Typically, for small to mid-sized painting companies, standard forms of coverage are bundled into a business owners policy (BOP), but you may need additional standalone policies to fully protect everything you have against a number of unique risks. Just imagine a half-can of semi-gloss getting knocked straight through a big screen TV. Uh-oh, huh?
This makes having the right coverage pretty important. Our independent insurance agents can walk you through the ins and outs of painters insurance to make sure you have the protection you need.
What is Painters Insurance?
Boiled down, painters insurance includes a number of different coverages that, when piled up together, will protect your business from bodily injury or property damage claims to clients or employees. It’s put in place to keep your business up and painting when bad stuff happens.
What Does Painters Insurance Cover?
Typically, your coverage starts with what’s called a business owners policy, or BOP. You’ll most likely need additional protection beyond your BOP, but small to mid-sized companies can benefit from the bundled protection and affordable price.
A business owner’s policy will usually include:
- General Liability Insurance: Covers your business’s legal responsibility for any bodily injury or property damage that your day-to-day operations may cause.
- Property insurance: Covers damages to your building or equipment on your property.
- Business Income Insurance: Covers up to a year of lost income due to any insured property loss.
Though other standalone policies worth considering adding to your portfolio include:
- Professional liability: Covers any mistakes of yours that cause physical or emotional injury due to your professional services.
- Commercial Vehicle Insurance: Businesses are legally obligated to get insurance to cover any business vehicles in case you’re involved in some sort of unforeseen accident. Every state has different coverage requirements.
- Inland marine insurance: Protects property, equipment, and tools moving in between jobsites and the business.
- Workers compensation: Covers employees’ medical costs, lost wages, permanent disability, or death benefits that result from a workplace injury or illness. This coverage is mandatory in almost all states.
Who Should Get Painters Insurance?
Pretty much every painting company. There are just too many risks involved in day-to-day operations, and having the proper coverage can keep you from facing financial ruin.
Commercial painters are not the only ones who should have coverage in place. Businesses that do work in addition to painting, like demo, construction, and remodeling can still benefit from the policies mentioned above.
How Much Does Painters Insurance Cost?
The cost of painters insurance depends on the amount of coverage and a number of other factors like size, location, number of vehicles, and state regulations. Whether you specialize in interior painting or exterior can also affect the cost.
For example: If you’re a small to medium-sized business owner, general liability coverage can range anywhere from $400 to $1,000 or more a year. In addition, workers compensation for painters costs an average of $8.99 per $100 of employees’ wages, and commercial auto insurance can range anywhere from $800 to $2,000. Add it all up and it’s still far less than one bad liability claim, so get yourself covered.
What’s So Great About Independent Insurance Agents?
Insurance policies can be complex, and weeding through all your options can be confusing, time consuming, and really frustrating. An independent insurance agent's role is to simplify the process. They’ll make sure you get the right coverage and even break down all the jargon so you can understand exactly what you're getting.
Finding and Comparing Painters Insurance Quotes
Our agents will review your needs and help you evaluate which painters insurance coverages makes the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.