Builders Risk Insurance for Drywall Contractors
Builders' risk insurance is useful if your drywall installation business is hired for big projects, say the construction of a mall, hotel, hospital, etc. The client might ask for this so that you can cover replacement costs if the materials and structures for installing drywall get damaged or destroyed because of:
Fire
Theft
Winds
Explosion
Impact
Operator error
Vandalism
Malicious mischief
Commercial Property Insurance for Drywall Contractors
You need an office as a drywall contractor. It’s the place where you store equipment and important documents. The office also serves as a training facility for employees.
Building an office and furnishing it takes a ton of money. This is why you need to get commercial property insurance.
Commercial property insurance reimburses your losses and allows you to continue business operations as if nothing happened when the office gets destroyed or damaged because of:
Fire
Theft
Vandalism
Malicious mischief
Civil commotion
Sinkhole collapse
Wind
Lightning
Hail
Snow
Impact
Vehicle
Aircraft
You can also use commercial property insurance to recover losses if the drywall to be delivered or installed gets damaged or destroyed due to the perils we mentioned above. Coverage also applies to computers, furniture, documents, and other valuable contents in the office.
You get $10,000-$25,000 minimum building and contents coverage from commercial property insurance. Separate amounts of coverage might apply depending on where you get this insurance policy. Here’s an example:
$10,000 for damaged or lost credit cards
$1,000-$1,500 for damaged or lost keys and locks
$10,000 for off-premises property
$5,000 for accounts receivable
Inland Marine Insurance for Drywall Contractors
You constantly transport equipment and materials as a drywall contractor. Because of this, it’s smart to get inland marine insurance.
Inland marine insurance covers costs if the drywall to be installed, implements, and other business property gets damaged or lost during the trip because of:
Fire
Theft
Vandalism
Lightning
Collision
Rollovers
Malicious mischief
Mysterious disappearance
You can get inland marine insurance as a floater to, commercial property insurance, or general liability insurance.
Workers Compensation Insurance for Drywall Contractors
Drywall installation is dangerous work. You or your employees can fall from a height while working. Equipment can also malfunction and cause injuries. Because of this, it’s smart to get workers compensation insurance.
Workers' compensation insurance takes care of the resulting expenses when you or employees sustain an occupational injury or disease. Common costs covered by this insurance are as follows:
EMT service, first aid treatment, surgeries, and other costs for medical treatment
Hospitalization
Medication
Rehabilitation and retraining
Lost wages
Death benefits and allowance to dependents in case of death
Workers' compensation insurance is a requirement. You need to add this to your drywall installer insurance package as soon as your business has one or more employees.
Failure to get workers' compensation insurance will result in an accumulating fine, a penalty twice you would’ve paid for workers comp premiums, imprisonment, or a stop-hold order.
Employer’s Liability Insurance for Drywall Contractors
Employees can sue you for their work-related injuries. They will cite negligence and demand compensation for pain and suffering. This is why employer’s liability insurance is often included as part of workers compensation insurance. Employer’s liability insurance provides $100,000-$5 million you can use to cover settlements, defense costs, and court judgments.
Employment Practices Liability Insurance for Drywall Contractors
Negligence isn’t the only reason for employees to file a claim. However, employer’s liability insurance only covers such an exposure.
Employment practices liability insurance takes care of other claims that employees might file against you. You can use this insurance to cover settlements, defense costs, and court judgments if employees accuse you of:
Employee Dishonesty Insurance for Drywall Contractors
If not claims, then employees can create problems by committing crimes against you. Protect yourself against this exposure by getting employee dishonesty insurance.
Employee dishonesty insurance reimburses your financial losses when an employee or a group of employees commits any of the following:
You can get employee dishonesty insurance as a stand-alone policy. However, some insurance companies include this as an additional coverage in commercial property insurance. You can only get up to $10,000 coverage if you avail the policy this way.
Commercial Auto Insurance for Drywall Contractors
It’s good to get commercial auto insurance if your drywall installation business owns commercial vehicles that employees can use to reach project sites and transport equipment and materials.
Accidents can always happen while you’re using a vehicle for commercial purposes. This is the exposure that commercial auto insurance covers. It functions to:
Cover the medical treatment of victims and legal defense costs if your drywall business’s commercial vehicle causes an auto accident
Account for the cost of repairing or replacing parts if your vehicle gets damaged because of a collision, fire, theft, vandalism, malicious mischief, winds, lightning, and other covered perils
Reimburse vehicle rental expenses or public transportation costs if your business’s vehicle can’t be used momentarily
Cover the cost of gas delivery, tire delivery and replacement, towing, battery delivery and replacement, etc., if your commercial vehicle stalls on the road
Cover the medical treatment of the driver and passengers if your drywall business’s vehicle gets involved in an accident caused by an uninsured/underinsured driver
You can insure multiple vehicles in a commercial auto insurance policy. In fact, discounts might be offered if you do this.
