Choosing the best painter insurance is important since you need to reduce the risk that comes with this business. There are a lot of insurance policies out there that you have to consider. As long as the coverage you need is there, it is an insurance policy worth taking. You can even get tailored painter insurance to match your actual needs. Here are some other ways to find out which insurance policy you should have.
Find out what you really need
Given the fact that there are different options, you need to determine first what exactly it is that you need. The obvious ones include property insurance and general liability insurance. If your business has an actual establishment where equipment and other materials are kept, the said place should be insured. It could be subject to robbery or other disasters. Paint is flammable along with other materials that you use for the job. It helps if you can get this type of insurance.
Another type that you really need is general liability. This allows you to fully cover the cost of any damage done to the site of the painting. Whether it is a stained carpet or broken walls while you are performing the job, the insurance will have it covered. If the homeowner has an accident due to spilled paint for instance, this insurance will also cover the cost.
Think about your employees too
As the owner of a painting business, the first thing you have in mind is the protection of your business. You want to make sure that everything is covered if anything happens. Think about your employees too. In the event that the business stops due to loss of equipment or other problems, they will run out of income. The workers’ compensation insurance allows them to continue receiving money even if they are not working because of an unfortunate incident. Remember though that even with this insurance, the insurance company will still do a review before payouts are given. Also, in some areas, having this type of insurance is a must.
Don’t go cheap
You might think that getting a cheap insurance policy just so that you can comply with the requirements is good enough. You need this insurance and you can’t afford not having coverage when needed the most. Cheap insurance might let you pay the premiums every month easily, but it might be an unstable insurance company. The coverage might not be as extensive as you would have wanted, and you will only realize this the moment you make a claim on the policy.
Take time to study the options and determine what would be best for your company. Tailored insurance is also an option if you want the insurance to be a package containing everything you need.