You’ve worked hard to build up your painting business, and earn the trust of your clients.
But just one bad claim can completely ruin all you’ve worked so hard for… that is, if you don’t have the right insurance protection in place.
So what happens to your business if you experience a paint spill, drop your bucket from your 10 foot ladder, or some other unfortunate event to put your business at risk?
Whether you’re a one-person operation, or you run a company with several employees, you need to make sure that you have a Painters Insurance policy that protects you and your business.
Like any other business, painters 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 Painters Insurance is essential.
Commercial General Liability Insurance
If you run a painting business, 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.
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.
Imagine one of your employees spills turpentine on a customer’s hardwood floor, causing extensive damage.
And to make matters worse, the customer happens to slip and fall on that spill before you get it cleaned up. Not only would you be responsible for the damages to the flooring, but you would be responsible for any bodily injury claims and medical costs.
Without the right painters insurance coverage, you’re on your own to pay for floor repairs and medical costs – which can be substantial.
However, as long as you have CGL coverage, your insurance company would handle the claim so you can focus on your business.
Commercial Auto Insurance
Commercial Auto Insurance is another important policy that all Ohio painting businesses or independent contractors should consider because you’re relying on vehicles to get you from one client to another.
Many independent contractors make the mistake of assuming their Personal Auto policies cover their business use of a personal truck. However, in most cases, personal auto insurance is either inadequate or does not apply to commercial use of the truck.
For example, you take your personal truck to a job site because you’re carrying around all of your equipment. When parked on site, your truck is damaged by a piece of construction equipment.
You aren’t concerned because you have a personal auto policy. However, due to the fact that you were using your truck for commercial purposes, the damage is not covered by your personal policy and you have to pay the damages out of pocket.
Ouch.
A Commercial Auto policy could have responded to this type of claim, and if structured correctly, might not cost much more than a Personal Auto policy, so there’s really no excuse to forego insuring your work truck on a business auto policy.
Who needs painting insurance?
- Builders
- Construction Companies
- Developers
- General Contractors
- Handymen
- Housing Contractors
- Painting Contractors
- Remodelers
- Renovators
Conclusion
Finding the best insurance policy for painting 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.