We may think that risk is not associated with painters work, but perhaps we are wrong. This is because there are many types of risks associated with it, such as the risk of injury to person or damage of the property of the client or the risk of damage of the vehicle used in the business. Therefore, even if you are a one-person business, you may need self employed painter insurance to tackle the cost arising due to damage to property or vehicle or injury to a person.
How painters insurance works
Painter insurance is not a specific type of insurance but rather a combination of insurance policies that fit the coverage needs and unique risks of professional painters. The most important insurance type is CGL, which covers all the bodily harms to any third party and property damage as well as cost arising from related lawsuits.
Although CGL covers primary risk exposures, some painters also need some other types of insurance. The one who uses workers for work need workers compensation insurance and the one who uses a vehicle for business purpose but eh vehicle used is not personal, the personal auto insurance may not cover it. They need commercial auto insurance for this. Tools, equipment, and other business assets are covered by business property insurance.
How location and types affect painters insurance
The two most significant factors that affect the general liability and the worker's compensation insurance cost for a painter is the type of paint and the location where it is performed. The painter who works indoor sees the insurance with lower rates than the one who works outdoor. The one who works on high buildings pays even more simply because the risk of injury and dropping items is high.
Other possible painter insurance needs
Most self employed painter insurance needs are covered in the general liability and commercial property coverage. However, the small business always acts smart to protect what they have built with utmost efforts.
The two others are:
1. Commercial umbrella: it is an extension to the liability insurance in self employed painter insurance policies. Umbrella liability adds extra coverage to policies such as general liability and commercial auto insurance.
2. Worker’s compensation: for painters with employees, it is essential. In case the workers are injured during the work, it pays their medical bills. But it is also called as a self employed painter insurance as if the owner is running a one-person business; then it is very beneficial to him also.
Having known about the importance and need for insurance in painter business, now you may decide the best-suited policy for your business. It is important equally, no matter the business is big or small.