As a painter in CNY who takes residential jobs, you face real financial risks that could impact your business. Accidental property damage, injuries, or lawsuits from mistakes can create significant challenges. Having appropriate painter's insurance coverage can help address these exposures.
At the Horan insurance agency, we assist painters throughout Central New York in exploring insurance options. We work with several carriers to help you compare coverage that may fit your situation. Our team can provide information about different policy types and assist you in making informed decisions about your coverage needs.
In this article, we'll explain the different types of painter's insurance available, how they may benefit you, and how to obtain quotes. Whether you're a single-owner contractor with one employee or a larger painting company, we'll provide information to help you explore coverage options for your situation.
Painting Mishap? General Liability Insurance May Help
You’ve been hired to paint the living room of a client’s colonial in Chittenango, New York. You’ve done a great job of covering the furniture and flooring with drop cloths, and you’re ready to start applying the paint.
But when you climb up the ladder to reach the ceiling, you accidentally knock over the paint can. Paint spills all over the imported basketweave carpet, creating a huge mess. The client is furious and demands that you pay for the damage. What do you do?
This is just one example of how a painting mishap at a client's home can cost you a lot of money and stress. That's why you may want to consider general liability insurance for your painting business.
How General Liability Functions
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General liability insurance may help cover the costs of property damage or bodily injury that you cause to others while performing your work. It may also cover your legal fees if you get sued by a client or a third party for a mistake or negligence.
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General liability insurance may help address financial losses and can be an important part of maintaining your reputation as a professional painter.
Business Property Insurance for Your Equipment and Tools
Another type of insurance that you may need as a painter is property insurance.
Property insurance covers the loss or damage of your business property, such as your office, equipment, and inventory. This can include tools and materials you use for painting, such as brushes, paint sprayers, rollers, drop cloths, ladders, and more.
It can help you recover from a situation where your van is stolen with everything inside of it. This can be a devastating loss for your business, as you may not be able to complete your projects or take on new ones without your tools and supplies.
Property insurance may help you replace your stolen items and get back to work as soon as possible. It may also help address other risks, such as fire, vandalism, or natural disasters that can damage your property.
How Much Will Property Insurance Cost Me?
Small contractors like yourself often buy property insurance and general liability insurance together on a package policy. The cost of this policy will depend on how much coverage you need, how much revenue you make, and how much you pay your employees.
With that in mind, a policy with $1 million in liability coverage and $1,000 for tools could cost as low as $800 per year.
Commercial Auto Insurance Safeguards Your Vehicle(s) and Tools
As a painter, you probably rely on your vehicle to transport your tools and materials to different job sites. You may also use your vehicle to advertise your business with signs or decals. But what if your vehicle gets into an accident, breaks down, or gets stolen? How would you continue your work and cover the costs of repairs or replacements?
That’s where commercial auto insurance comes in.
This is a type of policy that covers vehicles used for business purposes, such as cars, vans, trucks, and trailers. It may help pay for damage to your vehicle (through comprehensive and collision coverage) or other vehicles, injuries to other drivers, and theft or vandalism of your vehicle or its contents.
To avoid these risks, you should consider switching to a commercial auto policy as soon as possible. To learn more about when and how to make the switch, read our article When Should Small Contractors Switch from Personal to Commercial Auto Insurance?
How Much Will Commercial Auto Insurance Cost Me?
The cost of commercial auto insurance depends on how much coverage you want, but you can get an estimate based on a typical scenario. For example, if you have one medium-duty pick-up truck and you want $1 million in liability coverage and $500 deductibles for comprehensive and collision coverage, you could pay as low as $1,100 per year.
The Benefits of Workers Compensation Insurance
If you have staff working for your painting business, you'll need workers compensation insurance. This policy may help cover medical expenses and lost wages for employees who get injured or sick because of their work.
For example, if a worker falls from a ladder and injures their back, workers comp may pay for their hospital bills and a portion of their missed income.
Without workers comp, an injured employee could sue you, which could cost you a lot of money and damage your reputation. Workers comp may help address these lawsuits by providing legal defense and settlement costs. Workers comp is also legally required in New York State for businesses with employees.
The cost of workers comp depends on several factors, such as the number of employees and the type of work they do. Your total payroll and whether you choose to cover yourself as the owner also determine the premium cost.
For example, if you have $50,000 in employee payroll and you include yourself, you might pay around $3,000 per year. However, this can vary significantly depending on the carrier you choose.
Read Why Must CNY Contractors Have Workers Comp Insurance? to learn of other potential benefits this coverage offers and why it makes sense even if you have no employees.
How to Get a Quote for Painter’s Insurance
Getting a quote for painter’s insurance is easy and fast. You can usually get a quote and buy a package policy and an auto policy within the same day. However, a workers comp policy may take a few days to become effective.To get a quote, you’ll need to provide some information about your business, such as:
- Your EIN (Employer Identification Number) if your business is an LLC or a corporation. If you’re a sole proprietor using your own name, you can use your SSN (Social Security Number).
- Your annual revenue (if you’re just starting out, you can give an estimate)
- Your annual payroll, if you have any employees
- The value of the tools and equipment you want to insure. If any item is worth more
than $1,000, you’ll also need to provide the make, model, and serial number. - The VIN (Vehicle Identification Number) for the vehicles you use for your business
- The driver’s license information for yourself and all the drivers in your business
With this information, we can compare quotes from different carriers and help you explore policy options for your situation and budget.
Reducing Your Business Risk By Obtaining Appropriate Painter's Insurance Coverage
As a contract painter in CNY, you work hard to provide quality service to your clients and grow your business. You take pride in your craft and enjoy the flexibility and independence of being your own boss. But you also face risks that could impact your livelihood and reputation. That's why painter's insurance may be an important consideration.
It may help address various financial and legal risks related to your work. It can potentially assist with covering the costs of accidents, injuries, damages, lawsuits, and more. It may also help you comply with state laws and client requirements. Without painter's insurance, you could end up paying out of pocket for these expenses, which could significantly impact your business and affect your personal finances.
We've assisted many small contractors like you in obtaining coverage to help address covered mishaps, theft, and disasters. Consider exploring appropriate painter's insurance options to help address the risks you face in your business.
Click the Get a Quote button below to explore painter's insurance options and learn more about available coverage. You'll be able to make informed decisions about what may work for your painting business.
If you’re ready to explore painter’s insurance, you may also want to learn how to handle a certificate of insurance request. A certificate of insurance (COI) is a document that proves you have the coverage your clients or contractors require. It can help you pursue more jobs and avoid contract disputes. Find out how to get and use a COI when it’s requested.
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