When hiring a flooring contractor, you need to take several steps to protect yourself against liability. These include having general liability insurance and inland marine insurance. You should also get workers’ compensation insurance and surety bonds. If you have any questions or concerns, you can read our flooring contractor insurance article. Here, you will find some of the most important steps to take to protect your business. And don’t forget about your reputation!
General liability insurance
It is imperative for any Charleston flooring contractor to have some basic liability insurance to cover commonplace risks. Slip and fall accidents are a common occurrence on construction sites, and any contractor can be sued for a result. While general auto insurance can cover injuries and lost wages, it will not protect you if someone gets injured in your work vehicle. To protect yourself and your business, you should also purchase commercial auto insurance. Below are a few things to consider when choosing liability insurance for your Charleston flooring contractor business.
Inland marine insurance
If you’re a Charleston flooring contractor, you should have Inland Marine Insurance (IMI). This type of policy covers items that your regular Business Property Insurance doesn’t cover. For example, it may include the value of goods transported by air or sea. Inland Marine insurance also covers your business’s property in transit. Whether you need coverage for a single project or many, the McKenna Agency, Inc. can help.
Workers’ compensation insurance
Workers’ compensation insurance for a flooring contractor is important for both employers and employees. In case of an employee suffering an injury on the job, the insurance policy pays for medical costs and replacement of lost income. In the event of a permanent disability, the compensation may also include death benefits. This policy covers the costs of legal defense and medical treatment. It is a good idea to carry such coverage as a precaution against costly litigation.
Surety bonds are an essential part of any contractor’s insurance policy. Surety bonds protect both the flooring contractor and the customer from liability. They act as insurance against lawsuits and other potential financial losses. In many cases, surety bonds can be purchased for as little as $7/month. In many cases, surety bonds can save a business from going out of business. For more information on surety bonds, contact KSA Insurance.
Commercial auto insurance
As a flooring contractor, you probably have company-owned vehicles that you use to get to and from jobsites. While standard auto insurance does not cover business vehicles, commercial insurance does. A commercial auto insurance policy covers your company’s vehicles and carries a higher liability limit than standard auto insurance. It is also important to have insurance coverage for your business equipment, since the cost of replacing these items can be costly. Getting the right insurance coverage for your fleet of vehicles will protect your business from many potential pitfalls.