Having insurance is a non-negotiable part of running a business. For instance, painting contractors need coverage to protect business property and cover for all types of liabilities associated with the industry. We all know that you cannot prevent accidents. And, the risks associated with contracting work as a painter can be prevented with the right type of insurance policy. In this article, we will discuss in detail how painters insurance protects your business.
Pay for the cost of bodily injury
Physical harm that occurs on the job site, whether to an employee or a third party, can cost the business a lot of money. With insurance for painters from Next insurance, you will have coverage to pay for the cost of hospitalization, income loss, and other related expenses. The aggrieved party may also choose to file a lawsuit against your company, and liability insurance will pay for the cost of litigation.
Coverage for property damage
General liability insurance for painters also cover expenses incurred arising from legal claims when the property gets damaged while performing work. Common examples include damage to floors and carpet from accidental chemical spills. Apart from legal costs, your insurance will also cover the expenses associated with repairing or replacing the damaged property.
Coverage for issues related to completed projects and services provided
Another way painters insurance protects your business is by providing coverage when clients file claims for projects completed and other services previously offered. For example, damage to a property may result after the work is already completed. As such, your insurance policy should also be able to provide coverage for these incidents.
False advertising claims and personal injury claims
Accusations related to advertising and marketing may be filed against your business when a competitor or any entity believes you may have breached intellectual rights or have falsely represented your company. On the other hand, personal injury claims refer to those that relate to a person’s reputation. For example, someone may accuse you of slander and file a suit. Most general liability insurance policies should protect you in both instances.
Damage to rental properties
If you lease a property to operate your business, you also need insurance to cover for any damage which may result from your activities. Liability insurance should have ample coverage for all incidents, including fire and theft.
Auto insurance policy for company vehicles
In addition to general liability insurance coverage, you also need to have sufficient auto insurance coverage for all company vehicles. If possible, consider getting a policy that also covers the personal vehicles of your employees, which they may choose to use while on the job.
Liability insurance limitations
Although liability insurance for painting contractors have comprehensive coverage for all kinds of risks, there are still some coverage limitations. For example, each policy typically specifies the maximum amount it will pay for each claim filed per person. This limit is separate from the maximum amount the coverage will pay in total. It is critical to know the implication of these limits so that you can decide how much coverage you need based on the size of your operation and the type of painting contracts your company accepts.