It doesn’t matter if your business concentrates on painting interiors and exteriors, or if you perform a handful of other services. Going out and working for a wide range of clients can leave you open to costly conflicts. Fortunately, we can eliminate the bulk of these threats to our business with great insurance coverage. Once you discover what it can do for you, you won’t have to wonder if the cost is truly worth it.
Why Painters Need Specialized Insurance Policies
Your business carries some unique risks. And in fact, the two biggest threats are also your biggest assets in completing the job – paint and ladders. Let’s go over a few scenarios you might have thought of (or personally witnessed) before.
There may be no point in crying over spilled paint. After all, you’re well-versed in cleaning up such messes. Certain clients might not feel the same way, however. And what if cleanup is frankly more costly than what your business can reasonably pay for? This is an obvious lawsuit opportunity for the appropriately prickled client.
Here’s another. When you’re on the ladder, the most important factor is safety. Still, you get distracted and begin to slip. As you steady yourself, the tool in your hand combined with the urgent force you exert knocks a hole in the drywall. Unless you have the time, skill, and material to cover this yourself, you could be in more trouble than the small infraction is worth.
Speaking of ladders, they look like great fun to kids. After all, they climb them all of the time at the playground. But a client’s child has mistaken your equipment for a jungle gym, falls, and gets injured. Are you truly the negligent party here? You’re a not a babysitter, are you? No, but you can still get sued.
As you can plainly see, painting poses a lot of financial risks that have nothing to do with how competent you are at your trade. These things just happen, which is why we have liability insurance.
Insurance Policies for Painting Businesses
When you look up painter insurance cost, don’t stop at liability. There may be other kinds of policies that can help you stay firmly on your feet.
For example, you may find that the more comprehensive coverage offered by business insurance is best for your needs. These policies not only include all of the benefits of general liability, but add in coverage for any real estate and personal property, such as your equipment.
If your business is doing well, you might purchase a new work truck, or hire a new employee. These are also instances where you’ll need additional insurance.
You’ll need to see how much coverage is required by law where you live. This factor alone means that the cost of insurance will vary greatly from business to business.
If you’re not looking forward to the prospect of paying hundreds per month in insurance, think of the alternative. Are you equipped to litigate (and potentially lose) a million-dollar lawsuit? It’s true in every industry – if you’re not paying for insurance now, you’ll end up paying for it down the road.
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