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From injury caused by falling off a ladder or illness due to volatile organic compounds found within the paint, these are risks that many painters face on the job every day.
Having painter's insurance will help protect you, your company, and your staff from claims and lawsuits in the case of any adverse events or accidents that may occur.
Why Do Painters Need Insurance?
Painter’s insurance is put in place to cover the costs associated with any claims and lawsuits that may result from accidents, injuries, or fatalities while on the job.
For instance, if a painter climbs up a ladder to paint a wall and accidentally falls off, that accident could easily result in a lot of medical expenses, which the contractor may be liable for.
In such a case, when the contractor has painter’s insurance, the insurance will cover all of the expenses associated with the accident including lost wages, rehabilitation, ambulance and hospital fees, and more.
In other cases, if the painter has lost, damaged, or has had their equipment and tools stolen while on the job, the insurance provider can reimburse the replacement or repair costs.
On the other hand, some states simply require painters to have a certain level of coverage before they can obtain their trading license, in which case, they don’t have a choice but get painter’s insurance.
What Types of Insurance Do Painters Need?
As far as business insurance for painters and decorators is concerned, there is a large variety of options available. The level of coverage you require will depend on the number of employees and company vehicles you have, the state you operate out of, the total value of your tools and equipment, and more.
There are many factors to take into consideration before selecting the most appropriate insurance policy for you. For a more detailed breakdown of the different policies, check out some of our recommendations below.
How Much Does Painter Insurance Cost?
The premium you’re going to be expected to pay for insurance for painters varies depending on a few different factors.
Typically, general liability insurance for painters costs around $50 per month, which comes to $600 per year. This type of insurance offers protection to painters against third-party injuries, property damage, and advertising injuries.
If you are managing a team of painters, workers' compensation insurance is necessary. This policy will cost you only $275 per month, which amounts to $3,320 yearly. This policy is mandatory for many businesses across the United States that employ workers, and that includes painter contractors.
Commercial auto insurance keeps you and your staff covered in terms of legal fees, medical expenses, and property damage in the case of an accident. On average, you can pay around $135 per month or $1600 annually for commercial auto insurance.
Contractors' tools and equipment insurance averages at about $15 per month or $170 annually. This type of insurance helps the contractor pay for the repair or replacement of lost, stolen, or damaged tools and equipment.
Typical Painter Insurance Claims
Although painters aren’t typically exposed to large amounts of risk, accidents still happen.
The most common insurance claims for painting contractors are related to bodily injuries and property damage. In more rare cases, painters also claim insurance for vehicular accidents, payment disputes with clients, and missing, stolen, or damaged tools and equipment.
Regardless of the accident at hand, having painter's insurance will protect your business from having to pay large sums of money out of pocket in case an accident takes place.