Welders utilize a wide variety of methods to join metal parts with heat. The methods used are dependent on the types of metals they are working with, the conditions under which the jobs must be done and the industry in which they are applying their skills. Whether working on new building construction, automotive repair, shipbuilding or any of hundreds of other industries that rely on welders, if you own a welding contracting firm, you need to protect your business interests with appropriate insurance for welders. An independent insurance agent can help.
Welding Industry Facts From the Bureau of Labor Statistics
- As of 2012, there were approximately 357,400 welders working in the United States.
- These welders earned an average salary of $36,300 per year.
- The number of welding jobs is expected to increase 6% by 2022.
Welder Insurance Must Include Liability Coverage
A liability lawsuit can be overwhelmingly expensive. Liability insurance provides coverage for legal defense fees, court costs and financial damages. To ensure that you have coverage when you need it, it is important that you protect your business assets with the right kinds of liability insurance for welders. Your independent insurance agent can talk to you about:
- Commercial general liability insurance: Because of how easy it is to start fires while working, welders risk damaging property and injuring others when they are working. General liability insurance provides coverage for this and other hazards in which a welder may cause damage or injury to third-party interests.
- Commercial auto liability insurance: As a welding contractor, you likely have at least one business-owned truck or van that you use to transport your tools and equipment to job sites. If so, you will need to carry commercial auto insurance on these vehicles. If your employees use personally owned vehicles to carry out their job, your welding business can be held liable if they are in an accident on the way to or from the job site. You can protect yourself from losses by carrying hired or non-owned vehicle insurance.
- Umbrella insurance coverage: Insurance companies have limits to how much liability coverage they are willing to offer. If you feel that your coverage limits are too low, you can obtain additional liability coverage for all of your liability policies by purchasing an umbrella insurance policy. These policies provide an affordable way to obtain very high liability coverage limits.
Workers' Compensation Coverage Is an Important Part of Insurance for Welders
There are a number of ways that welders can be injured on the job. Welders often work outdoors in inclement weather, indoors in confined areas and on scaffolds at dangerous heights. All of these conditions increase the risk of worker injury. Additionally, welders often suffer musculoskeletal injuries from lifting heavy objects or form working in awkward positions.
Fortunately, when you are building your welding contractor insurance portfolio, you can include workers' compensation insurance, which is required of employers in most states. This insurance provides coverage for medical treatment for workplace injuries, lost wages while injured workers recuperate and even death benefits to survivors in the tragic event that a workplace injury proves fatal.
Allow an independent insurance agent to help you find a workers' compensation insurance company that is experienced at dealing with the types of injuries common to welders. These insurance companies can even provide a lot of useful information and resources regarding keeping your workers safe.
Welder Insurance Policies Can Cover Your Business Property
Welding equipment is expensive. It is therefore important that you carry the right insurance coverage to protect your investment. There are a few different kinds of insurance policies that you may want to discuss with your independent agent when you are building your coverage portfolio. These include:
- Business personal property insurance: This provides coverage for your business property, including computer systems, furnishings and welding equipment, at your central business location. Covered events include extreme weather events, fire, theft and vandalism.
- Breakdown of equipment and machinery insurance: Welding equipment is expensive. If it breaks down, you will be unable to do your job. This insurance covers the cost of repairing or replacing the equipment and covers the cost of renting equipment to use while repairs are being made.
- Builders risk insurance: This is not something you would need to purchase, but it may cover your business equipment on job sites if you are working as a subcontractor on a new building construction job. In this case, this insurance would be purchased by the top contractor on the job.
- Inland marine insurance: This provides coverage for your tools and equipment while you have them on location at job sites and while they are in transit to and from the site.
- Employee dishonesty insurance: This insurance provides you with compensation in the unfortunate event that an employee steals equipment or cash from your business.
Independent Agents Make Buying Insurance for Welders Easy
When you are shopping for welding contractor insurance, you can get support by contacting an independent agent in the Trusted Choice® network. These agents can work with you to make the process of building a portfolio an easy endeavor. In addition to answering your insurance-related questions and helping you determine which coverage types are right for your business, Trusted Choice agents can save you money by shopping around for suitable policies at competitive rates. Find a Trusted Choice agent near you, and schedule to learn more about welder insurance.