General Liability is a very important insurance for flooring installers and contractors to own. It covers your business against a variety of possible accidents, hazards, losses and damages. General liability is especially important for your flooring installers contract company in case that products you sell unto their customers damage them in any way. As with other types of insurance policies, this type of insurance policy has a range of premiums depending upon the risk that an accident may cause with regards to the product.
This insurance provides protection when third party damage is caused by your defective products or your installer’s failure. For example, if a customer slips and falls on your tiled floor, the liability of the store owner and his employees will be covered. If they are injured due to your negligence, then both your store front and your employees can be sued for damages. You, as the owner of the business, can be sued for negligence that causes injuries to a customer. In addition, if you are found to be at fault for the mishap, you could be sued for medical bills as well as for legal fees.
This type of insurance coverage also has limits and deductibles that must be met by your Flooring Contractor before the policy will pay out. With these limits, there are certain dollar amounts that the general liability policy will cover. The first is the amount it will cover up to the total cost of replacement for damages resulting from your negligence. The second is the total amount it will cover up to the completion of the work or tasks completed. In addition, the Flooring Contractor will also be covered if third party injuries are sustained by any of his current or past employees during the course of the job. In cases where damages are sustained from a building project that was undertaken improperly, the general liability policy will also cover the costs that are needed to be paid out from your pocket to complete the project again.
If you’re a Flooring Contractor, you should have your own workers compensation coverage in place. In most states, this type of coverage is not required by law but is strongly recommended by your contractor insurance broker. Most accidents involving Flooring Contractors occur at the hands of their employees. In fact, studies have shown that almost 75% of accidents involving Flooring Contractors involve their employees. The need for workers’ compensation coverage has grown tremendously over the years because of the large number of construction projects that are performed each year. Because of this increase in workers’ compensation requirements, many contractors opt to purchase workers compensation insurance to protect themselves and their companies.
If you own your own business, you should have both a general liability coverage and a specific Flooring Contractor insurance policy in place. The Flooring Contractor’s insurance will cover you if an employee suffers an accident while working on your project. As previously stated, this accident can happen anyplace – on site or off site. In addition, the general liability coverage of your business owner’s policy will protect you if you’re sued by another party due to an injury that has happened on your property. In addition, the business owner’s policy will also cover any damages that happen to clients or customers in the course of your business operations.
The final type of Flooring Contractor Insurance you will need to buy is the construction business needs coverage. If you work with any kind of building material in your projects, this is the type of insurance you will want to purchase. You will need this specific insurance coverage to protect you if you use any products that could potentially fall and injure employees, damage or destroy your property and damage your clients or customers. Your specific insurance coverage limits will depend on what kind of materials you are using in your construction projects. For example, if you are using wood floors in a commercial building project, you will need different insurance coverage limits than you would if you were installing tile floors in a residential building project. It is a good idea to talk to your insurance agent about these different types of flooring contractor’s insurance coverage limits so you know what is covered and what is not.