Siding Installation Service Insurance

Your Guide to Siding Installation Service Insurance

Insurance 101 for businesses like yours.

Siding Installation Service Insurance

Siding installation services face complex, costly risks every day—from project start to finish and even beyond. If an accident or some type of property damage occurs during project, the losses can be costly and disruptive to your business.

Siding installation service insurance can help your business cover any losses you might face, from property damage to claims of negligence and lawsuits. A comprehensive business insurance program can be put in place with the help of a local independent insurance agent who has experience working with businesses like yours.

Why Do You Need Siding Installation Service Insurance?

Purchasing certain siding installation service insurance policies can help you cover losses related to the following.

  • Property damage
  • Loss of income
  • Employee injury, illness, or death
  • Liability claims (claims that property damage, financial losses, or injuries/illnesses are the result of your negligence)

These types of losses can result from unsafe working conditions, theft and vandalism, poor workmanship, failing to complete work on time or as promised, severe weather or other catastrophes, motor vehicle accidents, and other unexpected events.

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What Does Liability Insurance Cover?

You need several types of liability insurance policies to help protect your business from lawsuits, including the following.

  • Commercial general liability (CGL) insurance: Protects you in the event of third-party lawsuits, with coverage for attorney fees, court costs, settlements, and judgments up to the limits of your policy.
  • Commercial auto insurance: Covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. Commercial auto insurance provides coverage for property damage and bodily injury liability claims, vehicle damage, and medical bills, as well as any costs related to lawsuits due to auto accidents involving your vehicles.
  • Commercial umbrella insurance: Provides an extra layer of liability protection to any of several other liability policies you might have. Commercial umbrella insurance kicks in when the limits of your other applicable insurance policies have been exhausted.

An independent agent can help you customize these policies to ensure that your unique risks are addressed.

What Does Property Insurance Cover?

You need property insurance to protect your business from property damage and loss of physical assets. Talk to an independent insurance agent about your need for the following.

  • Commercial property insurance: Covers your office space, warehouse, or other buildings and their contents for losses due to fire, theft, vandalism, weather events, and more.
  • Business interruption insurance: Reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, storm, etc.).
  • Extra expense coverage: Pays for non-ordinary expenses (e.g., buying or leasing equipment for a temporary site, paying overtime, hiring temp workers) that are above and beyond your normal operating costs if you can’t operate out of your usual location or if your equipment is damaged from a covered event.
  • Inland marine insurance: Another form of property insurance that protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
  • Builders risk insurance: Provides coverage for damage, theft, or loss of tools and equipment at a worksite, as well as for structures that are under construction which are damaged by fire, wind, hail, or other covered perils. It can be included in an inland marine insurance policy.
  • Installation floater: May be needed if you are working on an existing building or if, for some reason, you are not covered by a builders risk insurance policy. It covers what is being installed in a building and protects the property and interests of the contractor, both on-site and in transit, for the duration of the job contract. Additionally, you can purchase contractors equipment insurance to cover your tools and equipment.

These and other policies and policy endorsements can be customized to cover your unique risks, and together make up a large portion of a comprehensive siding installation service insurance program.

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Why Do Siding Installation Services Need Workers’ Compensation Insurance?

Workers’ compensation insurance provides coverage when accidents happen at the workplace. It ensures that the injured worker gets medical care and income protection while unable to work.

Workers’ compensation insurance provides benefits to injured workers regardless of who is at fault for their injury. And it will provide death benefits for a worker’s dependents if there is a fatality.

A Note about Contractors Bonds

Siding installation services, like most other types of contractors, may need a variety of contractors bonds, or surety bonds, for every project that they work on. Contractors bonds are often essential for finding, securing, and performing work for many types of construction projects that you might work on. They may be required by a project owner in order for your bid to be accepted, and they typically guarantee some aspect of the bidding process and the contract.

How Much Does Siding Installation Service Insurance Cost?

There are several factors that drive your siding installation service insurance premiums such as the unique characteristics of your business and your individual risk factors.

Some of the most important risk factors that come into play are the following.

  • Your gross sales and payroll
  • Your number of employees
  • The size and physical location of your business
  • Your sub-contractor exposure
  • Your SIC code or business classification
  • The nature of your business (what do you do?)
  • Your prior claims history

Even things like the crime and weather risks in your city will play a role. It’s important to work with an independent insurance agent who can get quotes from multiple insurance companies.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with siding installation services and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will 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.

Find and Compare Quotes for Siding Installation Service Insurance

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.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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