Owning a floor covering installation business can be hectic and stressful. Be it residential or commercial clients, you must manage the schedules, employees, and supply lines in order to keep everyone informed of the progress as you go. Make sure your floor covering installation business has adequate insurance policies to protect your business from unforeseen liabilities.
General Liability Insurance for Floor Covering Installation Businesses
General liability insurance is a crucial insurance policy for floor covering contractors and floor installers. It protects your business from a number of potential dangers, accidents, claims, and disasters. This policy covers the damages if any of your employee/customers get injured while in the workspace. It also covers the claims of customer’s property damage.
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General liability plays an important role for your floor covering company in the event that products you sell to your customers risk them in any manner.
Business Owner Policy
Business owner policy comes with general liability insurance along with several other floor installers insurance options that are important for your company’s operations. This includes;
- Equipment Breakdown: If any equipment breaks down, you will lose time and money waiting for the repairs. You may also have to pay for the cost of repairs if they are expensive. With the help of this policy, this cost will be covered so that you don’t lose money from your pocket.
- Buildings: The office building you use for your business operations are subject to damages and destruction when natural disasters strike. Any remodelling or reconstruction and tangible equipment stored inside might get damaged or destroyed. This insurance policy covers you for such types of risks.
- Business income and extra expenses: When damage to your business buildings as well as assets occurs, you have to bear the expenses. You might have to shift to a temporary office space or close your business for a while until the repairs are complete. This insurance policy will help you manage these expenses and compensate for the lost income.
- Electronic Data: This policy covers the expenses involved in recovering or repairing essential digital data for your business, including speciality software and electronic contracts.
- Products and Completed Operations: If you sell floor covering products to your customers that harm them in some way, this policy will cover the damages for you. A similar policy cover also exists to protect you against future claims against the work you have already completed.
Some other crucial policies to mitigate any unforeseen risk to your floor installation company are;
Newly acquired buildings: This policy cover includes protection against the damage to new buildings as your company grows.
Employee dishonesty coverage: Floor covering contractors trust employees with costly supplies as well as installation equipment. If any employee takes any of those items for their personal use, your company suffers financially from such a loss. This type of policy protects you from that.
Auto Insurance for floor installers: This insurance policy will protect your floor installation company’s vans and personal vehicles used for the business. It pays for repairs or replacement if your commercial vehicles are ever involved in an auto accident.
Workers compensation insurance for floor installers: When you have one or more than one employees at your business, the law states that you must protect your employees with workers compensation insurance. This policy pays for the employee’s medical bills and related expenses if they are ever injured while on the job.
Surety Bond: It is a legal agreement that provides a guarantee that you will complete work as per the contract you signed. It may also guarantee a finish date, a set cost or other aspects of your contract.
