Painting Business Liability Insurance
No matter what the size of your painting company, it is critical to have liability insurance coverage. A falling ladder or some other accident could cause injuries to homeowners and bystanders. Poor communication or a misunderstanding with a property owner, or neglect to properly complete a job can possibly lead to a lawsuit. Paint overspray on a luxury vehicle could cause a homeowner to threaten legal action.
Because you can’t predict what unforseen event could happen at your job site causing thousands of dollars of damage, you need to have insurance coverage for yourself and your business. This is just as important for a sole-proprietor as it is for large corporation with many employees.
Liability insurance helps provide protection for you and your business from job-related problems that could possibly put you out of business. Liability insurance is a requirement by many states in the United States in order for you to be a legal contractor.
Be sure to research the laws in your state or area to see what the requirements are for contractors regarding liability insurance.
A liability insurance policy can protect you in a few different ways:
- Personal injury: This involves slander, libel, and other types of damage to a person’s or business’s reputation.
- Bodily injury: This deals with protection in case of any job-related injury to a non-employee.
- Medical payments: This can help cover medical expenses incurred because of someone injured at your workplace.
- Advertising injury: If your customer claims a loss due to any products or services you have advertised.
- Independent contractors liability: Independent contractors you have hired should have their own liability insurance, but this adds another level of protection.
Depending on what type of painting and other work you are doing, your options and prices for liability insurance may vary. It is wise to get quotes from multiple insurance agents to find the best policy and price for you. If you do certain types of work besides painting, such as roofing, liability policies may cost slightly more because of a higher risk.
You need to make sure you have proper coverage in case of any unforeseen disaster. You should consider a minimum $1,000,000.00 umbrella policy. A liability insurance premium is a small price to pay compared to being hit with a major lawsuit.
If you have employees, you should also discuss your options for Worker’s Compensation, to help protect yourself in the event of injury or death of an employee.