Waterproofing Contractor Insurance: Quotes From $11/month

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Waterproofing contractor insurance helps you protect your reputation by cushioning your company from misrepresentation by your employees. Further, water proofing insurance helps you plan for the future by helping you stay protected against unforeseen risks. Besides, in today's litigious society, waterproofer insurance helps protect you from the lawsuit and the possible financial ruin that follows. Finally, water proofing insurance enables you to attain peace of mind. Overall, waterproofers insurance might be your best bet at protecting your waterproofing business today and in the future.

Waterproofing Contractor Liability Insurance

Even with the best safety measures, the unexpected can put a severe dent in your bottom line as waterproofing poses some hazards just like paving projects and masonry projects. Here are some of the circumstances where waterproofing contractor liability insurance could come in handy:

• You’re waterproofing the topmost floor of a two-story commercial building. One of your employees dropped a tool and this fell on a passerby below

• The scaffolding was in poor condition. It collapsed and damaged the wall of your client’s building

• Your advertising campaign accidentally used copyrighted elements owned by a business, individual, or famous celebrity

Devastating losses can result from such situations. And so, you want to have general liability insurance as the first policy included in your insurance package.

This type of waterproofing contractor insurance policy provides coverage for third-party claims of bodily injury, property damage, advertising injury, libel, and slander.

Use the table above to compare the general liability policy of insurance companies for waterproofing contractors. 

In practice, you use general liability insurance to cover these costs when a covered peril happens:

• Medical treatment

• Reimbursement for property damage

• Attorney fees and other legal expenses

• Court judgments

Remember that your general liability policy is offered as a broad-form coverage. Expect for this waterproofing business insurance to have add-ons such as:

• Tools and equipment coverage

• Hired/non-owned auto liability coverage

• Tenant’s legal liability coverage 

Professional Liability Insurance for Waterproofing Contractors

Just like EIFS installation and plastering, waterproofing requires a high degree of skill, knowledge, and experience. 

Employees can always commit mistakes regardless of how much training they undergo. When issues in waterproofing are committed, your business can be held liable and be responsible for paying the resulting costs. 

Other than commercial general liability policy, consider purchasing professional liability insurance for waterproofing contractors. Use the table above to compare the professional liability insurance of companies we recommend. 

This waterproofing insurance policy covers for a wide range of claims and lawsuits, such as:

• Your employees hurriedly installed waterproofing and it developed cracks. The cracks allowed water to seep through, which damaged the wiring installed by electrical contractors

• An employee failed to isolate the area of the waterproofing project. As a result, people nearby got exposed to waterproofing materials and developed an illness

• You failed to evaluate the moisture content before applying polyurethane waterproofing on a flat rooftop area made by concrete contractors. As a result, your finished waterproofing peeled or de-bonded

As you might have realized from the above examples, professional liability insurance takes care of costs if your business is held liable for causing property damage, bodily injuries, or financial losses by committing negligence and substandard work. However, other perils are also covered such as:

• Violation of good faith

• Violation of fair dealing

• Breach of contract

• Inaccurate advice

Unlike general liability insurance, professional liability insurance rarely comes with additional coverages. But it might be possible for you to add a license defense coverage to the policy if you’re working in a state where waterproofing contractors need to get a certification. 

Tools and Equipment Insurance for Waterproofing Contractors

As a waterproofing contractor, you've invested in your tools and equipment, such as a portable torch kit, notched squeegee, dust shrouds, moisture meters, and grinders.

Your business operations might stop temporarily if these are stolen, vandalized, or damaged. Of course, you’ll face extra expenses too.

Tools and equipment coverage for waterproofing contractors protects you from the resulting losses. If something happens to the tools and equipment, this waterproofing insurance will cover repair or replacement expenses.

Use the table above to compare the tools and equipment insurance of companies we recommend.

Note that tools and equipment insurance is available as an add-on to general liability insurance or as a stand-alone coverage.

Commercial Property Insurance for Waterproofing Contractors

As a professional waterproofing contractor, you likely have a commercial space you operate from, which could be rented, leased, or owned. What's more, you likely have computers, office equipment, and furniture, among others, that help you run your business.

If there was a fire, smoke, theft, vandalism, or any other peril affecting this commercial property, it could mean significant downtime, which you simply cannot afford.

That's where commercial property insurance for waterproofing contractors comes in. This waterproofing contractor insurance protects the commercial property from any sustained damage that could force the closure of the business.

The policy pays the repair or replacement costs, ensuring that your business is up and running as soon as possible, even after the unexpected. Use the table above to compare the commercial property insurance of companies we recommend.

Business Owner’s Policy for Waterproofing Contractors

You can bundle general liability insurance and commercial property insurance. The result is a business owner’s policy that grants coverage against bodily injuries, property damage, and commercial losses. Use the table above to compare the business owner’s policy of companies we recommend.

Why get a business owner’s policy anyway? Getting a business owner’s policy is very practical if you plan to have general liability and commercial property insurance for your business as its cost is cheaper than buying the two policies separately.

Business Interruption Insurance for Waterproofing Contractors

You have to temporarily stop operations if fire or weather caused significant damage to your waterproofing business’s commercial building.

Business interruption insurance can help while your business isn’t generating income. It will cover the cost of employee payroll, mortgage, loan, taxes, utility services, and other operational costs. This insurance might even reimburse a portion of your business’s lost revenues.

You can get business interruption insurance as an add-on to commercial property insurance or business owner’s policy. Cyber liability policies might also have a business interruption coverage. However, coverage only applies for downtime caused by data breaches.

Commercial Auto Insurance for Flooring Contractors

Chances are that you have a work crew that travels from one site to another or from your workstation to a customer's site. What's more, you likely have to transport your equipment and tools from your commercial space to the worksite.

This use of your commercial auto vehicle exposes you to a number of risks, including accidents, property damage, and destruction of the motor vehicle itself.

In the event that any of these happen, the commercial auto policy comes into effect, helping you meet all arising costs. It could pay for the cost of repair for the vehicle, property damage, and even meet the medical costs of the third parties involved in the accident.

Most carriers allow you to have each of the motor vehicles you own to be listed separately on your business auto policy. Each of these can then have a corresponding coverage which could possibly differ depending on the specific characteristics of each vehicle and the coverage type that's required.

Further, if your employees drive their own personal vehicles to and from work sites, you could have your carrier include a non-owned auto liability package as part of your commercial auto insurance, thus insuring their personal vehicles while being used on a work-related activity.

Inland Marine Insurance for Waterproofing Contractors

Commercial auto insurance doesn’t provide coverage in case tools and equipment that are loaded to the vehicle get damaged or lost during transit.

You’ll need to get inland marine insurance. This will take care of repair or replacement expenses if your implements get damaged or lost during transit because of:

• Fire

• Theft

• Vandalism

• Malicious mischief

• Vehicular accidents

So how do you purchase inland marine insurance? You can buy this policy as an add-on to tools and equipment coverage. Some insurance companies also offer this as part of their commercial property insurance.

Cyber Liability Insurance for Waterproofing Contractors

Do you own a website where customers can get a waterproofing quote and other related resources from your business? In this case, cyber liability insurance must be part of your waterproofer insurance package.

Your website collects customer data, addresses, and even highly sensitive information such as credit card numbers or phone numbers.

The thing is, this information can be leaked during a data breach. When customer data is used for malicious purposes, your business is liable to cover the resulting costs.

Cyber liability insurance is the quick solution. In case of a data breach, this will cover the cost for:

• Containing the breach

• Data recovery

• Informing affected customers of the breach

• Legal defense if affected customers file a claim

• Lost income if you need to stop your waterproofing business operations to contain the breach

Employment Practices Liability Insurance for Waterproofing Contractors

As your business grows and employees become more numerous, management issues might arise. This is why it’s good to get employment practices liability insurance.

Employment practices liability insurance covers settlements, defense costs, and other legal expenses if employees sue your business for:

• Workplace sexual harassment

• Exploitation

• Retaliation

• Failure to promote

• Negligent hiring

So how do you get employment practices liability insurance? You can either avail this as an add-on to general liability insurance or workers' compensation insurance.

Waterproofing Failure Insurance

Failures in waterproofing can cause significant damages to the structure of the entire building.

The product liability coverage of a general liability policy can be used as a waterproofing failure insurance. If a waterproofing develops cracks or peels-off and the clients file a claim, this insurance can recover the cost of extra labor and legal expenses.

You can also utilize the faulty workmanship coverage of a professional liability policy. Not all insurance companies offer this.

Professional liability insurance with a faulty workmanship coverage added can cover the resulting expenses if a client accuses you of using substandard materials, leaving work half-baked, and other related issues.

Waterproofing Contractor Insurance Cost 

The average waterproofing contractor insurance cost is $60.41 per month or $725 per year for a $1 million general liability policy. Here’s another table that shows the cost of the $1 million general liability insurance from the best waterproofing contractor insurance companies:

There are a couple of factors that will determine how much your waterproofing contractor insurance costs. These include:

Age of Your Waterproofing Contracting Business

While it might not always be the case, you'll often find that insurance providers provide lower rates to businesses that are significantly older. It is assumed that if the business has been in existence for longer, it is indicative that the customers trust the business. If you are relatively newer, you'll notice that with time, your waterproofing contractor insurance cost reduces with time.

Number of Employees 

If you are significantly a larger waterproofing business with a lot of employees, you will be charged higher insurance rates. This is because the more the number of people involved in a project, the higher the likelihood of an accident.

Company Operations 

Right off the bat, it is important to note that waterproofing contracting is considered relatively low risk. Depending on the type of jobs you take and how you've set up your operations, you could potentially have lower rates than others within the same niche.

Chosen Policy Additions 

Typically, waterproofing insurance will only cover certain perils. It is only natural that you'd want to add on policies to ensure ultimate protection. When you have added on different policies, your waterproofing insurance cost will run higher.