Painting Contractors face many everyday risks while at the job site and many work from ladders and scaffolding. Having the proper insurance coverage is vital so that protection is available when job-related injuries happen and damages caused by spilled paint on valuable property. Whether your business contracts with homeowners or businesses, having the appropriate insurance in place is the most affordable way to obtain financial protection when accidents happen. The insurance professionals at Fairbanks Insurance Brokers recommend General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bonds for your valuable Painting Contractors business.
Commercial General Liability is the cornerstone for providing financial protection to painting contractors. It covers you and your business if a third party is injured at the job site or if property is damaged by you or any of your workers and your company is found liable. It’s not unusual for painters to be working while their customer’s employees or clients are nearby. This can result in a lawsuit if an injury occurs so your commercial general liability policy is your first line of defense.
The painting contractors class code represents that the industry is subject to a high risk for injury. Your Workers’ Compensation will protect your employees in the event they are injured or become ill from a job related incident. The policy will help pay for medical expenses, lost wages, and some funeral expenses. Most states require painting contractors to have and maintain a painter’s worker’s compensation policy before they can open for business.
Many states and customers may require painting contractors 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 business vehicles and trailers if they or damaged in an accident, stolen, or vandalized.
Also known as Inland Marine Insurance, this policy will reimburse you and your business if your tools or equipment are damaged or stolen at the job site or while in storage. Professional painting equipment can be expensive to replace, so we encourage our contractors to obtain the affordable and valuable coverage.