Starting a painting business can be a lucrative endeavor since it may involve working for developers and property owners. As different businesses have different coverage needs, a typical painting business is well protected with comprehensive coverage and health and life insurance. The coverage amount should reflect 20 to 30 percent of projected gross revenue.
Listed below are a few common questions related to painting business income, insurance costs, etc., and the answers to the same.
- How Much Do Painting Business Owners Make?
A painting contractor in the United States earns a median income of $87,400, but the salary range spans from $50k to over $150k. About half of painting businesses earn between $75k and $150k.
- Can a Painting Business Be Profitable?
The key to a profitable painting business is to serve a niche that others cannot. It might be because others cannot afford that niche due to a lack of resources. If you can establish a niche and bring value to projects, your painting business will be highly profitable, especially if you work with development contractors on multiple projects.
- How About Starting a Painting Business?
If you have a passion for painting, it can be a source of steady income for either full-time or part-time work. It’s a job that’s fairly easy to learn, although you must be careful about keeping your strokes steady and avoid the paint from dripping. Even though it may look easy, it takes energy to use the same arm motion for hours. You do have to make a modest investment in paint and supplies. This type of work is rewarding because it makes old homes look new again.
- Do Painters Earn a Lot?
Painters typically don’t earn as much as owners of painting companies. According to the Bureau of Labor Statistics, the average painter in America earns about $40,000 per year. The typical range of salaries for painters is from $33k to $53k. A painter who gets paid hourly earns about $14-16 per hour.
- Why Should Painters Have Insurance?
It’s a good idea for painters to carry insurance due to the multiple risks of harming someone else’s property or health. Spilling paint, falling off a ladder, and exposure to toxic chemicals can lead to property damage and injuries.
- What Type of Insurance Does a Painter Need?
At the core of painters insurance is general liability coverage, which pays for a wide range of injuries or damage that may occur at the worksite. Many solo painters own vehicles and equipment. So if you own a company vehicle, you’ll need commercial auto coverage.
Additionally, if you hire employees, you’ll need workers’ compensation insurance no matter which state you do business in. Depending on your business niche in the painting field, you may need more specialized insurance as well.
- What Is the Cost of Insurance for Large Painting Businesses?
Large painting businesses typically spend thousands of dollars more on insurance annually than small companies. A healthcare plan alone for each employee costs them over $7,000 per year, based on 2020 figures.
- Do Painters Need to Carry Professional Liability?
Yes, painters should carry professional liability insurance to cover the numerous things that can go wrong with a paint job. If you make a mistake as a painter, whether it’s using the wrong shade of color or painting the wrong rooms, it helps to have coverage that pays for such errors, which can be costly.
- What About Professional Indemnity Insurance?
Yes, painters should carry indemnity insurance, which pays for injuries to third parties. It also pays for accidents involving your gear, such as if a scaffold tips over and damages the client’s property.
At Artisan Insurance Solutions, we can answer your questions about painting insurance costs and help develop a unique insurance plan suitable for your operation. Contact us today to get started on protecting the assets of your painting business.