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Framing contractors are the ones responsible for setting the structure of houses and general buildings throughout the United States. From the risk of bodily injuries to improperly completed work, framing contractors face a tremendous amount of risk every day that can be financially devastating for a small or even a medium-sized business.
Having framing contractors insurance can keep your framing business free from any financial liability in case of a claim or lawsuit.
Why Do Framing Contractors Need Insurance?
Framing contractors need insurance to protect themselves from the many risks they face each day. Bodily injuries, property damage, and even wrongful death can all happen while a framing contractor is at the site of work. If something goes wrong, the contractor could be held liable for the damages.
Insurance can help protect the contractor from these costs and help them continue operating their business in the event of an unfortunate accident. It can also provide peace of mind, knowing that you are protected in case something goes wrong.
For example, if an employee is framing a new build home and one of the frames suddenly falls and breaks the employee's legs, then the employer might get sued by the employee. And in case there is a delay in the completion of the project, the contractor might get into further financial trouble with the client.
In other cases, framing contractors that operate in certain states across America are legally required to have a certain level of coverage in order to legally be allowed to trade.
What Types of Insurance Do Framing Contractors Need?
Framing contractors can benefit from a large variety of insurance policies. However, the coverage the average framing contractor needs will depend on the state they operate out of, how many employees and company cars they have, the value of their tools and equipment, and more.
Below, you can read more about the most recommended framing contractor insurance policies on the market today.
How Much Does Framing Contractor Insurance Cost?
When it comes to the cost of framing insurance, there are a number of factors that can influence how much you pay. However, the average framing contractor pays:
- $80 per month for general liability insurance, which totals $960 per year
- $270 per month or $3,240 per year for worker's compensation insurance
- $275 per month or $3,300 per year for commercial auto insurance
- $15 per month or $180 per year for contractor's tools and equipment
Typical Framing Contractor Insurance Claims
There are a few different types of insurance claims that are common among framing contractors. The three most common are:
Bodily Injury Claims
If someone is injured while working on your project, they might file a bodily injury claim against you. This type of claim can be costly, as you might be responsible for the medical expenses of the injured party.
Property Damage Claims
Property damage claims can arise when someone damages property while working on your project. For example, if a contractor drops a hammer and it damages the client's car, they might file a property damage claim against you.
Wrongful Death Claims
If someone dies as a result of their work on your project, their family might file a wrongful death claim against you. You could be responsible for paying financial damages in this case, such as the medical costs that they have accrued during their illness and funeral costs.
Aside from those, framing contractors also claim for lost or damaged tools and equipment, if they end up in a road accident, and more.