Get the Ebook Now. Everything you need to know about Contractors Insurance
Drywall contractors are a specific class of tradesmen who are known as artisan contractors. Artisan contractors are usually smaller firms who provide specialty services in the building industry such as plumbers, roofers and electricians.
As a drywall contractor, you provide the finishing services for both commercial and residential interior walls. This service often includes taping the wall board joints and providing specialized texture applications or plastering as well.
Overall, the drywall contractor experiences a lower risk potential for insurers than other artisan contractors, however risks still do exist. Wall board is heavy and awkward to handle as it is supplied in four foot by eight. This requires the use of specialized equipment to hoist the material into position and hold it in place while it is fastened to the interior studs or joists in the structure. It requires a fair amount of ladder and scaffold work as well. The risk of falling tools, equipment or individuals is ever present as is the possibility of equipment failure. This may result in property damage and/or injury. To protect against these possibilities you need to obtain drywall Contractors insurance.
As such, the drywall contractor must consider the purchase of a number of types of insurance that will protect their business. The principal type of insurance for this purpose in the commercial general liability insurance policy.
This form of insurance protects the business from three basic forms of liability. They will serve as a basis for other types of insurance such as:
Premises and Operations coverage
The first liability that a commercial general liability policy will cover is known as Premises and Operations coverage.
The owner or tenant of a building may be held liable for damages if a member of the public is injured, or if property of others is damaged because of a condition in or arising out of the premises. The same is true for your location of operations, otherwise known as the job site.
Job sites are often populated with people who are not working specifically on site. Realtors, bank inspectors, neighborhood kids can all wander onto a job site. They place themselves at risk before anyone can prevent it. Should their property be damaged or should they become injured in some way, the liability will flow to the person or persons who have the contracts to perform work there.
Should a worker damage a vehicle while moving material, this policy provision will cover that damage. If a carelessly laid tool or piece of equipment cause injury to someone not working for you, again Premises and Operations will have you covered.
Products and Completed Operation
The second part of the commercial general liability policy that helps to protect against problems arising out of the work you actually perform.
In construction, products don’t play as big a role since these aren’t manufacturing operations. However completed operations can be a big risk. This coverage comes into play after you have completed the job and something goes wrong. Should the joint compound you used on a job begin to degrade and fail after a few months, Products and Completed Operations will provide coverage for the repair.
Also included in Products and Completed Operation is what is known as Personal/Advertising Injury. What this covers are slander and libel claims that may be made based on advertising. Even worker conversations that cause perceived harm to any individual or company that may file a claim.
Obscure areas of risk covered too are:
- Unauthorized use of another’s advertising ideas
- Copyright infringement
- And malicious prosecution
Medical Payments For Artisans
The last area of coverage provided by a commercial general liability policy is /general-contractors-insurance/. This differs from the coverage provided under Premises and Operations coverage. This provides limited coverage for medical payments and includes payments for injuries sustained by a non-employee that is caused by an accident that takes place on the insured’s premises or on a job site.
This type of coverage can be triggered without legal action and provides for prompt settlement of smaller medical claims without litigation. It pays for any necessary and reasonable medical, surgical, ambulance, hospital, professional nursing and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations.
There is no defense or legal liability coverage in Medical Payments as there is with Premises and Operations and Products and Completed Operations since coverage is provided on a no-fault basis.
How Much Does Insurance for Drywall Contractors Cost?
In total, a commercial general liability policy is a prudent and necessary part of business management for the artisan contractor. Especially one who understands the risks involved in providing specialty construction services such as drywall installation and finishing. Just because this particular specialty is relatively low risk, doesn’t mean that those risks should be ignored. The good news for drywall contractors is that since are relatively low in this line of work. Your insurance premiums will reflect that and therefore be more affordable than other, riskier, endeavors.
More About Artisan Contractors Commercial General Liability?
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