Tips For Purchasing A Drywall Contractor Insurance Policy

Drywall contractors are often a good source of work and a safe investment for home-owners. Unfortunately, accidents do happen and that is why it is very important to have adequate coverage on hand to protect you and your business. A professional drywall contractor is fully protected through an insurance policy designed just for them. Coverage includes physical damages, liabilities, and advertising. Read on to learn more about the different types of insurance policies available for your contractor.

Bodily Injury: A policy for a drywall contractor insurance should include bodily injury coverage, which covers accidents involving workers on the job. General liability insurance helps cover the cost for property damage caused by one of your employees while installing drywall. However, bodily injury coverage will not cover for an employee’s negligence or intention to injure another person. This type of coverage will only cover damage to a person’s property. For instance, if you accidentally cut a kid playing ball with a nail in your back yard, you will be covered by general liability insurance.

Property Damage: When your drywall contractor business involves physical property damage, the type of insurance will depend greatly on the risk involved. Liabilities for property damage fall under the umbrella of bodily injury and liability. Depending on the situation, liability may also include theft, explosions, slips/falls, and natural disasters. Bodily injury liability will pay to repair or replace damaged property. For explosions, flood damage, slips/falls, and natural disasters, liability coverage will replace any materials lost in the incident.

Advertising & Marketing: Many homeowners tend to forget that the ad costs can add up quickly. While this is true, insurance coverage will also help defray the costs of such expenses. It is important to note that general liability insurance does not include liability for advertising, marketing, or promoting a product. This could be a lucrative business for a contractor who is good at socializing. In order to remain competitive, many contractors choose to purchase general liability insurance.

Business Interruption Insurance: This is a policy designed to reimburse you for any interruption of business due to your contractor negligence. For instance, if you forgot to change out a drain plug, the water could flood your garage. You would need to contact your drywall contractor insurance cost to assess the damages. If it was determined that you were at fault, your insurance policy should cover repair costs for the damaged garage door, etc. If there were no injuries or damages caused as a result of the drywall malfunction, you would need to pay your drywall contractor insurance cost to replace the damaged door, etc.

If you’re a contractor who is worried about purchasing a drywall contractor insurance policy because you have little experience, you can try joining a club or working with a professional association in your area. These groups may give you helpful information about the different types of coverage and benefits that are available to you. A professional or experienced accountant may also be able to give you helpful advice regarding the best types of policies to purchase based on your specific circumstances. By following these guidelines, you’ll know what you need to ask yourself and which questions to ask your prospective insurer to determine if you are getting the right Drywall Contractor Insurance.