A well-built house or commercial building can have its quality credited to two primary factors, the foundation and the framing.
In the case of the latter, it’s what keeps the roof stable, it’s what keeps the walls from buckling under the weight of the insulation and the drywall, it’s what makes the house more than just a concrete slab under the ground.
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What Is Framers Insurance?
Framers’ Insurance is a unique form of general liability insurance that works best for small or large companies. It covers a wide range of claims, from physical injury to copyright infringement, even property damage. The only drawback is that it only ensures third parties.
Because framing plays such a vital role in resisting the entropy that ultimately affects every building, doing a poor job on this part of the project can spell doom for a contractor, especially if they’re not insured.
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Framing Insurance Cost
If you’re in the market for insurance that is specific to your field of work, Contractors Liability is the one-stop shop that can get you everything you need when you need it at a rate that works for your budget.
Framing is a risky business, but the risks themselves are not considered a deal breaker for getting affordable insurance. If you’re not sure how your rates are calculated, we can certainly help you understand how it works.
In fact, let’s help you out right now by providing you with some of the factors insurance companies consider when putting together a quote for your insurance package.
The size of your business
Framing companies can’t have one guy do all the work unless they’re obscenely strong. Even that’s a risk many framing companies are smart enough to avoid, so many employees are hired to share the risk overall.
With a greater number of employees, so does the likelihood that an accident will occur. This can sometimes make the cost of insurance a little higher. However, that should not scare larger companies away, especially if they consider the consequences of not having insurance at all.
Your company’s accident history
Nobody’s insurance rates have ever skyrocketed due to an accident that was totally out of their control. But if there’s a record of multiple accidents occurring over a short period of time, insurance providers are going to think you’re a liability.
Talk to a licensed insurance agent today about the ways you can keep your rates down if you have a high number of accidents in your record.
The age of your company
If you’re a newly established company with a bunch of employees straight out of trade school, you’ve got a lot to prove. Not are clients wary of your expertise, your insurance company won’t have a lot of reliable information to work with either. Rates might be higher as a result.
Seniority in your business is not everything, though – no insurance company is going to refuse to work with upstart framers if their company is a year old.
Of course, this isn’t everything that insurance companies think about whenever they’re calculating rates, but it’s certainly a way for you to come up with a ballpark estimate if you need to. It’s always wise to speak to a representative, like the ones at Contractors Liability, if you need more information about your rates.
Framing Insurance Rates And Coverage
This table displays typical rates and coverage for Framing General Liability for $1 Million/$2 Million Policy.
Annual premium above includes unlimited certificates of insurance.
Rating assumes 150,000 gross revenues for Framers/general contracting with 10% subcontractor costs.
Premium are subject to underwriting approval and financing charges may apply.
What Does Framing Insurance Cover?
Framing has its risks, especially when a frame is being put up for the first time. Your business may unintentionally injure third parties, but the good news is that any risk to third parties can be covered should something ever happen.
Here are some of the more common types of claims that can be covered under framer’s insurance, including some examples of how it might apply to your line of work:
Injuries to the Body:
This constitutes any physical harm caused to any person unrelated to your company which your company is at fault for causing.
Example: Lack of supervision during the raising of a frame leads to a serious injury of a third party on site.
Damages to the Property:
Any damage that is lasting and unwanted on a third party’s property.
Example: A pile of 2x4s is left on an adjacent property for too long, damaging the lawn.
Any non-physical injury that negatively affects the reputation or emotional state of a third party.
Example: Poor frame construction leads to structural instability on the second floor of a new office building, causing it to be unsafe until the problem is fixed.
Any false claim or direct attack made against a third party, like libel or copyright infringement.
Example: You create an advertisement stating that your competitor refuses to work with a non-profit like Habitat for Humanity. If this is false, your competitor has every right to sue for damages associated with slander.
This covers the medical bills of a third party caused by an injury on-site.
Example: If someone sprains an ankle by tripping over a frame lying down on the foundation, your insurance can help cover the medical costs associated with the injury.
Frequently Asked Questions (FAQ)
The following are common questions about Framing Insurance.
Technically, no – depending on where you are. Different states have different laws regarding whether you need a general contractor’s insurance or not. Framers’ insurance falls under this category.
While most states do have a requirement for liability insurance, clients who don’t live in these states will still not let you begin work without this insurance. A knowledgeable agent at Contractors Liability will be able to work out any questions you might have regarding state laws.
Contractors have a rough go of it when it comes to insurance plans provided by generic insurance companies. Many of them don’t understand the variables that make contracting work as vulnerable as it is to risk. We, on the other hand, do understand.
After all, it’s our mission to fill in the gaps in service offer the solutions contractors of all genres need to stay secure on the job. In addition to our dedication to serving contractors on an exclusive basis, we also do the following for our clients:
- We offer only A-Rated insurance policies from recognizable insurance providers.
- We design custom-tailored policies that address nearly every risk associated with framing
- We calculate rates that work for framing contracting companies of any size and tenure.
- Our Knowledgeable and licensed insurance agents are always on standby to serve you.
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