As a painting business owner, you know that your unique work comes with its share of risks. From potential injuries on a worksite to accidental damage to a third party’s property, there are plenty of mishaps that could occur during a painting job. Fortunately, purchasing business insurance for your painting company may help you navigate frustrating situations that could cause a financial dent.
Though getting business insurance can be important, it may be daunting to figure out what coverage your company needs. Here, we’ll walk through what business insurance can cover, who might need it, what policies are available, and how to get a painting business insurance quote.
Who needs painting business insurance?
Various types of businesses provide painting services. From landscapers to builders to handymen, many distinct businesses may benefit from having business insurance. Whether you run a small residential painting company or a larger commercial enterprise, you might face unique risks that insurance may help mitigate. If your company focuses on decorative finishes, industrial coatings, exterior restorations, or drywall repair, considering this insurance purchase may help you avoid unnecessary expenses.
Why do I need painters’ insurance?
Imagine this: You’re halfway through a painting job when an unexpected mishap occurs. Maybe a ladder slips, causing injury to a worker, or a paint spill damages a client’s expensive flooring. These situations are not ideal for businesses and may lead to costly damage that needs extensive repair. Depending on your coverage, having business insurance may be able to help you dodge financial burdens from a covered accident.
How much does painting insurance cost?
The cost of business insurance can vary widely based on several factors. First, the size of a business may play a significant role in insurance rates. Larger businesses may face higher premiums due to increased risk and more employees to cover. Other factors that may affect cost include the types of services you offer, the value of your equipment, your location, and what policies your business is purchasing. Though buying insurance is an additional charge for your company, investing in business insurance may help you avoid hefty expenses down the line.
What coverage does a painting business need?
When considering insurance for your painting business, two key types of coverage may be helpful: commercial general liability (CGL) and commercial auto insurance.
Commercial general liability (CGL): This type of insurance may help your business navigate third-party claims, including bodily injury and property damage. If a non-employee gets hurt on a job site or if your work inadvertently causes damage to a third party’s property, CGL insurance may help cover the damage costs.
Commercial auto insurance: If your business uses vehicles for work-related purposes, commercial auto insurance may help pay for damages to your vehicle during a covered accident.
Business insurance providers may also have additional policies that can cover worksite accidents, bodily injury, and liability. These may include:
Workers’ compensation insurance: This can help pay for medical expenses or lost wages when employees experience a work-related injury or illness.
Professional liability insurance: This can help a business avoid liability from claims regarding mistakes or unsatisfactory work during a professional service.
Get a painting business insurance quote
If you’re ready to purchase coverage for your painting business, now’s the time to look for an insurance estimate. At Infinity Insurance Agency, Inc., we can assist you with finding insurance options that may align with your business. Our team can also help you find the right coverage that fits your budget. Don’t wait for a painting mishap to happen; call us at 1-855-478-3705 to get a free, personalized quote.