How to Get the Best Drywall Contractor Insurance
Before you purchase your first drywall contractor insurance policy, make sure you know exactly what your policy covers. Specifically, you need to know about your Commercial property, Workers’ compensation, and General liability insurance. Inland marine insurance is also important. All these policies can cover the worst-case scenarios, but if your work is extensive, you’ll want to consider purchasing an umbrella policy. In this way, you can avoid having to pay for additional coverage that you may not actually need.
Commercial property insurance
Besides commercial property insurance for best drywall contractor, drywall contractors should also consider additional insurance options to safeguard their business assets. Most drywall contractors opt for commercial property insurance which will cover the physical property of their business. They should also have workers’ compensation insurance to cover lost wages and medical expenses for employees. Furthermore, commercial property insurance is beneficial to protect a drywall contractor against lawsuits. Let’s discuss what this type of insurance will do for drywall contractors and why they should purchase it.
Business interruption insurance helps you replace income in case your drywall business is shut down for any reason. It will cover your operating costs during the time of business interruption, such as payroll, tax payments, and loan repayments. If your property is damaged during the time of work, the insurance policy will pay for such costs. It also covers the cost of temporary locations in case your drywall business is forced to close. Furthermore, it covers any expenses incurred by your employees, such as payroll, taxes, and loan payments.
Workers’ compensation insurance
While most businesses require workers’ compensation insurance, drywall contractors are particularly at risk. Workers in this industry can be injured on the job, and this type of insurance pays medical costs, lost wages, and rehabilitation services. It also pays for funeral expenses. However, it doesn’t come cheap. While this type of insurance is often required by law, it doesn’t have to be. The National Council on Compensation Insurance provides pricing guidelines for companies to follow when providing workers’ compensation insurance.
Other business insurance policies for drywall contractors are important, as well. While many contractors choose commercial property insurance to protect the physical assets of their businesses, drywall contractors may be required to add workers’ compensation insurance to protect themselves against lawsuits and medical expenses. Adding workers’ compensation insurance to your business’s insurance policy will provide peace of mind and help protect your financial future in the event of an injury or accident. In addition, having workers’ compensation insurance will give you peace of mind, as a lawsuit can devastate a drywall contractor’s business if a worker gets hurt while working on a job.
General liability insurance
Obtaining general liability insurance for drywall contractors is an excellent way to protect your business from lawsuits brought by third parties or jury verdicts. Even one small mishap can alter the course of a company’s existence. A lawsuit can result in legal defense costs, court costs, and financial damages. Having the proper coverage is essential for ensuring the financial stability of a drywall contractor. Here are a few examples of common drywall contractors’ need for liability insurance.
When it comes to purchasing General Liability insurance for drywall contractors, the best protection is the type of coverage you purchase. There are two basic types of insurance policies: occurrence and claims-made. An occurrence policy covers claims during the term of the policy. A claims-made policy covers claims made after the work is complete. However, claims made under a claims-made policy do not qualify as General Liability coverage by third parties. Therefore, it’s important to purchase a policy that covers you for claims arising during the policy term.
Inland marine insurance
Having the right inland marine insurance for drywall contractors is crucial to protecting your equipment and tools from theft or vandalism. Inland marine insurance also covers losses resulting from rented equipment. Depending on the type of insurance, inland marine coverage can also cover rented equipment, builders risk, and installation floater. However, there are many things to look for before signing up for inland marine insurance for drywall contractors. Costs can vary, but on average, this type of policy costs about $14 a month or $169 a year. Costs depend on the assets you have insured, coverage limits, risk in your industry, and claims history.
Inland marine insurance covers similar assets, such as vehicles, boats, and other vehicles. However, it may not cover contraband, money, and securities. Inland marine insurance may also require higher levels of coverage, so it is important to read the policy carefully. If you don’t know whether or not your business requires inland marine insurance, contact your agent or broker. You can also use a free online calculator to help you determine which coverage you need.