The business of property management is not without its fair share of risks and perils. As such, businesses in the industry are required by law to be liable for all their customers and employees and what’s the best way to secure your business against such events? It’s simple. Liability insurance cover.
As a professional, you may have years of experience in observing safety measures as you go about your work but there's always a chance of accidents happening that may cause body injuries, equipment loss, or damage to property. With a liability insurance cover, your business will be protected against such unprecedented losses and events.
As a painter, choosing the right liability insurance coverage can be a daunting task and it’s easy to feel like you’re out of your depth. To help you out, here are a few areas of insurance coverage that painters should consider.
General Liability Insurance
This protects the business against body injuries, property damage claims, and advertising injuries. For example, if a painter ruined the client’s property accidentally while on the job, general liability insurance covers the cost of replacing or repairing the damaged property. Advertising injuries can result from slander or false marketing claims.
On average, this painters’ insurance costs $600 per year with a limit of about $1 million per occurrence.
Commercial Automobiles
This policy covers company vehicles in case of an accident, property damage, and medical costs in an accident as well as weather damage, vandalism, or car theft. The median cost per year for this insurance policy is about $1600. If paid monthly, the rate should approximately fall around $135.
Business Insurance
The business income insurance covers a painter for up to one year of lost income due to any insured property loss. This policy allows the business owner to combine several insurance covers into one policy: loss of revenue, general liability, physical personal property, and commercial real estate.
For example, if someone stole the painter’s equipment, then this policy covers the cost of replacing the equipment and the income lost while trying to realign business operations in order due to the incident.
Workers’ Compensation
The law requires small business owners with employees to have an insurance policy for workers’ compensation if an employee gets job-related injuries. For example, if an employee falls off a ladder while painting and breaks a limb, this insurance cover caters for the medical bills. In case the injury suffered is life-altering, this coverage covers the cost of transitioning to a new career if necessary.
This insurance cover costs about $3320 per year. If the business decides to pay every month, the premiums should cost about $275.
Inland Marine Insurance
Painters get a form of the inland marine insurance that covers a contractor’s tools and equipment. Under this policy, the business would be covered in case of loss, theft, and damage to the equipment. This policy costs about $170 per year.
How Does A Painter Save On Painters’ Insurance Costs?
The first tip would be to compare prices from different insurance companies. This helps the painter get the lowest quotation for the greatest values. Going to other insurers can seem like a hassle, but you are better placed to make your business’s right decision if you have more information.
Another tip is combining some of the insurance policies under business income insurance. For the best rates, ask your insurance provider about the options available that involve combining policies.
