If you own a drywall business, work as a drywall contractor or work as a drywall subcontractor, then you need drywaller insurance.
Every day, your work involves going into people's homes and commercial properties. Perhaps one day you install new sheets of drywall in a basement that is in the process of getting finished. Then, maybe the next day you go to an office building that recently had a burst pipe flood the ground floor. You're responsible for making the necessary repairs or completing the needed replacements.
Since drywall is a big part of most properties across Ontario, your services are truly integral. However, there are many risks associated with working as a drywall contractor, and it's important you are protected from these risks as much as possible.
On any worksite, there is a chance that operations can go disastrously wrong. While patching a hole in the wall, one of your sub-contractors might cut an important electrical wire. Or, a third-party might trip over tools left on the ground, possibly injuring themselves.
Not to mention, for many contracts you may be required to have drywall contractor's insurance. Certain commercial employers may not hire you without it, and many residential clients are more likely to choose an insured drywaller over one who is uninsured. Give your business the best chance of success, while protecting yourself from the worst, with a comprehensive insurance policy.
As a drywall contractor, you have many options when it comes to how extensive you want your drywaller insurance policy to be. While a basic policy would include commercial general liability insurance at the bare minimum, there are many additional coverages you should consider to protect yourself, your tools and your employees. When it comes to workers' compensation insurance, it's important to know that this is usually provided by the government.
We've detailed a basic outline of some of the most important coverages available to you. To learn more, we invite you to contact one of our insurance brokers today.
One of the most fundamental insurance policies you should purchase is commercial general liability. This type of insurance protects you in two ways. Firstly, it ensures you are covered if found liable for a lawsuit or medical expenses because a third party was injured at your worksite. This could be something as simple as slipping and falling, or injuring themselves with tools that were not adequately cleaned up after you and your team finished work for the day.
The second way commercial general liability protects you is from the financial costs associated with repairs or replacements for property damage caused while you're at work. For instance, say you accidentally break a priceless antique while moving sheets of drywall, or one of your contractors bursts a pipe while drilling into the wall to patch a hole. It's imperative that you have liability coverage to protect against these risks.
Unlike commercial general liability insurance, professional drywall contractor liability insurance protects you from suits stemming from alleged misconduct, neglect, bad advice resulting in a financial loss, breach of contract and failure to deliver expected or promised services. A professional liability insurance policy is very important, because it's possible that a client unhappy with your work because it was not as you advertised may come after you for damages. Even if you're not found at fault, you will still be stuck paying for expensive legal fees.
If you use a work vehicle to get from job to job, then you need commercial auto insurance. This kind of coverage is basically like a personal auto insurance policy, but for your work vehicle. There are even add-ons available to protect your tools from theft while they are in your car. It's important to note that if you work out of your home and use a personal vehicle as a work vehicle, you may still need commercial insurance. To clarify, if you need commercial auto insurance for your dual-purpose vehicle, we advise you to speak to a qualified insurance broker at Morison Insurance today.
If you work out of an office building, then it's essential that you have commercial property insurance. In fact, even if you work from home and store tools in an out building like a garage, you may need this policy to protect your assets. Work tools are often not protected by a homeowner's insurance policy.
A standard commercial property insurance policy protects your property from disasters such as a fire or accident. It also often protects your possessions—like tools, inventory and cash—from disasters, theft and vandalism.
As a drywall contractor, your tools of the trade are among the most important assets your business has. Drywall installation, repair and replacement often require specialty tools, such as a drywall screw gun. Should these tools get stolen from your premises, and you don't have insurance, you may be out a pretty penny trying to replace them.
While there are coverages that protect your tools from theft or external disasters, like a fire, they don't protect your equipment from an internal breakdown. For that, you need equipment breakdown insurance. However, you should know that damage caused by improper care or regular wear-and-tear will not be covered by this insurance policy.
Business interruption insurance is a kind of coverage that replaces your drywall business's income in the event you can't work because of a disaster or accident. For instance, if your office is damaged in a fire or natural disaster, and you lose your tools, then you may not be able to work until your office and/or equipment is replaced/repaired. This type of insurance covers operating expenses, a move to a temporary location if necessary, payroll, taxes and loan payments.
For anyone who works with tools, theft is a true concern. And while you may have coverage for theft that occurs on your premises or in your car, if your tools go missing on a worksite then you won't be covered without a crime insurance policy. Since you rely on your tools so much as a drywall contractor, it's best practice to ensure they are adequately protected in the event of a theft.
Depending on the extent of your business operation, you may also be interested in protecting your business further with a few add-on policies such as life insurance and disability insurance. Ask your broker to see if those options are right for you and your business.
You may think that as a drywall contractor you don't necessarily need insurance. Yet, even the most skilled and careful drywall contractors can wind up in situations where they wished they had insurance. Accidents and disasters do happen, so it's always best to protect your interests, your employees and your clients.
Without insurance, you could find yourself having to pay out-of-pocket for significant medical expenses, legal fees and damages. These kinds of costs can be financially crippling for many business owners and independent contractors. It's not worth the risk to operate without insurance—and, should you run a business without insurance, it's much harder to find an insurer.
Additionally, as we mentioned earlier, being properly insured illustrates professionalism and helps convince clients to hire you. Insurance creates trust. Most of your prospective clients will be hesitant to hire you if they think you may not be able to pay for damage or bodily injury caused at their property.
Drywaller insurance rates are based on a variety of factors, such as the factors listed below. Your dedicated insurance broker will be able to walk you through what these are in greater detail, and answer any questions you might have.
There are many ways your drywaller's insurance policy can protect your tools from loss, theft and damage. That said, there is no one-size-fits-all insurance policy, so it's important to confirm with your broker what your specific policy covers. For instance, commercial property insurance protects your tools from theft while on your premises, but not while they are in transit. For that, you need a commercial auto insurance policy—although some insurance companies require both commercial auto insurance and a theft protection add-on.
Preparation is key for ensuring your insurance application goes as smoothly as possible. A great way to prepare is by familiarizing yourself with questions your insurance broker is likely to ask. For example, at Morison Insurance, we typically ask the following questions when trying to find you the best drywaller insurance possible:
While how much coverage your drywall business will need largely depends on the size of your business operations, usually, most insurance companies recommend between $2 million and $5 million Commercial General Liability coverage.
As a family-owned and operated business, the team at Morison Insurance is proud to say that we treat all our clients like they are a part of our extended family. We're in the business of building long-term relationships with all our clients. Our goal is to make you feel that you're properly protected, no matter what life might throw your way. We do this by taking the time to listen to your needs and ensure we find you the best coverage possible for your drywall business.
To get in touch with our brokers, we invite you to give our team a call at 1-800-463-8074. You can also inquire about a quote online.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.