Every residential and commercial building has some type of floor covering installed. Typically, floor covering includes carpet, tile, laminate, and wood flooring. Floor covering installers spend much of their day kneeling or sitting on floors using tools that could result in serious injury if an accident were to happen. The installers also lift and carry heavy packages of flooring products around the job site which could lead to back and neck injuries. Floor covering contractors should consider a package of insurance coverages to protect them financially when an accident happens. Fairbanks Insurance Brokers recommends General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bonds to create a hedge of financial protection around you and your business.
General Liability provides financial protection for the floor covering contractor in the event your business is held responsible for an injury or property damage to a third party. The policy also pays for defense expenses, settlement costs, and judgments awarded by the court.
Workers’ Comp will protect your employees in the event they are injured or become ill from a job related incident. Your policy will help pay for medical expenses, lost wages, and some funeral expenses. Since floor covering contractors have significant risk of getting injured on the job, your state will require this coverage and define the minimum required coverage limits.
Most states will require your floor covering business to offer a license or surety bond before you are allowed to bid on a job or begin working. Your bond is a financial guarantee to your state’s licensing department and your customer that you will complete the job according to your bid.
Your commercial auto policy will cover your business vehicles for liability if you or an insured driver are found liable for an at-fault accident. The policy also covers your vehicles if they or damaged in an accident, stolen, or vandalized.
Also known as Inland Marine Insurance, this policy will reimburse you and your floor covering business if your tools or equipment are damaged or stolen at the job site or while in storage or being transported to or from a job site.