The installation of new siding on a home can significantly improve its curb appeal. Some types of siding even improve the home’s insulative properties, enabling homeowners to save money on heating and cooling costs. As the recession draws to an end and people have more disposable income available, the demand for home improvement jobs, such as new siding installation, is increasing. If you are a siding contractor, now is a great time to be working in the industry. However, it is important that you carry the right types of insurance coverage to protect your business from undue financial losses.
Siding installation is not without its risks. Workers face a variety of hazards, such as puncture wounds, cuts and being struck by falling objects, which can result in injuries that require medical attention. When installing siding on upper floors, workers may need to stand on scaffolding or ladders, and a fall from heights such as these can have significant consequences.
Most states require business owners who have employees to carry workers compensation insurance. Even if your business is not located in one of these states, it is a very good idea to have it. By covering medical expenses, lost wages, and even death benefit payments to family members in the event that an injury is fatal, this insurance shields your business from the risk of liability lawsuits related to workers’ injuries.
An experienced independent insurance agent can help you find a workers' compensation company that will understand the risks faced by your siding business and that can provide you with tips for worker safety.
Your business, like any other business, faces risks of liability lawsuits. Whether or not the courts find your business at fault, a liability lawsuit can be financially draining, as you pay for your legal defense and miscellaneous court fees. Liability insurance shields your siding business from these losses by covering these and any resultant financial damages so you can focus on your business and turning a profit. However, in order to be covered, you must have the right kinds of liability insurance. Your independent insurance agent is likely to discuss the following policy types with you:
There may be other types of liability insurance that are right for your siding business. Your independent insurance agent can work with you to determine the exposures you face and ensure that you have the proper coverage against them.
As a siding installer, you likely have a number of tools and other equipment that you use to get the job done. This is particularly true if your siding business also does other home improvement work such as roofing, window installation and gutter repair. Your business property can be very expensive to replace, so it is important that you purchase the right insurance policies to get coverage against loss, damage or theft. Be sure to speak to your independent insurance agent about:
Purchasing the right insurance for siding contractors can be a complex endeavor. It is therefore important that you seek the guidance of a knowledgeable independent insurance agent in the Trusted Choice® network who can help you make the right choices for your business. These agents can answer your insurance-related questions and shop around to find you suitable coverage at a competitive rate. As a result, you will be able to build an affordable insurance portfolio that is tailored to meet your business’s specific coverage needs. Find a Trusted Choice agent near you to learn more about your options when it comes to buying siding contractors insurance.