Flooring contractors are professionals who repair, maintain, and install flooring in residences and commercial buildings. As a flooring contractor, you are responsible for safely installing flooring the customer has requested, along with making minor or large repairs, whether it is hardwood, carpet, tile, stone, laminate, linoleum or other flooring materials. As a flooring contractor, your biggest risks are bodily injury when installing or repairing flooring, as well as potential damage to the customer’s home or place of business during the installation process. Flooring contractors insurance will help cover risks associated with your profession.
There are a variety of insurance policies suitable and recommended for flooring contractors; the following are the most common and beneficial to flooring contractor businesses.
General liability insurance includes completed operations, products liability, and premises liability and is an important policy for flooring contractors. Completed operations is especially important because it covers any legal costs relating to the completed job. If after installing flooring, your client discovers an error that includes damage to their home, they can sue you for damages. Premises liability covers any accidents that might occur in your contractor’s business office, and products liability covers liabilities from products you use or sell.
As a flooring contractor, the majority of your job is spent at client’s homes or commercial buildings, therefore you should have business auto insurance. Also referred to as commercial auto insurance, business auto insurance for flooring contractors is meant specifically for vehicles used for business operations, such as driving to or from a client’s place of business or residence, as well as picking up supplies, or dropping off a deposit at the bank. With business auto, you’ll be afforded protection from property damage or bodily injury as a result of a vehicular accident. Protection may also include theft and vandalism coverage as well.
A business owner’s policy (BOP) can provide your flooring contractor business with an insurance policy that encompasses several different types of policies. As a package policy, the BOP is tailored to fit any risks you feel are likely for your business, including business income, equipment breakdown, building and contents, electronic data, employee dishonesty coverage, and newly acquired or constructed buildings. For example, if there was a natural disaster that destroyed your office building, the BOP can include protection against those damages along with business income until you’re able to continue with your daily business operations.
Your equipment and tools are a vital part of conducting business as a flooring contractor. Getting your equipment insured with an equipment breakdown policy helps to pay for repairs or replacing your permanently installed equipment if they were to become damaged.
Property insurance is a business insurance policy that will cover your flooring contractor office building and property. This type of insurance for flooring contractor’s policy helps to protect against any loss or damage to your property, such as from fire, natural disaster, extreme weather conditions, theft, or vandalism. As a uncomplicated example, if there is a tornado that blows through, it can destroy the windows of your office building, along with office equipment and electronic data and storage. These items can be repaired or replaced with coverage from your property insurance policy.
All of your employees, whether they are fellow flooring contractors or office personnel, should be covered by worker’s compensation insurance. Worker’s comp is mandatory in most states and offers protection against work-related injuries or illness. For your contractors especially, it is important due to the nature of their work. Installing flooring can pose dangers from both the tools and equipment used and the physical labor your employees perform on the job. If an employee cuts his hand on an electric saw, the resulting medical costs and lost income will be covered by worker’s comp.
Crime insurance covers different types of crimes that can occur with a flooring contractor business, such as dishonest employees and theft. If one of your employees embezzles money from your company, crime insurance will help cover the cost of damages or loss caused by the embezzlement.
Surety bonds act as a promise between you and your client. By signing this contract, you are agreeing to the work you will complete and your client agrees to payment by a certain date. If either of you break the contract, legal action can be pursued. Surety bonds are recommended for any type of service or contracting business.
Flooring contractors insurance is essential to running and maintaining a lucrative business. By protecting your business from these and other potential risk exposures, you can continue with business operations even if an unexpected event were to occur.