Do you need insurance coverage as a painting contractor? Regardless of the size of your business, the answer is always yes.
As a painting contractor, you are only all too aware of the unique challenges your business faces daily. From accidental paint spills to client injury, you undoubtedly have come across it all. This means having the right insurance coverage in place to protect you and your business interests are vital.
Let’s look at the reasons why General Liability insurance is one of the most important insurance policies that your business should carry.
Why get General Liability insurance for your business?
1. Financial protection
As a small business owner, an insurance claim can be financially devastating for both you and your business. For example, a claim that arises from injury or damage to a customer can cost your business an average of $30,000.
General Liability insurance provides you with financial coverage in the event of a third party or customer bodily injury and property damage. It also includes coverage for personal injury – that is, libel or slander – and advertising damage.
Together, these cover some of the most common claims against businesses and will help protect your company from significant financial repercussions in the event of a claim.
2. Protection against employee accidents
As a painting contractor, you cannot complete every job on your own. Nor can you monitor your employees all the time. However, you are still responsible for their actions while on a job.
For example, if one of your employees forgets to lay down a tarp on a job and damages a client’s property by spilling paint on the Persian rug, you and your business will be held liable for property damage. General Liability insurance serves as a way to protect your business from accidents caused by forgetful employees.
3. Coverage in the case of accidental libel or slander
As a business owner, you may compare a competitor’s business unfavorably to your own. This can be considered as slander (if your statement is made verbally) or libel (if your statement is published as writing, images, or on video) by the other business owner.
In such a case, you can be held liable for defamation and reputational harm. Such claims can cost your business an average of $50,000 and place a significant financial burden on it. General Liability insurance ensures that you have coverage in the event of such claims.
4. Protection against the unexpected
Even if you take all possible precautions, accidents still occur. For example, a client may trip over a ladder that you are using to paint a ceiling and injure themselves, or you may trip over an open can of paint and cause a paint spill over your client’s furniture.
In such cases, you will have to cover medical costs or replace damaged property. As a small business, you may find yourself unable to bear this financial burden out of pocket. With General Liability insurance, however, you will not have to fork out the money yourself.
5. Job opportunities
Many clients, including corporate and residential, will only be willing to work with you if your business has General Liability insurance.
By carrying this insurance, you show that you are concerned about your client’s well-being and property. By making sure you have this insurance in place from the beginning, you are staying one step ahead of the competition.
Don’t wait for the unexpected
Some accidents and events are simply out of your hands. You may think you have it all sorted, but it only takes one incident without General Liability insurance in place to potentially ruin all you have worked so hard for.
Ask yourself, is it worth it? And speak to an insurance advisor today.