Dampproofing contractors are part of the building finishing trade industry. Dampproofing is a cost-effective way to keep areas below grade comfortable. Dampproofing can be used in residential, commercial, industrial, and institutional applications.
Dampproofing products are typically spray-applied very quickly, and are often thinner and offer somewhat less protection than waterproofing. Dampproofing is preferable to waterproofing in certain climates and types of buildings, and can provide adequate and long-lasting protection for many crawl spaces and basements.
It’s up to the dampproofing contractor to know if its products and services will appropriately protect a building or foundation from water and moisture, and to apply the dampproofing solutions in a safe and effective manner. If you’re a dampproofing contractor, it’s also important to recognize that things can go wrong even if you do their best to prevent them.
If something goes wrong while you’re working on someone’s home or a commercial building, the consequences can be devastating. That’s why you need dampproofing contractor insurance to help you mitigate your risks and protect your business.
Why Do You Need Dampproofing Contractor Insurance?
Dampproofing is usually an asphalt-based coating that is either sprayed on or hand applied to the outside of the wall of a building’s foundation. While it is less frequently used in modern residential construction, it is considered to be an acceptable treatment in many situations.
If you’re a dampproofing contractor, you need business insurance to protect your business from risk exposures. If, for example, you damage a client's property during the course of your work, it could cost you thousands of dollars to make repairs or replace what you’ve damaged. In addition, you face property losses (losses to tools, equipment, and other valuable commercial property) from a variety of sources, including fire, theft, severe weather, and vandalism.
If someone sues you after you cause an injury or property damage, you’ll have to pay for your own legal fees. A lawsuit could financially devastate your business, and even result in bankruptcy.
Dampproofing contractor insurance lets you protect your business from devastating losses.
Liability Insurance for Dampproofing Contractors
If you cause some type of property damage to one of the homes that you’re working on, or if a customer trips and falls over some of your equipment and is injured, you’ll likely be held responsible for paying for any related repairs or medical bills.
That’s why dampproofing contractors need commercial general liability (CGL) insurance. It offers broad protection for third-party injuries or property damage that you cause while you work. It not only pays for direct expenses (medical bills, repair costs) related to the incident, but it pays for your legal fees and financial settlements if you’re sued for additional damages.
Some examples of when you’ll need your CGL insurance include:
- You do not properly ventilate an area while dampproofing, and a homeowner another person on the premises becomes ill because of the fumes.
- You spray dampproofing products on the wrong area of a home, causing damage to the home and changing its appearance.
- An employee fails to secure a ladder used for dampproofing a home, and it falls and damages the homeowner’s car.
Your dampproofing contractor insurance package may contain the following additional types of liability coverage, as well:
- Cyber liability insurance: This provides coverage in the event of a data breach involving your business. It helps pay for the costs of notifying affected clients, as well as public relations and investigation costs, and more.
- Commercial umbrella insurance: Also known as excess liability coverage, this provides supplemental liability protection beyond the limits of certain other liability policies. This policy can be invaluable for that once-in-a-lifetime judgment rendered against you.
- Employment practices liability insurance: This covers you if an employee sues you for discriminatory employment practices.
Property Insurance for Dampproofing Contractors
You likely have owned or leased office space, retail space, or shop space where you perform administrative tasks and store all of your tools, equipment, materials, and supplies. Your physical space likely serves as a home base for your employees, and may be filled with furniture, computer equipment, and other commercial property that is susceptible to theft, vandalism, fires, storms, and certain other causes of loss.
Commercial property insurance: This protects buildings and their contents, including computers, office equipment, furniture, and all of your commercial property (whether it is owned or leased) if it is damaged by fire, smoke, theft, vandalism, or some other covered peril. If, for example, someone vandalizes the outside of your building, breaks in and steals tools and equipment, your commercial property policy will help to pay for the repairs to your building, as well as the cost of replacing and stolen or damaged property.
If you sustain damage that forces you to temporarily close or relocate, business interruption coverage will reimburse you for ongoing expenses (rent, salaries, etc.) and lost income during the closure or relocation period.
You may also need additional property coverage for your dampproofing business. Talk to your independent insurance agent about your need for the following:
- Inland marine insurance: This protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites, such as in your work trucks. It is especially important if you store your tools and equipment in your truck or another vehicle.
- Installation floater: Consider adding this policy which protects materials left at a job site to be installed, but are damaged before you can do it. If, for example, you drop off at a job site materials to be used the next day, and find them vandalized and broken the next morning, an installation floater will likely cover your losses.
- Tools and equipment floater: This can normally be added to your property damage coverage. It covers any leased or owned specialized tools and equipment for your dampproofing business while they’re stored on the construction site. It can offer coverage for tools like hand tools, power tools, contractors’ gear (hard hats, goggles, etc.), shovels, and wheelbarrows. It can also cover equipment like compressors, generators, excavators, backhoes, and scaffolding that you use in your bricklaying operations.
- Employee crime and dishonesty coverage: This protects your business from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees. It provides coverage for forgery, alteration, theft, unauthorized electronic funds transfers, credit card fraud, computer fraud, money order fraud, and counterfeit fraud.
- Equipment breakdown insurance: This covers certain costs associated with accidental breakdown of machinery or equipment and the resulting property damage or loss.
Commercial Auto Insurance for Dampproofing Contractors
Your work crews travel from jobsite to jobsite in commercial vehicles owned by your business. Your commercial vehicles must be covered with commercial auto insurance. If one of your drivers causes an accident, it covers bodily injury and property damage that the driver is at fault for.
Commercial vehicle insurance covers your cars, trucks, and any other vehicles you use for business. In addition to liability coverage, it provides collision, comprehensive, and uninsured motorist coverage.
Your commercial auto insurance can be tailored to your needs, and your coverage and premiums will be based on how your vehicles are used and who drives them. Each vehicle owned by your business or used for business purposes can be listed separately on your business auto policy, with corresponding coverage for each vehicle that can differ depending on the vehicle’s characteristics and the coverage it requires.
If you have sales people or other employees who drive personal vehicles for business purposes, talk to your insurance agent about your need for non-owned auto liability insurance.
Workers’ Compensation Insurance for Dampproofing Contractors
Accidents involving your workers can happen at any time. They work on ladders and can inhale mold, mildew, sealants, dampproofing materials, and a variety of other irritants. They may suffer from lung irritation, eye irritation, back injuries, repetitive motion injuries, or other work-related illnesses or injuries.
If one of your employees gets injured while on the job, you’re responsible for paying for his or her medical expenses. What’s more, he or she may not be able to work until fully recovered, leaving the employee without his or her income.
Workers’ compensation insurance: This protects your employees and your business from the costs associated with work-related injuries and illnesses. It provides coverage for medical care and income protection for an injured worker while he or she is unable to work. Workers’ compensation insurance also helps protect employers from lawsuits by injured employees.
How Much Does Dampproofing Contractor Insurance Cost?
There are many different variables that determine the cost of a dampproofing contractor insurance policy.
Your costs for business insurance will vary depending on the unique characteristics of your business, such as the location, the number of employees, the value of your commercial property (building plus contents), whether or not you own your building, and how many vans or commercial vehicles you own and operate.
The amount of coverage you need and the deductibles you choose also impact your insurance costs.
Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right dampproofing contractor insurance. They’ll walk you through the handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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