The business insurance for flooring contractors includes several types of insurance, including general liability, workers’ compensation, and Inland marine. Here is a brief overview of each type of insurance. If you’re a flooring contractor, you should also get Workers’ compensation insurance, which covers lost wages and medical costs. In addition, you should consider professional liability insurance, which protects your company from lawsuits and other mishaps. This type of insurance is required by state laws.
Worker’s comp insurance
Although you might not think about it, having workers’ compensation insurance is an important aspect of running a successful flooring business. If you’re laying flooring, you’re likely to encounter accidents and injuries. Those accidents can be quite minor, requiring only basic first aid treatment. If you’re a flooring contractor, you’ll probably pay for this yourself or through your business. If not, it can become costly and troublesome to file a claim.
When deciding how much coverage to buy, you should look at the type of work that you do. Some jobs are more dangerous than others. If a flooring contractor is working in a home, for instance, they could leave dangerous equipment lying around. That could result in a house owner or a resident of the home suffering an injury due to the equipment. Having worker’s compensation insurance means that you can cover the cost of medical treatment and other expenses, including legal costs, if your employees are hurt while working on the home.
General liability insurance
If you’re a flooring contractor, it’s important to have the right insurance coverage. General Liability Insurance protects you against lawsuits from clients if you’re found liable for an accident resulting in damages. Common claims for flooring contractors include water damage, fire damage, and injuries to bystanders. Your CGL coverage may be limited to all full-time employees, but you should consider increasing this limit to protect your business.
Commercial auto insurance is also vital if you’re working in an area where you might have a construction accident. This type of insurance covers you for the cost of repairs or replacement if your employees are injured on the job. Additionally, you may need workers’ compensation insurance if you have employees. This coverage covers medical bills and other costs that may arise from a workplace accident. If you’re looking for insurance for your flooring business, consider LG Insurance Agency in Jersey Shore.
Inland marine insurance
Inland marine insurance for flooring contractors provides protection for valuable equipment and materials that a contractor may transport between different jobsites. If your equipment is stolen or damaged during transit, this coverage will cover the costs of replacing or repairing it. It is essential for flooring contractors to protect their valuable tools and equipment by purchasing this insurance policy. Read on to learn more about inland marine insurance for flooring contractors and how to protect your assets.
There are many types of inland marine insurance for flooring contractors, including installation floaters. Installation floater insurance covers the materials and equipment required to complete a job and is typically active until the materials are used. It differs from equipment floater insurance, which covers portable tools and machinery used during the installation process. The types of inland marine coverage that a flooring contractor should consider purchasing depends on the type of flooring business they run.
Commercial property insurance
In addition to obtaining general liability insurance, flooring contractors should also invest in workers’ compensation insurance. This type of insurance pays for the expenses of an employee who becomes injured at work, including medical bills and lost wages. In addition to workers’ compensation insurance, many flooring contractors depend on company vehicles. Commercial auto insurance can protect them from third-party injuries, property damage, and pollution cleanup. Additionally, non-owned vehicle insurance can protect employees should they get into a car accident while on the job.
Commercial property insurance can also protect flooring contractors from unexpected expenses, such as vandalism and theft. A typical insurance policy would cover the cost of rebuilding the business or replacing damaged materials. This type of insurance would be particularly useful for businesses that travel extensively. A commercial property insurance policy can also pay for repairs and replacements caused by an employee’s negligence. Commercial property insurance is an essential part of a flooring contractor’s protection strategy.