Launching a new business venture can prove not only exciting but challenging too. From the rush of adrenaline on landing that first contract to the lows of losing out to a competitor in the painting contracting industry. Figuring out how best your business can stand out in a competitive market and obtain your share of business opportunities is just a portion of the groundwork you have to do.
As with all businesses, your small painting contractor business may also face an unexpected crisis. A sobering statistic published by the US Occupational Safety and Health Administration (OSHA) states that in 2019, one in five worker fatalities were in the construction industry. Falls accounted for 33.5% of the deaths, and an object struck 11.1% of workers.
It is for this reason; you need to prioritize your business’s insurance requirements to fully prepare yourself for any unforeseen events. In this article, we will give you the low down on insurance basics for your painting contracting business.
Why does your painting contractor business need insurance?
A customer who engages your services as a painting contractor is entrusting his home or office into the hands of a professional who will deliver a certain quality of work. An individual who will ensure the safe use of materials and tools on-site and enhance the property's appearance.
It is these expectations that expose your business to liability; hence you need the correct insurance to provide coverage against incidents.
What incidents are covered by your insurance?
3 Basic insurance policies to start your painting contractor business off
1. General Liability insurance
As a professional painting contractor, you will undoubtedly take all necessary precautions to ensure that safety measures are in place. However, accidents do happen. Your employee on a ladder may accidentally drop a can of paint on a customer below.
This policy provides coverage for any third-party medical treatment received as a result of an accident due to your work. It will also cover the cost resulting from property damage.
As a small business owner, you value your team of employees and their contribution to the success of your business. You want to comply with state laws; therefore, it is necessary to invest in this insurance.
If your employee suffers an injury while working on a project, this insurance provides coverage for medical costs and lost wages. Work-related illnesses, such as the inhalation of dangerous solvents, are also covered.
3. Commercial Property insurance
As a painting contractor, you will, in likelihood, operate out of business locations where you will also store your equipment such as sprayers, brushes, and ladders, amongst other items. This insurance covers you for the repair or loss of your property and equipment if a disaster such as a fire, vandalism, or theft occurs.
The bottom line being it pays to be insured
When you obtain insurance for your business, it offers your business protection when things go wrong. It also safeguards your personal finances if your business faces an expensive lawsuit.
Furthermore, it assures your clients that they are working with a professional who has all bases covered. If you haven't done so, talk to an insurance agent today and get an insurance package tailored to your business requirements.