Flooring is easy to forget about, but it’s we rely upon it every day in modern houses and businesses. It prevents accidents and makes life a little easier, but the process of ripping up old carpeting and replacing it with hardwood is not without its risks.
That’s why it’s important for those in the flooring industry to get themselves covered by a liability insurance plan that takes their job into consideration.
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What Is Flooring Insurance?
Flooring insurance covers some or most of the damages suffered by third parties because of your work. While flooring can be a low-risk profession, there are still ways that flooring companies might put themselves at risk when providing their services.
Contractors Liability offers comprehensive coverage packages for floorers nationwide because we want you to feel confident in the revolutionary services that you provide.
Flooring Insurance Cost
Flooring insurance might not seem like an expense worth including in your company’s budget. While flooring may not seem to pose a significant threat, there is still a chance of an insurance claim being taken out against your company.
Without the right coverage, your company may pay significantly more in damages than the insurance payments you would otherwise pay.
Type of business
Carpentry providers’ insurance rates are generally less expensive because their risk of serious third-party injury is much lower than other contractors.
Size of business
For many contractors, flooring companies included, the size of a business is an important consideration insurance companies make.
Smaller companies can expect to pay less for their coverage, whereas larger companies must understand that each additional employee increases the chance of an accident happening.
Age of business
Companies that have been in business for many years can often demonstrate a higher level of trust than newer businesses.
For new companies, their dependability goes up (and their insurance rates go down) as they prove that their company is a trusted entity over a span of years.
Location of business
The location of a business greatly influences the price of an insurance policy, either by region in the country or area within a neighborhood. Location in an area with extreme weather or high crime rates might cause its insurance rates to go up.
Similarly, a high-end neighborhood location might also increase the rate as well. For more information on how location might affect your quote, be sure to contact your insurance agency.
Small flooring businesses can have a difficult time navigating the process of creating an insurance plan, but we don’t think you have to. Our goal at Contractors Liability is to prove our commitment of providing flooring companies with the best general liability insurance possible.
Flooring Insurance Rates And Coverage
This table displays typical rates and coverage for Flooring General Liability for $1 Million/$2 Million Policy.
|State||Coverage||Guard||Next Insurance||Liberty Mutual||Shield||Nation Wide||Tokio Marine|
Annual premium above includes unlimited certificates of insurance.
Rating assumes 150,000 gross revenues for Flooring/general contracting with 10% subcontractor costs.
Premium are subject to underwriting approval and financing charges may apply.
Who Is Covered Under My Company’s Flooring Insurance?
Flooring insurance is a form of specialized general liability insurance, which means that third parties are covered and them alone. To ensure that your employees are covered, consult a licensed insurance agent, like the ones at Contractors Liability, to obtain an insurance package that covers both third party and employee insurance.
Contractors Liability is ready to help flooring specialists nationwide to get the best coverage for their company.
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What Does Flooring Insurance Cover?
The information below is not an all-encompassing checklist, but it does introduce a complex idea of the types of injuries flooring insurance might cover, as well as examples wrapped within flooring installation scenarios.
Injuries to the Body:
This refers to any physical damage extended to an unrelated person (a client, a passer-by, or otherwise) that your company is at fault for by failing to prevent it.
Example: A stack of flooring tiles is placed carelessly in harm’s way by one of your employees and a client trips over it, breaking their arm.
Damages to the Property:
Any damage caused by your company to a third party’s property.
Example: The company van must drive over the back lawn of a residential house to load in the carpet needed for a basement room. However, the van ends up ripping up a significant portion of the lawn with its tires.
Any emotional or reputational injury inflicted upon a third party.
Example: Your flooring job is not done to the client’s satisfaction, and the job itself was done so poorly that it has caused them to lose clientele.
Any false claim or direct attack made against a third party, such as libel or copyright infringement.
Example: Your company uses a rumor about a rival company to advertise your services. This causes the rival company to lose substantial income and business.
Any medical bills that need to be covered because of a bodily injury that your company is at fault for.
Example: A company van being driven by an employee accidentally hits a pedestrian, causing moderate bodily injury and substantial medical bills for the injured party.
Frequently Asked Questions (FAQ)
The following are common questions about Flooring Insurance.
How can I lower my flooring insurance rate?
In terms of lowering your rate based on external factors like location, there is not too much that you can do. However, a reputable insurance agency like Contractors Liability can help you find the best insurance packages that provide the most coverage for the least amount of money.
Are there ways that I can mitigate the risks associated with flooring?
Most insurance risks are just that – risks. There’s little to no way that you can stop an accident from happening, and most companies will have accidents in the time they’re in operation.
However, there are ways that you can prepare for accidents, and the best way to professionally do that is via an overarching insurance policy.
ContractorsLiability.com is here to help with all your insurance coverage needs, including specialized plans and tailored insurance policies. All our highly trained agents can help you in English or Spanish.
At Contractors Liability we value and respect your privacy. That’s why we don’t sell or share your information with any third parties and we only use it for our commercial purposes.