Get the Ebook Now. Everything you need to know about Contractors Insurance
Are you in the United States looking for professional waterproofers’ insurance? If so, our insurance team at Contractors Liability® is ready to answer some common questions for you and provide you with a free quote as well.
Waterproofing is an industry that has everyone’s best interests at heart, yet it often goes without a word of gratitude from many. Without the help of professional waterproofers, our houses, porches, docks, and personal property would deteriorate much more quickly. But if there is one thing that waterproofers know, it’s that things can go wrong even if they do their best to prevent them.
Preventing long-term damage to waterproofing companies’ reputations is what keeps Contractors Liability in business. We provide comprehensive coverage for waterproofing contractors, keeping them protected even when they make mistakes. All they have to worry about are the services they provide to their customers, which is the way it should be.
What is Waterproofing Insurance?
Waterproofing insurance is a type of general liability insurance that is specific to tradesmen within the waterproofing industry. It covers many different types of damage your company has the potential to create during a project. Contractors Liability knows that you do your best to prevent accidents from happening, but we also know they’re not always unavoidable. Here are some of the things that liability insurance covers and how it might apply to a waterproofing company.
- Injuries to the Body: Any direct damage was done to the body of a client or third party that someone at your company is at fault for
- Example: You do not properly ventilate an area while you are waterproofing a residence, causing a client to fall ill because of the fumes.
- Damages to the Property: Changes made to the property, which can either be intentional or unintentional, which go against the initial wishes of the client.
- Example: Your waterproofing job covers more than the client originally asked for, which unintentionally decreases the value of the property because it changed how the property looked.
- Personal Injury: Any damage done to a client or third party’s reputation or feel that your company is directly responsible for
- Example: Your waterproofing job does not cover the whole porch, causing part of your client’s porch to rot away or look damaged in comparison to the waterproofed area. The reduces the value of the property overall when the client puts it up on the market.
- Advertising Injury: An intentional or unintentional action taken against a client or a third party during an advertisement campaign
- Example: Your company includes sensitive information regarding a client in a recent campaign and that client files a suit against you for breach of confidentiality.
- Medical Payments: This includes payment of injuries that are either a direct result of the actions made by someone at your company or the result of a project that your company won a bid on.
- Example: Your waterproofers fail to secure something on top of a scaffold. It falls and hits a passerby. Your company is thus held accountable when it comes to covering that person’s resulting medical bills.
Waterproofing Insurance Cost
Every insurance policy has a unique cost associated with it. Therefore, it is important to remember that there are many different things that go into determining the cost of a policy. Always work with a licensed insurance agency before making any decisions about a policy. They will help you understand what went into the informed decision made regarding your policy, including:
- Desired Policy Additions. It is natural to want to ensure your company’s assets, but waterproofing insurance only covers certain things. It does not include some coverable company assets like vehicles and employees. Having many different policies can also run up your insurance bill, but working with a licensed insurance agent could save you money. Adding on policy additions, instead of creating a separate plan in order to include your other company assets, can be the solution you need to keep your budget manageable.
- The Age of Your Company. We know that this is not always the case, but insurance companies generally award lower rates to companies who have been in business for a longer period. But why is that the case? It shows that their customers trust them enough to go back to their business for their waterproofing needs. While you can’t control this up front, you might notice your policy rate reduce over time because of your company’s tenure.
- Number of Employees. Typically, larger companies with more employees tend to have higher insurance rates. This is because there are more people involved in projects at any given time, therefore the rate of potential accident is increased.
- What Your Company Does. The good news for waterproofing companies is that their industry is considered a relatively low risk for insurance companies, compared to other contracting industries, like excavators and electricians. This could mean a lower rate than other types of contractors.
Why Waterproofing Professionals Should Choose Contractors Liability?
Having the right type of coverage can make all the difference for any contracting business. But how can you get the right type of coverage when you work with a non-specific provider? Contractors Liability provides industry-specific coverage at rates that make sense. As well as this, we also provide:
- Customer satisfaction guarantees
- A-rated coverage from trusted names in the insurance industry
- Packages that take the individual company’s needs into account
- Licensed insurance agents who are ready to help you out in times of need
- Trusted, affordable service
Are my employees covered with this type of insurance?
Waterproofing insurance is a type of general liability insurance, which means that only third parties who are not associated with your company are covered. However, this does not mean that Contractors Liability can’t help you get your employees covered. We can help you get a package that includes employee coverage for a fraction of the cost that non-industry specific insurance agencies would provide.
Do I really need waterproofing insurance?
While this type of insurance might not be legally required in the state you live in, it doesn’t mean you shouldn’t get it. If your company does happen to get into a liability issue with a customer or third client, it could mean the difference between you paying large sums out of pocket or saving your reputation down the line. If cost is something you are worried about, Contractors Liability can help with that.
How can I lower my insurance payments?
Most liability insurance costs are out of the control of both clients and insurance agents. However, working with a specialized insurance agent can ensure that you receive the best rate for the service you require while getting coverage that you can actually use when you need to use it. There’s no point in giving you coverage that doesn’t apply to you, so we won’t make you pay for anything that doesn’t apply to you, either.
Are you ready to get your business the protection it needs to keep running well into the future? Contact us via the Web or give us a call at (866) 225-1950 for a 5-minute quote.