Wallpaper companies help homeowners transform their homes by hanging new wallpaper or removing old wallpaper. Wallpaper hanging must be performed to exacting standards, while wallpaper removal is a tedious and messy process that can damage the underlying drywall or cement if not done properly.
While wallpaper companies focus mostly on wallpaper installation and removal, they may also offer other services like painting, drywall repair, tile repair, and carpet removal. They may be sole proprietors or large companies with several employees and multiple work crews. If you own a wallpaper company, you may work out of your home or an office or a retail space.
Wallpaper companies face risks like any business, and you have some unique exposures as well. You need comprehensive business insurance to help protect you and ensure your business can thrive even when things go wrong. An independent insurance agent can help you get the coverage you need.
Why Do You Need Wallpaper Company Insurance?
Whether you work from home or have an office or retail space, you have a variety of risk exposures that can harm your wallpaper company:
- Slips, trips, and falls at your office or public space
- Employee injuries
- Causing damage to customers’ property
- An employee causes a homeowner or another individual to be injured, whether at your office or at a jobsite
- Fire, weather events, theft, or vandalism causes damage to your office, equipment, or other business property
- Tools, equipment, and materials are lost, stolen, or damaged
- Auto accidents while driving for business purposes
Liability Insurance for Wallpaper Companies
Wallpaper companies face risks from all sides. You can run into trouble at your office, in a customer’s home or in a commercial building, driving to and from a jobsite, while you’re working, or after a project is completed.
If you have multiple employees doing work in various locations, your risks only increase. They may drive your trucks, use your tools and equipment, 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 a serious liability risk. 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: This 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.
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: This can cover you for claims that exceed the limits of your other liability policies.
Property Insurance for Wallpaper Companies
In addition to protecting your clients when things go wrong, you need to protect your own property as well. If you have a shop, an office space, or a 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 wallpaper hanging and removal tools, equipment, supplies, and materials while they are in transit and while they are at a jobsite.
Talk to an independent insurance agent who can help you decide which of the following types of policies you need to protect your business property.
- Commercial property insurance: This 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: This 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: This protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
Is a Business Owners Policy Right for You?
You may be eligible for a discounted package called a business owners policy (BOP), which provides several essential types of coverage in one convenient, bundled policy designed for small businesses like yours.
Only certain businesses are eligible for a business owners policy, depending on factors such as:
- The size of the business property
- The necessary liability limits
- The type of business
- The extent of the business’s offsite activity
Premiums for business owners policies are also based on these factors, as well as:
- The business’s location financial stability
- The type of building construction
- The building’s security features
- Potential fire hazards
Business owners policies include commercial property insurance, business interruption insurance, and general liability insurance.
Other Insurance Policies for Wallpaper Companies
Like many other businesses, the risks you face as a wallpaper company likely don’t end with basic property and liability concerns. You should talk with an independent insurance agent about your need for other types of business insurance, including:
- You probably spend as much time on the road as you do in the office. If you or your employees drive company-owned vehicles, or if you own trucks, vans, or other types of business autos, you need commercial auto insurance. If you rent vehicles or employees drive personal cars for business purposes, you need hired and non-owned commercial auto liability insurance as well.
- If you live in an area prone to certain natural disasters, you may need flood insurance or earthquake insurance to protect your business from such an occurrence.
- Employment practices liability insurance protects you if an employee sues you for discriminatory employment practices.
- Workers’ compensation insurance is required for nearly any business that has employees. It protects your employees from the costs related to work-related illnesses or injuries, and it prevents you from being sued in these cases.
Coverage for Home-Based Wallpaper Businesses
If you have a home-based wallpaper company, or if you work out of your home full-time or even just some of the time, you may be uninsured or underinsured. You might think you have coverage under your homeowners policy, but that coverage is likely minimal, if you have any at all.
A typical homeowners insurance policy limits coverage for office equipment to around $2,500 — not nearly enough to replace a computer, printer, phones, desk, fax, scanner or other equipment. What’s more, your homeowners policy will not cover business liability, loss or damage of business records, and damage caused by business interruption.
Your coverage is likely insufficient if you work from home and have a well-equipped office, as well as business files and records, as well as paperhanging tools, materials, and supplies on hand. What kind of coverage do you need to fill the gap? There are several potential answers, depending on your specific situation.
- Endorsement to your homeowners insurance policy: You can add an endorsement, or rider, to your homeowner insurance policy that provides more coverage for your home-based business or home office. This type of policy is most appropriate for a one-person business without a lot of valuable equipment or many business related visitors, and one who is unlikely to suffer a major loss if unable to operate for a while as a result of a disaster. The endorsement will typically add about $2,500 in business equipment coverage as well as some additional liability protection at an affordable price.
- In-home business/home office insurance: Some insurance companies offer a specialty policy for in-home businesses or home offices. The in-home business policy has some features of policies designed for larger businesses, but with much lower policy limits. A typical in-home business policy will provide $10,000 of business property coverage and a liability coverage limit of your choice, usually between $300,000 and $1 million. It will also provide limited coverage for loss of valuable documents, accounts receivable, off-site business property and use of equipment. These policies are considered to be affordable for most people with home offices, and provide more broad protection than an endorsement on your homeowners policy.
How Much Does Wallpaper Company Insurance Cost?
Insurance for wallpaper companies can range from several hundreds of dollars per month to thousands. It depends on:
- The size of your business
- Whether or not you have employees
- The types of tools and equipment you own
- How many vehicles 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 wallpaper company with commercial office space, multiple employees, and the ability to work on larger 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 wallpaper company insurance. They’ll walk you through the 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 omit 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 insurance 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
©2020, Consumer Agent Portal, LLC. All rights reserved.