Commercial Auto Insurance for Fence Installers
When running a fence installation business, you will likely be transporting your materials and equipment to and from a site. This will often translate to a commercial vehicle that you use for these tasks.
To protect your business against financial loss, if any of your commercial vehicles were to be damaged in an accident or cause harm to another or their property, you will need to purchase commercial auto insurance for fence installers, siding contractors, and EIFS contractors.
This policy pays for any repairs or replacement that needs to be done. Additionally, it will cater to the medical expenses or financial losses of persons who became victims of an accident your commercial vehicle caused.
Workers' Compensation Insurance for Fence Installers
Given the nature of fence installation, your employees are likely to experience injuries while on the job. The most common include back injuries, cuts, or slips and falls. When these injuries occur, the workers' compensation policy included in fence company insurance plans steps in to pay for any medical costs associated with their treatment. Some providers will also offer compensation for lost wages, thus cushioning your employees at the time when they are unable to perform their duties.
In some instances, an aggrieved employee might decide to sue you. If the court were to find you liable, you would be required to pay compensation or settlement.
To avoid such a situation from taking a financial toll on you, consider adding employer’s liability insurance to workers compensation insurance for fence contractors, masonry contractors, and paving contractors. This policy caters to the legal fees of such lawsuits as well as the resulting judgments.
Commercial Property Insurance for Fence Installers
This policy covers your office or warehouse and its contents, including your tools, material, equipment, furniture, computer, fencing inventory, and more. If a covered peril were to occur, including severe weather or fire, the policy would cover the costs of repairs or rebuild.
Often, following the loss of property or destruction of your premises, you will need some time for repairs or rebuilding. During this time, you will likely incur some loss in business income.
To prevent the interruption from taking a significant toll on your business, consider having your provider include a business interruption policy in your commercial property insurance. This policy compensates you for the lost business income and pays for certain operating expenses as stipulated within your policy document.
Business Owner's Policy for Fence Installers
If you are keen on securing a budget without compromising the amount of coverage you receive, consider getting a business owner's policy (BOP). This combines general liability insurance and commercial property insurance into one policy. You end up paying a fraction of the price you would have otherwise paid had you purchased a standalone general liability and commercial property insurance.
Commercial Umbrella Insurance for Fence Installers
If you anticipate a situation where you face a very expensive claim, you can get protection in the form of a commercial umbrella policy. If the costs of a lawsuit exceed the limit stipulated within your general liability policy, your commercial umbrella policy steps in with significantly higher coverage limits. This inclusion in fencing contractors insurance packages ensures you do not have to pay out of pocket at any point in time.
Equipment Breakdown Insurance for Fence Installers
Equipment breakdown insurance covers repair or replacement if the implements you use to install fences such as hammers, tape measures, saws, and drills get lost or damaged because of:
Fire
Theft
Vandalism
Electrical surge
Electrical shorts
Mechanical breakdown
You get $10,000-$25,000 coverage by purchasing equipment breakdown insurance as a stand-alone policy. It’s also possible to have this as a floater to general liability insurance or commercial property insurance. However, you might only get $2,500-$5,000 worth of coverag
Employee Dishonesty Coverage for Fence Installers
Suppose one of your employees were to steal fencing material or equipment, your business would typically be required to absorb the losses. This would take a toll on your finances and your reputation, which is where employee dishonesty coverage comes in. The policy protects your business from the dishonest acts of your employees, including theft, fraud, or unauthorized transfer of funds.
Fence Installer Insurance Cost
Fence installer insurance cost $40 per month or $480 per year for a $1 million general liability insurance. This assumes that you have 5 employees and generate $500,000-$750,000 revenue per year.
Below is a breakdown of what you'd typically pay working with the best fence installer insurance companies available:
| Cost per Month | Cost per Year | Best for |
|---|
| NEXT | $27.50 | $ 330 | Best overall; Fastest general liability insurance for fence installers |
| CoverWallet | $29.25 | $ 351 | Fence installer insurance quotes comparison online |
| Tivly | $31 | $ 372 | Comparing fence installer insurance quotes over the phone |
| Thimble | $33.59 | $ 403.08 | Short-term general liability insurance for fence installers |
| Hiscox | $35 | $ 420 | General liability insurance with worldwide coverage for fence installers |
| Nationwide | $40 | $ 480 | Commercial auto insurance |
When putting together a quote for your fence installer insurance, providers will often consider different factors. These include:
The nature of your projects
Suppose you specialize in picket fences for residences. By nature of this work, your premiums will be significantly lower than for another fence installer that builds fencing for construction sites or installs electric fencing.
Your company's claim and accident history
If you have a high number of accidents on record, chances are that the insurance provider will be a bit anxious when offering your coverage. However, do not fret if this is your predicament. Most providers will be willing to work with you around this challenge to ensure you get the best possible cover.
Age of your fencing installation business
When your business has been in existence for a long time, it signifies that you have the ability to survive. This long tenure is viewed favorably when considering how much you'll pay for your fence installer insurance.
This is not to say that younger businesses are frowned upon. All that's required for you to get favorable premiums for your policy is proof that you are invested in building your expertise over time.
Where your business is located
Consider this. If your business is located in a neighborhood with high crime or theft rates, the provider is likely to hike your fence installer insurance cost.
