15 Sep Painting Company Insurance
Painting Company Insurance
Regardless of the size or scope of your Painting Company, there are important coverages that you should have to protect your business. In this blog, we are going to explain some of the most important coverages and tips on saving money for your Painting Company.
Painting Company Insurance – General Liability
General Liability is a common and affordable coverage that you likely already carry, or have considered purchasing. The reality is, regardless of your operations, you should be carrying a General Liability policy. There are additional important items to consider when shopping General Liability. Many carriers exclude coverage for exterior painting, or painting above 2 stories. Many Painting Companies purchase these types of policies without realizing that their most common operations are not even covered under the policy. Make sure you discuss your operations in detail with your agent and review your paperwork to make sure your operations are covered under your General Liability.
Painting Company Insurance – Workers Comp
Many Painting Companies do not realize that there are two different painting class codes for Workers Comp in California. The difference in rates for each of these class codes is substantial, which makes it especially important to correctly classify employees. The two primary class codes for painting are 5474 and 5482. The former is designated for employees making less that $24 per hour while the latter is for employees making equal to, or more than $24 per hour. Employees making over $24 per hour are considered more experienced therefore their rate is substantially lower.
Painting Company Insurance – Inland Marine
Inland Marine is a great coverage that is often overlooked by Painting Companies. Inland Marine is a type of property coverage that covers your tools and equipment that are transported with you to your jobs. There are several variations to Inland Marine policies and you can often customize them to fit your needs. In some cases, you can find carriers that will bundle your Inland Marine with your General Liability which can save you money on one or both policies.
If you would like to learn more about Insuring your Painting Company, give us a call at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.