Painters often feel their line of work poses less risk than other contractors. While this may be true, it is wrong to assume painters do not experience liability claims. Painters work on a variety of projects that pose many types of risks. For example, interior painting versus exterior projects present different hazards. Exterior painting often requires scaffolding, ladders, and working on elevated areas of a building.
Did you know that according to a US national report, 58 painters sustained fatal injuries at work in 2021 alone?
Apart from the injuries you or your client might sustain, damages can occur within the building, triggering their Insurance Coverage for Painters and making this coverage a workplace necessity.
Having Painters Insurance Coverage can help you drum up more business. Property owners or general contractors will be more comfortable letting you work on their projects, knowing that you have business insurance.
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What is Painter’s Insurance?
As a painter, you are involved in the final touches of a project. A fresh coat of paint protects buildings from mold, water damage, rust, insects, and corrosion. But what protects you and your painting business?
Painter’s insurance is a specialized form of general contractor’s insurance tailored toward small or large painting businesses. Depending on the policy, painters’ liability insurance can cover a wide range of third-party claims, including bodily injury, advertising mistakes, and property damage. Without painter’s business insurance, paying for accidents as they occur can be extremely difficult.
Some of the most common health hazards for painting contractors include:
- Falls from ladders: This is extremely dangerous for anyone; there were 161 fatal work injuries from which ladders were the primary source in 2020 alone; making Worker’s Compensation insurance a must.
- Muscle strains from lifting.
- Exposure to drywall dust and other irritants.
However, the contractor’s health risks are not the only problem; third-party property damage or injuries are also typical, which is why Contractors Liability Insurance is one of the essential coverages of painting contractors insurance. Moreover, it offers financial protection for your business from claims that can ruin it.
Painter’s insurance typically only includes liability policies, but getting a worker’s compensation policy is necessary to insure your employees. At FarmerBrown.com, we pair painter’s insurance and worker’s compensation policies together for full coverage, making it easy for our clients to simplify their insurance packages and save money.
How much does Painter’s Insurance Cost?
At Farmer Brown, we individualize insurance policies based on our client’s unique and personal needs. For this reason, the painting insurance cost varies significantly between clients. Painting business insurance may not pose as many risks to an insurance company, but policies are still necessary and might come at a more affordable price.
We assess many factors when determining the cost and coverage of a policy:
- Size of business: A greater number of employees increases the odds of an accident occurring, which increases the cost of an insurance policy.
- Business Location: Varying state/regional laws surrounding insurance requirements could affect the cost of your policy. Additionally, the project location could influence the painter’s insurance cost.
- Company’s Claims History: The fewer claims your company has experienced will result in a more affordable policy.
- Age of Company: Insurance agencies have an easier time establishing trust with older companies. The length of your business proves trustworthiness, quality of work, and customer satisfaction, so it will likely lower the perceived risk in the eyes of an insurance company.
Contact us today to get an approximate price and ideas on how we can help you save on your painting insurance.
Is Painter’s Insurance Necessary? What does it Cover?
Different accidents and mishaps can occur during a painting project. And if they do, various insurance policies will suit different situations. Also, legal insurance requirements vary by state. Some require all contractors to carry a general liability at the minimum, while others require more coverage to sign contracts with a client.
Even if your state does not require you to carry a general liability policy, most clients will still request proof of coverage before starting a project. Liability insurance may not seem necessary for painters; however, accidents do happen, and it is best to be prepared and mitigate financial harm.
Here are some types of insurance coverage you should have and the sort of accidents that might trigger them. Contractor General Liability Insurance – Your Contractor General Liability Insurance covers property damage, bodily injury, advertising mistakes, medical payments, and others. Examples
- Bodily Injury to a Non-Employee: While working on a residential property, the owner’s toddler trips over your can of paint and breaks a bone. This coverage would pay for the medical costs.
- Reputation damage (or personal injury claims): You post a picture of your paintwork in a client’s home on social media. The client has not permitted you to do so, and they sue you for violating privacy. Contractors Liability coverage assists with the cost of your defense team, legal fees, costs of evidence, and witness fees. It also helps with the settlement costs.
- Advertising Injury: Your latest advert includes the logo of some of the products you use in your work. You do not have permission from this supplier to use their logo, and subsequently, they sue you.
- Property Damage: You damage a valuable piece of furniture while moving a ladder. This coverage will pay the cost of repairing it.
- Workers Compensation Insurance: Your Workers’ Compensation Insurance will pay for all medical expenses and lost wages if your employee is injured or killed during a project. Example: your worker is painting the window frames on the upper floor of the residential property when he falls and breaks his leg. Your Insurance Coverage for Painters will pay for his medical bills, rehabilitation expenses, and part of the income he lost while recovering. Moreover, most states in the USA require you to have Workers’ Compensation insurance by law.
- Commercial Auto Insurance: Commercial Auto Insurance protects against at-fault accidents and protects business-owned cars from damage or theft. It is the correct type of coverage if you use any kind of vehicle for business purposes. Example: You or one of your employees causes damage or injury while moving items in a business vehicle or for any other business purpose.
Nevertheless, many other policies, like Professional Liability, Tools and Equipment, Commercial Property, and others included in a business owner’s policy, can be helpful. Example: If liability arises from your professional services (like if you provide incorrect advice and the client suffers a loss), they could lay a claim against you. Errors and Omissions Insurance covers this, also known as Professional Liability Insurance. Remember that this is your tailored painter’s policy, so if there’s any addition you want, you just need to ask.
Tips to successfully apply for Painter’s Insurance Coverage
- While there is a lot for you to consider when you purchase Business Insurance Coverage for Painters, here are a few tips to guide you in making the right decision:
- Have all the information about your business at hand to get the best quote. That includes your annual revenue or the types of painting jobs you mostly do.
- Explore options on minimum policies but also consider higher limits. In most cases, you do not need to pay twice as much to get double coverage. We can help!
- For help and advice about the best sort of coverage at the best price, contact Farmer Brown Insurance. Get a free quote or call (888) 973-0016 to get all the help you need.
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