Any type and size of business need protection, as they face unique risks. One of the most effective forms of protection is business insurance. There are several types of insurance for business, some of which apply to all kinds, while others are more specific. For example, painter insurance is a priority for a house painting business.
You might think that house painting services fall under the small business category and, more or less, do not need legal protection. But, on the contrary, small companies need business insurance more because their financial position might not be able to handle lawsuits, should they occur.
House painters are not immune to lawsuits. Because they fall under the services category, there are more stipulations in executing their services. There could be complaints of negligence, property damage, personal injury, or failure to deliver as promised. Painters need insurance coverage to protect their business assets and take care of financial liabilities, such as legal fees, medical bills, and work-related losses.
If you already understand why insurance protection is vital to painters at this point and you need help, you can get a quote online from an insurance company that understands your specific business's needs.
How do you define painters insurance?
Painters insurance is a specialized insurance policy created to protect painting contractors against a variety of risks to their business that can result in property damage or bodily injury. With painters insurance, the business owner has the assurance that the policy will provide the financial and legal coverage to remediate an error.
What does painters insurance cover?
As mentioned, a painter's insurance coverage is a service-specific insurance policy. A comprehensive painters insurance package could include the following:
- Commercial general liability insurance. This is the most critical type of liability insurance that all painters need. It will provide the proper financial coverage against claims resulting from third-party bodily injury or property damage.
- Tools and equipment insurance. This insurance policy, also called commercial property insurance, will cover the replacement or repair of business-owned equipment and tools that might be lost, stolen, or damaged. You can decide if you need this coverage by assessing the total value of your company's equipment and tools.
- Commercial auto insurance. This insurance will cover the vehicles you use for your business, such as traveling to job sites or transporting work supplies and equipment. You need a commercial auto policy because you use the vehicles for business, which has different stipulations.
- Business owner's policy. Some small business owners prefer a business owner's policy over individual commercial property insurance and general liability insurance policies. This is because it covers the business from disasters, theft, or fire claims.
- Workers' compensation. Since you have employees, you must get workers' compensation insurance to cover your employees' work-related illnesses or injuries, including lost wages, medical bills, and rehabilitation services.
There are several other insurance policies for painters, but the policies above are vital. Make sure you check since each state has its requirements, including specific bonds or insurance, before you can secure a business license or register your business.