As a welding contractor, you spend your time using a variety of methods to join metal parts with heat.
And we think your time is valuable, and should be spent working on your craft, not worrying about the various risks you face, or dealing with a claim.
The fact is, given your profession, you very well know you face a number of potentially catastrophic risks.
So what happens if you perform a defective weld for a customer, or if someone is injured as a result of your work?
- Who would you call?
- Would your business suffer a setback as a result of dealing with the potential lawsuit?
- Could your business survive?
Well with a little preparation and planning with an experienced Licensed Insurance Advisor, you could comfortably answer those three questions: my Insurance Advisor, no and yes… respectively.
It doesn’t matter if you’re an independent contractor, or you have a crew of welders and employees on your payroll. And it doesn’t matter if you’re working on a new build, employed in the automotive industry or servicing any of the other numerous industries that rely on welders.
The fact is, you need to protect your business before a loss happens that could force you to suspend or lose work.
Like any other business, welding 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 Welding Contractor Insurance is essential.
Commercial General Liability Insurance
As a welding contractor, Commercial General Liability (CGL) insurance is a must, as it would protect when lawsuits or financial losses occur. This policy should be the foundation of any welding business, whether you’re a one-man operation, or you have 50 employees.
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, a customer hires you to perform some routine hot work repairs to the water line in her apartment. The job seems straightforward enough.
But then the unthinkable happens.
The torch you’re using inadvertently set the wall insulation on fire causing flames to spread in a matter of seconds. Within a few minutes, the entire apartment complex is on fire.
Without the right Commercial General Liability Insurance policy, you could be facing a significant financial responsibility to pay for damages to the building, and compensate those injured in the fire.
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 welding contractors and businesses 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 equipment and materials 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 could be driving a truck filled with tools and equipment from one job site to another and they’re involved in a severe collision with another driver.
Your employee is at fault, there is extensive damage to both vehicles, all tools and equipment are damaged 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
Welding contractors usually have a fair amount of tools and equipment. They could be located at your business or office, in one of your vehicles, or on the jobsite. Because these items move around, the best way to insure them is with an Inland Marine Insurance policy (also known as a Contractor’s Equipment policy or floater).
For example, you left several pieces of equipment for a new construction project onsite, overnight. These items were stored in the jobsite trailer, which was locked. But when you returned in the morning, the entire trailer had been stolen.
If you were relying on your Commercial Property policy to cover the cost of replacing your tools, you’re going to be extremely disappointed when you find out there’s no coverage.
Why?
Because the theft occurred away from your business location.
An Inland Marine policy would cover the costs, even though the loss didn’t occur on your business premises.
Conclusion
Finding the best insurance policy for Welding Contractors 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.