fault it was, so you don’t have to worry about getting sued. For example, if one of your employees hurts themselves on a job site, they can file an accident claim with this coverage so that all expenses related to treatment and time off from work are paid out by them, not you.
4. Commercial Property Insurance
This type of insurance will cover damage to your business’s property, such as tools and equipment. If someone gets injured at work or there is a fire in the building, it may take time for you to get back up and running again. This coverage has provisions that will allow you to continue paying your bills like: rent on your commercial space, employees’ salaries, along with other expenses until everything is resolved.
5. Tools and Equipment Insurance
Tools and equipment insurance will cover your tools, vehicles or other items used in the course of doing business. These could be things like ladders, power saws, tile cutters, along any other equipment you use to get a job done. If something happens to this type of property while it is being used for work purposes, then you can file an accident claim so that everything related to repairs is paid out by them, not you.
How Much Does Flooring Contractor Insurance Cost?
The average annual worker’s compensation policy costs $500 per year for each employee covered under the plan. General liability coverage averages around $300-$400 annually depending on what kind of work needs to be done, including how many people are working there at once. Finally, the cost of tools and equipment coverage can vary depending on how much equipment you have.
Why Does A Flooring Contractor Need Insurance?
Now that you know what types of flooring contractor insurance are available, it’s essential to look at the cost. All businesses need liability coverage since this is necessary for any business owner who wants to protect their assets should something terrible happen on your job site.
Though accident and worker’s compensation may not be required by law in all states, they can cover expenses if someone gets hurt while working with you or damage occurs due to an employee error, so these policies make sense even though there isn’t a requirement. Even though commercial property insurance doesn’t seem like the most critical type of coverage for flooring contractors because equipment replacement will come out of pocket from being insured under general liability, it does have its benefits.
Find out more about the importance of insurance here.
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