Quality, attention to detail, and craftsmanship are three things that every tile contractor strives for. But risk and exposure to high-potential claims is a concern as well. Knowing more about your line of work goes beyond the basics of planning and installation.
The construction industry is always changing. That’s why Fairbanks Insurance Brokers provides products and insights to help customers stay ahead of risk. We want to reduce loss costs for your business, so you can stay on top of projects.
Whether you install floor tiles, ceiling tile, or custom products, it’s important that your business transfer the inherent risks that come with operating a specialty contractor business to a highly rated commercial insurance company.
Working as a specialty contractor presents many everyday risks. Why jeopardize the time and money you’ve invested in your business that could threaten whether you’ll be open for business after a claim results in a lawsuit.
Since many risks must be mitigated, Fairbanks Insurance recommends a package of coverages that can protect your business in the event of a major claim.
What Types of Insurance Do Tile Installation Contractors Need?
Rarely, if at all, will a tile contractor find a complete package of coverages in one policy. Since a tile contractor’s risk can vary from job to job, Fairbanks Insurance Brokers recommends covering all your bases with a package of coverages from the best commercial insurance companies. This way, your business will find the best coverage at the lowest rates.
Commercial General Liability
No matter what a tile installation contractor does, they should have general liability insurance. This protects them from a number of potential hazards, accidents, and disasters such as:
- Bodily Injury Liability – Pays liability claims if a third party is injured at the job site as a result of negligence. Your GL policy will also pay defense costs and financial judgments awarded by the court.
- Property Damage Liability – Provides coverage for property damage claims from a third party.
- Products & Completed Operations – Covers your business if products you install result in an injury or illness to a third party. Most of these claims are filed after the job has been completed.
- Damage to Premises You Rent – Most tile installers rent space to store products they use, equipment, and tools. If your business causes damage in the space you are renting, your General Liability policy will be there to cover you.
- Personal and Advertising Injury – Not all injuries are physical. There are other types of injuries that your company may encounter, such as slander, libel, false statements, copyright or trademark violations, and more. When advertising injury or personal injury arises, your general liability insurance is there to help. It will pay your legal defense as well as any settlement or award.
- Medical Payments – Medical payments is designed to cover minor injuries to a third party. Unlike bodily injury liability, your business does not have to be found legally liable for your Medical Payments to pay.
Workers’ Compensation Insurance
Although the requirement for workers’ compensation coverage is set by the state you work in, tile installation contractors will always benefit from this coverage that covers employees for job-related injuries or illnesses.
Without workers’ comp, your business would likely be held liable if an employee or uninsured subcontractor is injured on the job.
Commercial Auto Insurance
All vehicles that are owned by your business need to be covered by commercial auto insurance. Personal auto policies generally exclude coverage for vehicles that are used by a business and they will not offer the higher limits you’ll need. Moreover, a commercial auto policy does not limit the number of vehicles or drivers listed on the policy.
Tool and Equipment Coverage
Certainly, all tile installation contractors use various tools and equipment while on the job. Unfortunately, your commercial auto coverage does not provide coverage for your expensive tools and equipment. Using an Inland Marine policy, you can make certain that your tools and equipment are covered in the event they are stolen or damaged by a covered peril. Your Inland Marine policy will provide coverage while your tools and equipment are in storage, in transit, or at the job site.
How Much Does Tile Installation Contractors Insurance Cost?
Your cost for coverage will depend on various factors when you apply for coverage. Generally, commercial insurance companies will determine your rates based on the following:
- Number of years you’ve been in the tile installation business
- Limits of liability you choose for your tile installation contractor insurance
- Estimated yearly revenues
- Estimated number of customers serviced each year
- Claims history over the last 5 years
- Value of vehicles, equipment, and tools
When you shop your commercial insurance package with Fairbanks Insurance Brokers, you will be dealing with experienced independent agents who specialize in the contracting and construction industries.
Fairbanks represents most of the highly-rated commercial insurance companies and being independent allows us to put our clients and prospective clients first and foremost.
The bottom line is that since we work for our customers and are not employed by the carriers we represent, we can deliver the best and most affordable solution to mitigate the everyday risks that your tile installation contracting business will face