Painting Accidents Happen: 5 Ways the Right Insurance Could Save You a World of Headache

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My father-in-law recently turned into a semi-retiree. To continue sustain his lifestyle, he turned one of his passion into his new job: painting. Not an artist style painter. A real painter for houses and buildings! This was a smart minimalist move to me as it does not require much equipment and can be done almost anywhere.

However, I quickly realised that as workers, painters sometimes face extreme risks. In fact, painting consistently ranks as one of the most dangerous jobs in the world. Painting company owners face high risks as well, and not just because of the potential for worker injury. Customer claims in this area are quite high, mostly due to the fact that workers almost always work offsite at the customer’s location.

How can painter insurance at Next Insurance almost literally save your business in the event of an insurance claim?

Workplace Injuries

Painters face a very high risk of falls. They often work on high scaffolds that are rather unstable. Other painters inhale dangerous dusts from drywall. Especially in certain renovation projects, that dust might contain harmful metals or other particles, like lead or asbestos.

Mostly depending on the number of employees, workers’ compensation insurance is mandatory in almost all jurisdictions. But the choice of a company is almost entirely up to the business owner. Rates vary significantly, so it pays to work with a well-connected broker who is not beholden to any one company or conglomerate.

Client Claims

In many environments, one slip can literally cause thousands of dollars in damages. Without liability insurance, the owners must cover these costs out of their own pocket. That’s assuming they can even get these jobs in the first place. Because the liability risk is so high, many people simply do not hire uninsured painters.

The combination of financial security and customer goodwill makes business liability insurance an essential part of your overall package. However, there are many things that these policies do not cover, and it’s important to eliminate coverage gaps.

Order Mishaps

In most fast-paced businesses, it’s very easy to paint a wall the wrong color, send workers to the wrong location, or commit other managerial errors. The no-harm, no-foul rule usually applies in these cases. If the customer suffered no loss, there usually is no problem. But if the customer suffered damage, including something like lost potential business, that customer will look to you for payment.

Errors and Omissions insurance policies normally cover these losses. In addition to the financial cost of a settlement, E&O policies usually cover legal fees after you meet the deductible. In many cases, the legal fees well exceed the settlement cost. So, E&O insurance is another must-have for painters.

Cyber Liability Insurance

If you take payments online or by credit card, you are at risk for a cyber security breach. Painters and other building contractors are notoriously lax in this area. Hackers know that, which is why they often target small businesses like yours.

Just like E&O policies, cyber liability insurance usually covers both settlement costs and legal fees. In many cases, it also covers regulatory fines and other such expenses.

Vehicle Insurance

To get to and from jobs, many painters simply pack their gear into their private vehicles and hit the road. That may seem like a smart cost-saving measure, and in most cases, things work out fine. But if you have an accident while using your vehicle for commercial purposes, most auto insurance companies will deny coverage. That leaves you holding the bag.

A simple insurance rider is often enough to provide coverage in these instances. That additional provision gives you the peace of mind you need to concentrate on your next job.

Don’t take unnecessary risks with your future. Get the proper insurance today.

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