As a basement waterproofing contractor, your work can vary greatly… from residential to commercial clients, interior or exterior basement problems…
You need an insurance plan that fits your unique needs.
The fact is, your line of work can be risky. You must prevent water entry through foundation seams, cracked cement walls and floors and stairwell areas.
In addition, you must offer your clients a basement that is less vulnerable to mold, mildew, water damage and structural problems.
When you’re in the business of preventing water damage, you need specialized Basement Waterproofing Insurance that covers the risks that you encounter in your day-to-day work.
Like any other business, waterproofing contractors need a variety of insurance coverages to ensure their operation is protected. Additionally, rules and coverages can vary from state to state, so understanding Ohio Basement Waterproofing Insurance is essential.
Commercial General Liability Insurance
If you’re a basement waterproofing contractor, then a Commercial General Liability (CGL) insurance policy is a must, as it would protect when lawsuits or financial losses occur.
A typical CGL policy provides coverage for claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises or operations.
For example, you install a new sump pump for one of your residential clients. Months after the project is completed, you receive a call from your client saying the sump pump failed and resulted water all over their newly finished basement.
Cleanup and repair costs will easily exceed $30,000.
Without a CGL policy, your concrete business would be paying for the damages out of pocket.
As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims.
Commercial Auto Insurance
Commercial Auto Insurance is another important policy that all Ohio waterproofing contractors must consider because you’re relying on vehicles to get you from one client to another. Doesn’t matter if you have one truck or a fleet of 100, you still need Commercial Auto Insurance.
The trucks or trailers that you’re using to haul your materials and equipment should be insured. A Commercial Auto Policy can be used to insure vehicles for:
- Liability – this would protect the business owner in the event of an at-fault accident where the owner, or any employees, caused injuries to others while driving a company vehicle
- Physical damage to the vehicles owned by the business if they’re involved in an accident, stolen or vandalized
- Or both Liability and Physical Damage
For example, one of your employees is driving a company vehicle to a job site when he’s involved in a severe accident with another driver.
Your employee is at fault, there is extensive damage to both vehicles, and there will be medical expenses for both drivers.
Your Commercial Auto policy could cover the property damage, the medical expenses and any potential legal costs involved.
Contractor’s Equipment Insurance
In addition to the vehicles that you’re using to haul materials and equipment, you’ll also need to insure the equipment.
The standard Commercial Property Insurance policy provides coverage for your equipment, but it’s only covered while it’s on your premises.
For a waterproofing contractor business that often has its equipment away from its office premises, this creates a problem.
In order to protect these types of items that are regularly off your premises, you need an Inland Marine policy (also known as a Contractor’s Equipment policy or floater).
For example, you leave a sump pump and your tools on customer property for the night, as it will be installed the next day. However, you return to your customer’s property the next morning and discover everything has been stolen.
An Inland Marine policy would cover these costs even though the loss didn’t occur on your business premises.
Conclusion
Finding the best insurance policy for your Basement Waterproofing business in Ohio, and figuring out the types of coverage needed to protect your business, can be confusing, time consuming and difficult.
However, the right insurance protection is still critical to the success of your business. Without it, you’re one claim away from being out of business.
And remember, not all policies are created equal.
You probably wouldn’t go to your eye doctor instead of your dentist if you were having a toothache, right? Just because they’re both doctors doesn’t mean they have the same skillset.
Just the same, you need an Insurance Advisor that understands your industry, your risks of loss, and how best to protect you and your business.
We can help.
We know the industry, we understand your needs, and we work with multiple insurance companies so we can deliver the insurance solution that’s perfect for your business, and your budget.
When you have confidence in your business insurance, you have greater peace of mind knowing that you can keep working to generate revenue, even when disaster strikes.
To get started on your customized solution, contact one of our Licensed Advisors, or Request a Proposal and we’ll get to work right away.