Understanding Painter’s Insurance: Coverage Options and Cost

Owning a painting business means part of your cost will include painter’s insurance. You need this coverage in case an accident happens on the job that creates an expensive mess to clean up. You should know about insurance before painting other residential or commercial properties.

What Types of Business Insurance Do Painters Need?

Every business owner that reaches a significant market typically needs at least a standard business insurance policy. Different business niches then add coverage extensions to their plan based on the risks the company encounters.

Your painters insurance plan must meet your state’s requirements to avoid high fines. If you hire employees, for example, you must carry workers compensation. Another requirement if you own company vehicles is to have commercial auto insurance.

You can supplement what your general liability insurance plan doesn’t cover with extensions, also known as endorsements. One type of additional coverage that many contractors use is professional liability insurance, which pays for employee mistakes.

If you own your business property, you’ll need commercial property insurance. It’s similar to homeowners insurance, except it’s designed for businesses. While a commercial property plan also covers contents within structures, you may need special coverage for specific unique or expensive equipment.

How Much Does Business Insurance Cost for Painters?

The good news for painters is that business insurance is fairly affordable. While you might pay $50 monthly for general liability insurance, commercial auto coverage may be over $125 monthly. With a small staff, your monthly workers compensation costs can be under $300. Endorsements such as tools and equipment coverage are typically only an extra $15 per month.

Monthly insurance costs vary among contractors, depending on various factors about the business. Its location, claims history, and staff size all play a part in determining monthly insurance premiums.

You can control certain factors that affect your monthly premiums. The best way to lower insurance rates is to shop around for different quotes, but you must also consider your company’s unique risks. Don’t just sign up for the first or cheapest plan you find. Make sure the coverage reflects your specific business needs.

Another way to lower your painting insurance costs is to identify risks that could lead to claims and develop ways to reduce these risks. Prioritizing worker safety and public safety can help achieve this goal.

Protect your painting business today

Painting houses, buildings, and other types of property can be a rewarding career or a second job. Either way, you need to consider the risks that come with the job, such as someone can get injured tripping over a ladder. CDF-Artisan Insurance Solutions is dedicated to helping contractors secure the right coverage. Contact us today to get painter’s insurance for your business.

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