Building a wall of protection around your business.
Drywall contractor insurance secured with McArdle Insurance Agency.
No residence or commercial property would be complete without walls, making the work of drywall contractors invaluable. This highly specialized trade requires significant training, but even highly qualified and experienced individuals face certain risks. For this reason, specialized drywall contractor insurance is essential for this unique trade.
Protecting your business with specialized drywall contractor insurance.
The two biggest risks your drywall contractor business faces are property damage and injury. General liability insurance helps insure against both of these. For example, if one of your employees damages a client’s property while installing drywall, general liability insurance may help pay for the damage. Or, if a tool is left out and someone is injured when they trip over it, your general liability insurance may cover the cost of medical treatment or legal costs if you are sued.
Coverage for environmental hazards.
It may not seem as though drywall contractors face risks involving environmental hazards, but there is a significant one for those who are also involved in the removal of walls and ceilings as part of a remodeling process. Older structures may contain lead-based paint and asbestos, both of which require special handling. Environmental impairment liability insurance can help pay for costs associated with clean up, bodily harm, and property damage.
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As a contractor, your business may be susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. And, if you hire other contractors to perform work on your behalf, you can be held responsible for any damage they cause on the job.
Commercial general liability insurance is an absolute necessity for every contractor. This type of protection provides broad coverage for premises, operations, products, and claims to third parties or property when you are deemed responsible and liable. It will also pay to defend any covered lawsuit or action regardless of its merit.
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Commercial property insurance can help protect the property your business owns and leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
You’re constantly moving your tools from one job site to another, exposing your contractor business to potential loss due to damage or theft. And without your specialized tools and equipment, your job site may come to a screeching halt.
As a contractor, you need contractors' equipment insurance - a policy specially designed to protect your tools and equipment on the move. The policy will cover equipment for a variety of losses, including fire, explosion, vandalism, theft, collision with other equipment or objects and overturning. Unlike standard commercial property insurance policies, contractors' equipment insurance often covers losses caused by floods and earthquakes.
A building under construction is not covered under a standard building insurance policy or a home insurance policy since it is not a complete structure. As a contractor, you may be responsible for unique loss exposures related to buildings under construction such as the theft of building materials and high valued equipment such as generators and compressors.
Builders risk and installation insurance provides coverage for homes or buildings while undergoing construction, until they are completed. The policy covers the contractors’ interest in materials at the job site before they are installed, construction materials in transit designated for the contractors' equipment insurance–a policy specially and the value of the property being constructed until it is completed.
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.
As a contractor, you have many exposures associated with your business vehicles–owned or leased. With a fleet of cars, trucks, vans, or other types of vehicles used in the course of business, a single accident can potentially put your contractor business in financial jeopardy.
Business auto insurance provides coverage for vehicles owned or leased by a contractor and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.
If you are performing as a contractor on a construction project where other contractors and vendors are involved, you could be held liable for any damages or injuries caused by the other contractors or vendors, leaving you with costly legal fees and settlement costs. Your business needs to be protected against the risk of some other company, vendor or subcontractor causing damage to people or property of your mutual customer.
Consider having a contract in place with each entity that includes a hold harmless agreement in your favor. A hold harmless agreement provides that the entity will hold you harmless for any injuries or damage caused by their negligence. In addition, the contract should require that the entity list you as an additional insured on their policy. This may provide you with coverage under their policy for injuries or damage they cause if you are named in a lawsuit.
Losses and lawsuits are quite common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.
Protecting your business everywhere you are.
Drywall contractor insurance must include business auto insurance. As a business that travels from job site to job site, it’s crucial that your vehicles be covered in case they are involved in an accident. Business auto insurance offers financial protection if one of your company cars or trucks causes property damage or bodily injury. Insurance may also be available for physical damage to one of your own vehicles.
Reduce the impact of crime risks.
Crime insurance and employee dishonesty insurance are two policies you may also wish to consider. Crime insurance protects in the event of theft, vandalism, or fraudulent activity. Employee dishonesty covers for risks such as theft of materials or tools as well as embezzlement. Because your employees work in the homes and businesses of your clients, these are important coverages to have.
Insurance for the business side of your operation, too.
There are some insurance coverages that are essential in nearly every industry and it’s important to not overlook them. For instance, workers’ compensation insurance is likely required where you’re located, but it’s especially important because of the physical nature of your work and the higher likelihood of injury. Because regulations vary in different locations, make sure your agent knows all the areas where you perform work. Also, consider cyber liability insurance if you use a computer system in any way. Finally, if you’re accused of discrimination, employment practice liability insurance may help pay for defense costs and settlements.
Contact us today to learn more about drywall contractor insurance to safeguard your business.
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