Fireproof Floor Installation Service Insurance

How to Insure Your Fireproof Floor Installation Service

Your guide to business insurance

Worker working on the fireproof floor of an industrial building. Find fireproof floor installation services.

Fireproof floor installation services provide specialized flooring that is designed to be fire-resistant and is less likely to spread flames and smoke in the event of a fire.

If you own a fireproof floor installation company, you work with a variety of expensive tools and materials and face several potential business risks. An independent insurance agent is the best way to find business insurance that can help cover any accidents or claims and keep your business in operation for years to come.

What Risks Do Fireproof Floor Installation Services Face?

As an installation company, your business is at risk of incidents that can occur in your office, on your way to a job site, or on a project during installation. In particular, fireproof floor installation services have the following potential business risks.

  • Customer injury in the office or on a job site
  • Third-party property damage
  • Poor workmanship or professional error
  • Faulty flooring 
  • Employee injury or illness
  • Stolen, lost, or damaged tools and equipment
  • Damage from unexpected weather such as fire, wind, and smoke
  • Auto accidents when transporting materials or while employees are traveling to and from job sites

With a comprehensive business insurance package, you can protect your business from these risks.

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Your Business Needs Liability Insurance

No matter your industry, every business needs liability insurance to protect themselves from claims related to third-party injury or property damage. Liability insurance will also cover professional errors and company auto accidents. Fireproof floor installation services need the following types of liability coverage.

Commercial general liability (CGL) insurance: CGL coverage pays for medical bills, court fees, legal fees, property damage, and other costs if a customer is injured on your premises or at a job site.

    • Example: While installing flooring, an employee accidentally puts a hole through the wall which needs repair. 

Products liability insurance: Covers any claims that could arise from faulty flooring. Even if you are not the manufacturer of the flooring, as the installer you could be held liable for any damage it causes.

    • Example: The fireproof flooring you installed does not resist flames as it should and the building receives severe fire damage that should have been prevented.

Commercial auto liability insurance: Covers vehicles and drivers if they're in an accident or experience vehicle damage in a company-owned vehicle. 

    • Example: An employee is traveling to a job site and gets in an accident with another driver. 

A local independent insurance agent can help you shop liability coverage that protects your business on all fronts. 

The Benefits of Property Insurance for Fireproof Floor Installation Services

Now that you're protected against any third-party claims and accidents, you need coverage for your business property that helps your business operate.

Property insurance covers everything from your building to your tools and materials whether they're at your warehouse, in transit, or during installation.

    • Commercial property insurance: Pays for any damage or repairs that are needed to your business building or warehouse and the assets inside such as your office equipment, tools, and materials. Covered events are named in the policy but include fire, theft, hail, vandalism, and similar losses. 
    • Inland marine insurance: Covers all of your portable installation equipment and materials while they're in transit between your warehouse or business building and a job site. Inland marine will pay for claims of damage, theft, and loss. 
    • Business interruption insurance: Should you need to temporarily cease operations as a result of fire damage, theft, or similar occurrence, business interruption helps pay for expenses that still need to be paid. 

Property insurance needs vary per business and an independent agent will help you determine the best coverages for you.

Workers' Compensation for Fireproof Floor Installation Services

If an employee is injured while installing flooring, in an auto accident, or performing other work-related duties, you are liable for any medical bills and lost wages. You're also exposed to a potential lawsuit if the employee feels you did not provide a safe working environment.

Workers’ compensation insurance is designed to cover all of these risks and more. In most states, workers' compensation is required in order for a business to operate. This coverage is beneficial because it will pay salaries, lost wages, medical bills, and any other associated costs with an employee's injury or illness.

Additional Insurance Coverages to Consider

Depending on the size of your business and the type of clients you service, your fireproof floor installation business may benefit from several additional coverages. Speak with your agent about adding on some or all of these coverages.

  • Cyber liability insurance: Pays for costs associated with a data breach.
  • Employment practices liability insurance: Covers you if an employee sues your company for discrimination or misconduct.
  • Equipment breakdown coverage: Pays in the event that the equipment you need to operate your installation business breaks down is damaged or stolen.
  • Installation floater: This is added to your inland marine policy and protects your materials from the moment they leave your warehouse until the installation is complete.
  • Environmental liability insurance:  If your installation business releases potentially harmful chemicals or pollutants into the air, an environmental liability policy can protect you from any claims related to released pollutants.
  • Business owners policy:  Designed for small to medium-sized businesses, a BOP combines liability, property, and business interruption insurance into an affordable package.

Your agent will learn about your business and make recommendations of policies and coverages that you need. 

How Much Does Fireproof Floor and Installation Service Insurance Cost?

Carriers are looking at a number of factors when calculating insurance premiums. Every business is different and therefore cost varies greatly between companies. The following will impact your rates.

  • Number of employees
  • Size of business
  • Location and potential crime risks
  • Deductible
  • Number of policies you purchase and limits
  • The risk of projects that you take on

Fortunately, there are ways to save on your business insurance, which an agent can help you navigate. 

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Benefits of an Independent Insurance Agent

Independent insurance agents have experience working with fireproof floor installation service companies and the like. They're also experts in business insurance and understand the best coverages for a comprehensive package.

Agents work within a network of carriers that specialize in your type of business coverage. Since they're not tied to a single carrier, they have your best interest in mind in finding a carrier that fits your needs.

Should you need to file a claim, your agent is there to assist you in that process. They also assist in any changes, upgrades, or changes that you need to make to your policy at any point in time. 

Find and Compare Quotes for Fireproof Floor Installation Service Insurance

Skip getting an online quote and work with an independent insurance agent today. Get one-on-one consultation and affordable options for the best coverage for your unique needs.

Agents will speak with you free of charge to learn about your business and shop for affordable quotes. They'll present you with several options and assist you in selecting policies that fully protect your business. 

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TrustedChoice.com Article | Reviewed by Paul Martin

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https://www.stonhard.com/feature-glossary/fire-resistant-systems/

https://www.iii.org/fact-statistic/facts-statistics-product-liability