Any tile and terrazzo contractor knows that their job is equal parts construction contractor and artist. Whether you install tile floors, counter tops, backsplashes, fireplace surrounds, or exterior tiles, you work closely with other construction contractors and are a vital part of adding the beautiful finishing touches to any project.
But not every project goes according to plan, and risks are all around you.
- What if a fire damages your shop or warehouse?
- What if you damage a residential client’s home or personal property?
- What if you damage another contractor’s work?
- What if a worker falls off scaffolding and is hospitalized?
Worse yet, you could do your work exactly as promised, but still be sued for some type of failure or error by a cranky homeowner who can’t be pleased. For these and many other reasons, you need tile and terrazzo contractor insurance to protect your livelihood at times when things go wrong.
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Why Do I Need Tile and Terrazzo Contractor Insurance?
Whether you work with tile, stone, terrazzo, or other materials, you take great pride in your work. You have spent years working hard to build your business, but you face a variety of unique risks that can destroy that business overnight.
You need tile and terrazzo contractor insurance to protect your assets when:
- Your shop or office space sustains physical damage.
- Your tools, equipment, and materials are lost, stolen, or damaged.
- You or an employee damages someone’s home or personal property.
- You or an employee cause a homeowner or another individual to be injured, whether at your showroom or a job site.
- An employee is injured on the job.
- You are sued for faulty workmanship or some type of mistake.
Liability Insurance for Tile and Terrazzo Contractors
Tile and terrazzo contractors face risks from all sides. You can run into trouble at your showroom, in a customer’s home or commercial building, driving to and from a job site, while you’re working, or after a project is completed.
You likely have multiple employees doing work in various locations. They may drive your trucks, use your tools, and perform work in your name. Accidents can happen, property can be damaged, and people can get hurt.
Any time you perform work for and around the general public, you face serious liability risks. In your line of work, property damage and injuries are not uncommon, and you need to be prepared to pay when you are at fault.
Several different types of business insurance policies can help.
- Commercial general liability (CGL) insurance protects you from the costs of liability claims and lawsuits. It can help you pay for property damage, medical bills, and attorney fees, court costs, settlements, and judgments.
You probably have at least one, if not more, trucks or work vehicles that you use to transport tools, equipment, and employees to and from job sites.
- Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
Talk to your agent to see if you need excess liability coverage, which acts as an add-on to the liability limits in your CGL, commercial auto, and other business liability policies.
- Commercial umbrella insurance can cover you for claims that exceed the limits of your other liability policies.
Property Insurance for Tile and Terrazzo Contractors
In addition to protecting your clients when things go wrong, you need to protect your own property. If you have a shop, office space, or warehouse, you need to be able to pay for repairs if it is damaged or destroyed by fire, smoke, vandalism, or severe weather.
What’s more, you need to protect your tools, equipment, and materials (tiles, grout, other supplies) while they are in transit and while they are at a job site.
Talk to an independent insurance agent. They can help you decide which of the following types of policies you need to protect your business property.
- Commercial property insurance covers your office space, shop, warehouse, or other buildings and their contents from losses due to fire, theft, vandalism, wind, hail, and other losses that can occur.
- 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, weather, vandalism, etc.).
- Inland marine insurance protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from work sites.
- Builders risk insurance covers your business property (tools, equipment, building materials) while at a construction site. It also covers the structure that is under construction.
Protect Your Employees with Workers’ Compensation Insurance
Keeping your employees safe form workplace injuries and illnesses should be a top priority. Worker injuries can be debilitating, costly, and lead to decreased productivity and time away from work. Excessive workplace injuries can be financially devastating for your business.
Workers’ compensation coverage is required for most employers. It provides coverage for medical bills and lost wages when accidents or illnesses happen in the workplace.
Workers’ compensation insurance provides benefits to injured workers regardless of who is at fault for an injury. If an employee cuts his hand while installing tile, work comp pays for medical expenses whether the employee was careless or you provided a faulty tool.
An experienced independent agent can help you learn about the workers’ compensation requirements in your state.
How Much Does Tile and Terrazzo Contractor Insurance Cost?
Insurance for tile and terrazzo contractors can range from several hundreds of dollars per month to thousands. It depends on such things as:
- The size of your business
- The number of employees
- The types of tools and equipment you own
- How many trucks and drivers you have
- The size and scope of the projects you take on
If you are a sole proprietor with no employees, working primarily on small residential jobs, you can expect to pay far less for your business insurance than a large tile contractor with a showroom, multiple employees, and the ability to work on large industrial or commercial projects.
Ultimately the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.
Find and Compare Quotes
An independent 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 tile and terrazzo contractor insurance. They’ll walk you through some handpicked policy options and explain the details.
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 leave out 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 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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