Flooring contractors are hired by general contractors and homeowners to install flooring including tile, linoleum, hardwood and carpeting in new and existing buildings. Whether working on new building construction, home improvement jobs or home additions, you will need to be sure that your business interests are properly covered by the right types of insurance. An independent insurance agent in the Trusted Choice® network can advise you about your insurance options and can help you build a suitable flooring contractors insurance portfolio.
A very important portion of your flooring contractors insurance portfolio is liability insurance. It protects your business’s financial interests in the event of a liability lawsuit by covering legal defense fees, court costs and financial damages. But in order to be covered, you must have the right types of coverage. Your independent insurance agent is likely to talk to you about the following insurance types:
Workers' compensation insurance is required of employers in most states. Even if your company is exempt, this coverage is very important for the financial well-being of your business. It covers the cost of medical treatments for injuries sustained by workers while on the job, provides a continuation of wages while the employee is recovering and even offers a death benefit in the rare instance that a flooring installation worker is fatally injured while working. In this way, it protects your business from devastating lawsuits related to workplace injuries.
While adding this coverage to your flooring contractors insurance portfolio can be costly, there are ways to keep your costs at a minimum. One way is to shop around for coverage, which is something an independent insurance agent can do for you. The other way is to follow safety protocols as dictated by your insurance company. Your workers’ safety is just as important to a good insurer as it should be to you. A company that is experienced with insuring workers in the flooring installation industry will be able to serve as a useful resource when it comes to safety training and information.
If you have a central office where you greet customers, make appointments, handle administrative work or store your tools and materials, your flooring contractors insurance policy should include coverage for the property kept in this location. You and your insurance agent may also want to discuss adding extra expenses insurance coverage to your flooring contractors insurance portfolio. This insurance covers the costs involved with renting and setting up office space in a temporary location if a covered event has rendered your home office unusable until repairs are made.
The tools and equipment you use in day-to-day operations can be very expensive to replace. You will therefore want to be sure that your flooring contractors insurance also includes coverage against loss, damage and theft while they are at a location other than your central location. This coverage can be obtained in two different ways.
Your independent insurance agent can explain your coverage options and help you get the coverage you need to cover your tools and materials.
Building a suitable flooring contractors insurance portfolio for your business does not have to be a complicated process. When you work with an independent insurance agent in the Trusted Choice network, you can rest assured that your insurance needs are being met. These agents can help you identify your exposures, recommend the right coverage types to mitigate those risks and shop around to find you a selection of suitable and competitively priced policies. Find a Trusted Choice agent near you to learn about flooring contractors insurance.