The Dummies’ Guide to Insurance for Painters

About three-quarters of all businesses in the U.S. are underinsured. What might that mean for your painting business? It could mean financial trouble if you have to file a claim that’s not covered by your insurance company.

Insurance for painters is complicated and confusing, but it doesn’t need to be. There are some basic things that you need to know about getting the right coverage for your painting company.

Read on to learn who needs to be insured and what the types of policies are so you can have peace of mind.

Who Needs Painters Insurance?

All painters who get paid for painting services need to have some kind of insurance coverage. That’s the case whether you do exterior painting or interior painting.

The only exception is if you’re an employee of a painting contractor’s company. The company will provide insurance.

Painting contractors, subcontractors, independent operators, part-time painters all need to have insurance to cover their business. Some states require that you carry certain types of business insurance. Some customers may ask to see proof of insurance coverage before they hire you.

Types of Insurance for Painters

There isn’t a standard policy that painters purchase that will cover everything. You’ll find that there are many different policies that cover different aspects of your business. It may be concerning because the cost of the individual policies can add up, but the separate policies ensure that you have coverage tailored to your business.

General business liability is the standard business insurance policy that covers property damage and physical injuries.

Commercial property insurance will cover your equipment, such as ladders and scaffolding. You’re also covered in case the equipment is damaged in a fire or stolen. Businesses that store equipment in flood-prone areas will need to purchase a separate flood coverage policy.

Since you’re going to travel from one job to the next, you’ll need to purchase an auto insurance policy for your business.

If you have employees, you’ll need to make sure that your insurance policy covers them when they’re out in the field. You’ll also have to have worker’s compensation insurance in case they get injured on the job.

Getting the Right Insurance Policy

The first thing you need to do is to take a long look at your painting business. Assess what the liabilities and the risks are to your business.

For example, if something happened to your equipment, how would that impact your business? You wouldn’t be able to work, and the equipment can cost thousands to replace.

Once you understand what your general needs are, you can get a quote for painters insurance. You’ll be able to estimate how much the insurance costs. You’ll also want to consult with an insurance professional that handles painting companies so you know that your business is fully covered.

Breaking Down Insurance for Painters

Insurance for painters is simplified once you understand what your business needs are. You’ll get a complete insurance policy and lower your risk.

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