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As the owner of a painting contractor business, you are only too aware of the unpredictability that goes hand-in-hand with your industry. It’s not only the tools of your trade that can cause serious damage to a client’s home. Also, your employees need to adhere to correct safety protocols to prevent possible injury on the job site.

Nonetheless, when you least expect it, accidents can and do happen. For example, one of your employees might scrape a wall with a ladder. Or worse, someone might break an expensive chandelier.

Therefore, whether you are a small, independent contractor or your company tends to houses worth millions of dollars, you need to invest in the right insurance. Doing so will protect your company against those unforeseen circumstances. For more on painter’s insurance visit ContractorsLiability.com

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Understand Why Your Painting Contractor Business Needs Insurance

One of the most important reasons your business should have insurance is to protect yourself, your employees, and your client when you’re working on a project. Without insurance, your business could suffer financial loss. It’s as simple as that. For example, without insurance, any damages to a client’s home or to your employees on the worksite will come out of your own pocket.

Additionally, by having the correct insurances in place, you show your clients you have their well-being and the best interests of their project at heart. This adds to your credibility and to the overall professionalism of your business.

Last but not least, certain insurances are mandatory in some states. Therefore, it pays to research the laws governing the insurance requirements of your state. Then you must abide by them. Not doing so could result in hefty penalties for your business.

Photo by Dmitry Kalinovsky

What Kind of Insurance Do You Need as a Painting Contractor?

As a painting contracting business owner, you need at the very least two kinds of insurance policies. These are general liability and workers’ compensation insurances.

1. General Liability Insurance

This insurance provides coverage for your painting contractor business against third-party injury or damage to a client’s property. It is common for clients to require that you, as the contractor, have this insurance before hiring your company.

Your insurance policy will cover a determined amount of dollars. For example, your policy might cover up to $500,000. However, this might not be enough if you are working on multimillion-dollar homes. Most residential contractors take out policies ranging from $500,000 to a million dollars. A commercial client should, and most likely will, tell you a limit with which to work.

2. Workers’ Compensation

If one of your workers is injured or killed while on the job, this insurance will provide you with funds to cover lost income and medical expenses. This will include rehabilitation costs for your employee if necessary.

What Are Some Insurance Add-ons You Might Need as a Painting Contractor?

1. Commercial Auto Insurance

As a painting contractor business owner, you will have some form of vehicle for your business. Investing in commercial auto insurance is a wise move. In most cases, your personal auto insurance will not provide coverage if you are using your vehicle for work-related purposes.

Therefore, it could be a problem if you were to be involved in an accident while carrying out work-related activities. In fact, your insurance provider could very well deny payment of your claim from your personal auto policy.

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2. Business Owner’s Policy

A business owner’s policy, or BOP, combines business property insurance and business liability insurance into one policy. Your painting contracting business will have coverage from claims arising from fire, theft, or other covered disasters.

Start by Protecting Your Business Today

Don’t leave your insurance to chance. Get insurance quotes tailor-made for your painting contractor business requirements from the industry experts. Your agent will match your business with the right insurance policies to fit your budget.