Paperhanging companies specialize in hanging wallpaper for residential and commercial customers. Many paperhangers are sole proprietors who do all the work themselves, while others have larger operations with several employees and paperhanging crews.
Regardless of the size of your paperhanging company, you face a variety of business risks in your day-to-day operations. It’s a near certainty that not every paperhanging project will go according to plan. And you have risks even when you’re in your office or shop, too.
- What if a fire damages your office space or shop?
- 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 a ladder and is seriously injured?
Worse yet, you could do your work exactly as promised, but still be sued by a cranky homeowner who can’t be pleased for some type of perceived failure or error. For these and many other reasons, you need business insurance to protect your livelihood at times when things go wrong. An independent insurance agent can help you get the coverage you need.
Why Do You Need Paperhanging Company Insurance?
You take great pride in your work and 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 paperhanging company 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 office or at a job site.
- An employee is injured on the job.
- You are sued for making some type of mistake.
Liability Insurance for Paperhanging Companies
Paperhanging 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 job site, 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 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 multiple trucks or work vehicles that you use to transport tools, equipment, and employees to and from jobsites.
- Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage. If you or any of your employees drive personal vehicles for business purposes, you need non-owned auto liability insurance, as well.
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 Paperhanging 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 tools, equipment, supplies, and materials while they are in transit and while they are at a job site.
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 covers your office space, shop, warehouse, or other buildings and their contents against 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 worksites.
Protect Your Employees with Worker's 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.
Worker's compensation coverage is required for most employers. It provides coverage for medical bills and lost wages when accidents or illnesses happen in the workplace.
Worker's compensation insurance provides benefits to injured workers regardless of who is at fault for an injury. If an employee cuts their hand while cutting or trimming wallpaper, worker's compensation insurance 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 worker's compensation requirements in your state.
Coverage for Home-Based Paperhanging Companies
If you have a home-based paperhanging business, 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 to be 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 probably insufficient if you work from home and have a well-equipped office, as well as business files and records and 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 homeowners 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 that 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 broader protection than an endorsement on your homeowners policy.
How Much Does Paperhanging Company Insurance Cost?
Insurance for paperhanging companies can range from several hundred dollars per month to thousands. It depends on:
- The size of your business
- Whether 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 paperhanging 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
These agents simplify the search process for finding the right paperhanging company 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 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
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