Framing contractors should make sure they have the right insurance to protect themselves and their business. This guide will explain the different types of framing contractor insurance, how much coverage you should get, and where to find it.
Framing Contractor Insurance: General Liability Insurance
General liability insurance is a must for framing contractors, as it protects them from claims resulting from bodily injury and property damage occurring either on the job site or off. This type of coverage is essential if you need to take on bigger projects, since customers will likely require this type of protection before signing any contracts. Make sure you get enough general liability insurance to cover the costs of any accidents or damages that may occur while working with tools, products, or equipment in your customer’s home.
Commercial Property Insurance
Commercial property insurance is also important for framing contractors. This type of coverage covers any losses that occur from theft, vandalism, or a fire at your property or on the job site. This type of protection ensures that you have financial support if any of your valuable tools and equipment are damaged or stolen while you’re working in someone else’s home. Make sure to get enough coverage to cover all of the wear and tear sustained during the course of a job.
Framing Contractor Insurance: Workers’ Compensation Insurance
Workers’ compensation insurance is critical for framing contractors as it covers medical costs and lost wages due to an illness or injury that occurred while on the job. In most states, workers’ compensation coverage is mandatory for any business with employees. You can purchase workers’ compensation policies through your insurance broker or state-run programs. Be sure to follow all state requirements and laws, as they vary by state.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance (E&O), protects framing contractors from claims that may arise due to an error or omission in the work they have done. This coverage can provide financial protection against damages and legal expenses should a customer claim that a framing contractor’s negligence caused an injury or damage to their property.
Equipment Breakdown Coverage
Equipment breakdown coverage can help protect against property damage or loss of income caused by accidental breakdown of a contractor’s equipment. This coverage offers protection for physical losses, as well as assistance with repairs and replacements if the contractor’s equipment was damaged due to an unexpected mechanical or electrical breakdown.