Whether you are a solo tile installer or a flooring store employing a number of staff members, both operations have the same type of risk, only the amount is different for each. Flooring installation insurance offers different coverages to address different concerns. Customers can be injured and property can be damaged during your installation projects. Tile and marble installer insurance protects you from different types of claims, liability lawsuits or loss of your business equipment, either way it secures your business's financial outlook, if you're held responsible for injuries sustained or damage occurring.
Why do tile and stone installers need insurance?
Whether operating a ceramic tile company or stone or granite installations, estimators and installers must always put forth their best work. Of equal importance, insurance must be taken care of properly as well. Installers may damage cabinetry or an estimator may break an expensive vase while measuring, either way, your business is liable to make things right with the customer. Not to mention injury to your employees, accidents in company owned vehicles or loss and damage to your tools and equipment.
What types of insurance do tile and stone installers need?
Flooring and tile contractors may have safety procedures in place that lower chances of having a claim. However, accidents happen. Take a look at the various insurance policies applicable to you if you're a flooring and tile contractor.
General Liability
General liability insurance protects flooring contractors from liability for bodily injuries or property damage arising out of their work activities. You will have insurance protection if a client is hurt or you are held responsible for damaging property that does not belong to you. Project owners and license granting authorities often require proof of general liability coverage before a job can begin.
General Liability may help you pay for the following expenses :
- Goodwill medical payments
- Bodily Injury
- Property damage
- Defense cost
- Court fees
General liability insurance is something that all installation professionals must have, whether they install tile and stone, laminate flooring, carpet, or wood floors. Given that you're likely to be performing your work at client’s homes or businesses, the risks of injury and property damage may be significant. Also, when you sign a commercial lease to open your showroom, general liability is required.
Inland Marine
Contractor’s tools and equipment coverage is a type of inland marine insurance designed to cover your tools and equipment away from your business location, in transit or at a jobsite. As you travel from one installation site to another, you need insurance that covers your supplies and equipment when you need to transport them. For example, if you are in p damages you are parked at a building supply store, and your truck or van was broken into and your equipment stolen, this is the policy you need. As with all policies, be sure and review exclusion, for instance, this policy does not cover normal wear and tear or maintenance.
An Installation Floater is purchased to protect the materials from the time you purchase until they are installed at the end of the job. What if you have a shipment of high-end marble delivered to a job on Friday and when you return on Monday, you find the entire shipment is gone? Who is going to pay for that? The installation floater would cover theft of material from a jobsite.
Commercial Auto
Commercial auto insurance will give you the state required auto coverage and then some. For vehicles used for business, going from jobsite to jobsite, carrying heavy loads of granite or stone, there is additional risk involved than that of a personally owned vehicle.
Common auto coverage includes bodily injury and property damage liability, uninsured motorists, no-fault or personal injury protection, and comprehensive and collision coverage on your own vehicle. Optional coverage can be purchased for vehicle wraps, permanently installed equipment, towing, rental reimbursement, hired auto liability and non-owned employer’s liability. The latter providing excess coverage over your employee’s personally owned and insured vehicle when it is being used for your business and is involved in an at-fault accident, causing injury or damage.
If you were liable for an accident involving a Rolls Royce and driver, you’ll end up having to pay damages awarded in court for hundreds of thousands of dollars, out of your bottom line. When thinking about the liability limit you need, think about today’s cost of vehicles and medical care.
This insurance can be customized to adapt to the distinct requirements of your specific state or company. For example, a pickup used to carry large appliances once a week might not have as much exposure as your installer driving to a couple jobs a day.
Workers' Compensation
Workers compensation insurance pays for employee medical expenses and a portion of lost income in the event of a work-related injury preventing the employee from working. Disease may be covered if directly related to the job, such as possible lung disease resulting from inhalation of particles from cutting stone or marble. Most states require businesses have this policy depending on the number of employees working in a business. Whether your employees are installing ceramic tile, granite, marble or wood, physical labor can lead to injury.
Installation businesses have three areas in which workers' compensation insurance benefits can be applied.
- Immediate medical costs, such as ambulance transport, emergency-room diagnostic tests and expenses
- Ongoing medical care, including follow up doctor appointments, medications and physical rehabilitation
- Partial lost wages while the employee is unable to work
- Dependent benefit if death occurs on the job
The employer’s liability coverage included in the workers’ compensation policy defends the employer against employee accusations of negligence causing their injury. Employer's liability insurance can help pay for:
- Attorney’s fees
- Court costs
- Settlements or judgments
Premiums for flooring installer’s insurance
Cost of insurance will depend on factors such as annual revenue and payroll, type of flooring installed, number of employees, if you own company vehicles and the values of your business owned assets you want to insure. Go to InsuranceAdvisor.com to complete your quote request today or speak with a licensed agent.