Professional painters are at risk for a great many number of injuries and health issues from their profession. In addition, like any contractor they face the risk of lawsuits in our increasingly litigious society. It is therefore vital for a painter to have proper painters insurance coverage to protect against injury and lawsuits. The types of coverage every painter should have are liability in the form of a broad business owner’s policy and workers’ compensation.
The main insurance coverage you will need to have is a business owner’s policy (BOP). This policy will consist of several different types of coverage, including the following:
- Liability Insurance: This covers bodily injury and damage to property. This coverage protects you and your workers against damage caused to other people or property in the line of your work. You can buy this insurance separately. Additional insurance can be added in the form of an umbrella policy, a good idea to defend against a broad range of claims.
- Business Interruption Insurance: This coverage protects you against revenue lost due to loss of uninsured property that causes an interruption to your business.
- Medical Payments: This insurance covers others who are hurt on your property.
- Property Coverage: Protects against damage to your equipment and property.
- Commercial Vehicle Insurance: This is vital to protect vehicles you use for business purposes. If you own any vehicle that you use primarily or largely for business purposes, your personal vehicle coverage may not provide enough protection. You should talk with your BOP provider to see if you need this kind of coverage. At very least, it does not hurt you to have it.
The exact details of your liability policy will vary widely based on your budget, your estimated risk, your state requirements, the number of people you have on staff, your fleet of vehicles, your business practice (interior, exterior, residential, commercial, etc.) and any other add-ons you decide to include.
Workers’ comp insurance is necessary for any business owner who employs other people. It protects your employees from job-related illness or injuries. It is required by every state, though each state has its own rules and regulations regarding how much and what kind of coverage is necessary.
Workers’ compensation covers not only the costs from immediate medical treatment, but rehabilitation, loss of wages and disability payments. It is vital when your injured staff member needs diagnostic testing, medication, physical rehab or long-term coverage. It also protects you from lawsuits, so it serves as a form of liability coverage.
Do I Need Coverage?
Every professional painter should have a policy in place to defend against lawsuits. Insurance protects not only you, but your business and your employees as well. Given so many risks associated with running a contractor’s business, you really cannot afford to go without protection. There are many options and details, but there are also many resources to help. Take the time to research what is best for you and reach out to a local insurance agent for more information and to get your policy up and running today.