Do Painters Need Insurance?
What Professionals Should
When you start a painting business, you need some form of business liability insurance to safeguard your livelihood.
A single accident could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches your level of exposure. Some employers or clients might also require you to carry a certain amount of general liability before you can work for them.
General liability insurance, also known as Commercial General Liability or Business Insurance, protects painting contractors from bodily injury and property damage claims. If your small business were to spill paint on a client's carpet, painters insurance covers the cost of cleaning or replacing the floor coverings. If the spill causes the client to slip and fall, painting insurance protects the painter from bodily injury claims and medical costs. General liability can also protect a contractor from slander and false advertising claims.
HOW MUCH DOES LIABILITY INSURANCE COST?
Most painting contractors are going to be paying $600- $1000 a year for liability insurance.
HOW MUCH DOES IT COVER?
Most policy limits are are between $1,000,000 to $2,000,000
IS THERE A DEDUCTIBLE?
This is usually around $500
WHAT DOES LIABILITY INSURANCE COVER?
Bodily Injury- If your client were to get hurt on your equipment, like tripping over a ladder, you could be liable.
Property Damage- This covers cost of damaged property like breaking a window with an extension pole or spilling paint on new carpet.
Personal Injury- A homeowner could sue your company for slander if they find out your business is talking about them in a false or unflattering way.
Liability Insurance is enough to get started for sure, but if you want to grow or have employees, you’ll need more than just general liability insurance. Once the company starts to evolve into something larger you may want to look into upgrading. The next type of insurance a painting business may need is Workers Compensation Insurance.
Personally, I have never heard of anyone having to use their insurance nor have I had to use any insurance during my 20 years in the trade. Unfortunately, it is a requirement by the government, so in order to protect yourself, get insured.
Read about more types of insurance for painters and small business's:
Workers Compensation Insurance: Protects your employees from injury, medical bills and even death.
Business Owners Policy (BOP): Extends protection of a General Liability policy to include coverage for commercial buildings and personal property.
Professional Liability Insurance: Protects your company against claims that a professional service you provided caused your client to suffer financial harm.
Auto Insurance: Protects vehicles traveling to and from job sites.
Bonded: a bonding company has secured money that is available to the consumer in the event they file a claim against the company.