Wooden framing contractors have one of the most important roles in any building project. They construct the frame of the building using wood and wood products, setting it in place so that the rest of the building can be constructed and supported.
Wooden framing contractors 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.
Wooden framing insurance can help your business prepare for and mitigate 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 Wooden Framing Insurance?
From the moment a project starts until the moment it is finished, your wooden framing business is bombarded by complex and costly risks. And the risks you face might be quite different from other contractors working at the same site.
Every wooden framing contractor needs to understand the most common types of losses that can threaten their business. Purchasing certain wooden framing insurance policies can benefit you by helping to mitigate losses related to:
- 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.
But with appropriate business insurance, you can protect your business and stay afloat even when something goes terribly wrong.
What Does Wooden Framing Insurance Cover?
While you may not typically have customers or the general public on your premises, you still need general liability insurance for occasions in which your business is negligent and causes bodily injury or property damage to a third party.
- Your commercial general liability (CGL) policy 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.
Most wooden framing businesses own multiple trucks or other vehicles to transport tools, equipment, and workers to and from job sites.
- If you own trucks or other vehicles, 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.
You may want to talk to your independent insurance agent about your need for excess liability, or commercial umbrella insurance.
- Commercial umbrella insurance: This 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, protecting you in the event that a claim exceeds the amount of coverage available from any other applicable policy.
Wooden framers also need to protect their valuable property and equipment.
- Commercial property insurance: This covers your office space, warehouse, or other buildings and their contents for losses due to fire, theft, vandalism, weather events, and more.
- Property insurance also typically includes loss of income coverage, or business interruption insurance. It 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.).
- Inland marine insurance: This is 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: This is often included in an inland marine insurance policy. It provides coverage for damage, theft, or loss of tools and equipment at a worksite, as well as for structures that are under construction that are damaged by fire, wind, hail, or other covered perils.
- Installation floater: This 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.
Protect Your Employees with Workers’ Compensation Insurance
Keeping your employees safe from work-related injuries and illnesses is important for your employees’ long-term health and satisfaction, as well as your company’s financial viability. Excessive employee injuries and illnesses can be financially devastating for your business.
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: This 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
Wooden framing contractors, 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.
There are a variety of different types of surety bonds, including bid bonds, performance bonds, payment bonds, license and permit bonds, and maintenance bonds. Every bond is unique and tailored to a specific project.
How Much Does Wooden Framing Insurance Cost?
Wooden framing insurance costs will vary widely from company to company, and a lot depends on the policies and insurance companies that you choose.
There are several factors that influence your wooden framing insurance costs; the unique characteristics of your business and your individual risk factors truly drive your business insurance premiums.
Some of the most important risk factors that come into play are:
- 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 business insurance quotes from multiple insurance companies. Independent agents aren’t tied down to a single carrier, so they can help you find the best coverage for your unique needs and budget.
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
independent agents simplify the search process for finding the right wooden framing 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.