Month: August 2021
Insurance for Carpentry, Drywall and Painters
Different kinds of businesses in Oswego, Montgomery and Morris (IL) need different kinds of insurance according to how coverage will protect against an operation’s particular risks.
Carpentry, drywall and painter businesses are three professions that can require certain policies to suit their daily activities. In this discussion, we’ll provide a starting overview of insurance considerations for each.
Carpentry Insurance
Carpentry is a vital trade with diverse specializations, such as framing, finishing, remodeling, woodworking and new construction.
By its nature, the profession also carries the risk of accidents or damaged property. Whether you are an independent carpenter or a crew supervisor, guarding your work from liability is important to operating your business. Just one event involving medical bills or property damage, as well as potential legal fees, can bring operations to a halt.
The following are common insurance policies for carpentry businesses in Oswego, Montgomery and Morris:
Commercial General Liability. A must-have for carpenters, this coverage offers protection for third-party injuries and property damage, as well as liability related to completed work. For example, if a crew member ruptures a pipe during a job, rather than the company having to pay to repair it, general liability will help cover the cost.
Commercial Property. A property policy covers damages to your business structure and its contents as well as parts of the surrounding property. For example, if a severe storm batters your building, this insurance will help pay for any needed repairs.
Workers Compensation. Workers comp coverage is crucial if you employ a crew, and Illinois requires it. It protects your personnel from injuries or illnesses that they may sustain while working for you. For example, if a crew member falls from a ladder at a jobsite and breaks an ankle, workers comp will help pay for the medical bills, lost wages and any necessary rehabilitation.
Commercial Auto. Should you ever be in an accident while driving a company vehicle, this insurance will cover damages to vehicles involved in the accident, any resulting medical bills and any damaged equipment inside your vehicle. It is required in Illinois.
Having a local independent agency with access to many different carriers and types of coverage is the best way to get the right carpentry insurance according to your specific company factors.
Drywall Contractor Insurance
Installing drywall is a skill developed by proper training and experience. Even when a drywall contractor becomes highly proficient, however, exposure to risk remains.
Drywall contractor insurance covers those who install, remove or repair drywall, plasterboard, sheetrock and wallboard. It helps protect your business from the high costs of accidents, injuries, property damage and legal fees.
Common policies for drywall contractor insurance in Oswego, Montgomery and Morris include:
General Liability. As for carpentry insurance, general liability will protect you if a non-employee is injured or if you are liable for damage to another’s property. It will help pay for medical expenses, property damage and any legal fees and judgments. It covers you for any damages related to completed work as well.
Commercial Property. If you own or rent space for your drywall business, this insurance is worth considering. The policy covers your equipment, your inventory and, if you own it, your building. If you also own real estate where you store equipment, commercial property covers the structure and your equipment while it’s on the premises.
Commercial Auto. Mandatory in Illinois, commercial auto insurance helps pay for any medical expenses and property damage that may result from an event involving a business-owned vehicle. It covers collision repairs, medical expenses and rental reimbursement. It can also help with the cost of a tow if a vehicle needs one.
Workers Compensation. If you or an employee becomes sick or is injured while working with drywall, you will have financial protection for medical expenses, lost wages and other liabilities the business might have. This coverage is required in Illinois.
Other types of insurance for drywall contractors may include tools and equipment (often as an add-on to general liability), a surety bond for your business permit and license, and an umbrella policy for any liability limits above an existing policy’s maximum payout.
A local independent agency that can provide you with a wide range of insurance scenarios from different carriers is an excellent resource for the optimal drywall contractor insurance.
Painters Insurance
If you are a painter, you know the enduring importance of excellent work and a good reputation. Customers may often have many different choices for service, and you always aim to distinguish your business within your market.
You’re also familiar with some of the risks of your trade, such as a slip or a fall or even spilling paint on valued property. You’ve worked hard to build your business, and you can protect it with proper painters insurance.
Common insurance policies for carpentry businesses in Oswego, Montgomery and Morris include:
General Liability. This will cover any injury to a non-employee or damage to another’s property that may occur when you are working at or in customer’s home.
Worker’s Compensation. Required in Illinois, this will cover medical bills, lost wages and rehabilitation for an employee (yourself included) who becomes injured or ill while on the job.
Commercial Auto Insurance. This will protect the vehicles your business owns or leases to provide your service. Because you and personnel often drive to and from job sites, this provides peace of mind in knowing that you will be covered should there be an accident or property damage involving a company vehicle.
Carpentry, Drywall, Painters: Business Owners Policy
Carpentry, drywall and painting professionals with fewer than 100 employees and less than $5 million in annual revenue can also consider a Business Owners Policy (BOP). A BOP protects your main property and liability concerns under one umbrella, often with a lower premium than what you would pay carrying each type of coverage separately.
A BOP can often include insurance for business property; injury and property liability; business interruption; and medical payments. Your local independent agency can provide you with more details about the potential advantages of this type of commercial insurance.
Find the Right Coverage at the Right Cost for Your Business
Hometowne Insurance is an independent agency that can help you assess your company risk, define the right coverage and consider flexible ways you can acquire it. Contact us today to further discuss carpentry, drywall or painters insurance for your business in Oswego, Montgomery or Morris.
Oswego/Montgomery: (630) 554-4040
Morris: (815) 942-1312
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We also offer different options of carpentry, drywall and painters insurance for businesses in nearby communities such as Plano, Plainfield, Batavia, Naperville, Aurora and Yorkville.