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From a worksite injury to stolen or damaged tools, running a ceiling and wall installation contractor business comes with a certain degree of risk.
This is why ceiling and wall installation insurance is essential as it can protect you, your business, and your employees from injuries and accidents, damage to property, theft, and more.
Why Do Ceiling & Wall Installation Contractors Need Insurance?
Whether it's a small or large job, commercial or residential, unless you're the owner of your business and doing all of the work yourself, there is always some risk involved that you need to take care of.
No matter how well you know your trade, there will always be unforeseen issues that arise. They often involve money - even if they aren’t your fault.
Because of that, you want to analyze all of the risks that you're exposed to and take out the necessary cover that can keep your business protected from every angle.
What Types of Insurance Do Ceiling & Wall Installation Contractors Need?
Ceiling and wall installation contractors can benefit from several types of insurance policies. They can vary depending on the state you operate out of, the size of your business, if you have employees or companies cars, equipment, and more. Please take a moment to review the recommended insurance policies for your industry below.
How Much Does Ceiling Wall Installation Contractor Insurance Cost?
The cost of ceiling and wall installation contractor insurance will depend on the size of your company, the number of employees you have, your clientele, and the state that you operate in.
For example, if you work in the business alone, chances are that you can get away with just general liability insurance, which costs around $500-$600 per year.
But, if you have employees and run a larger business, you would need commercial insurance for your workers, vehicles, and tools.
- Worker's compensation insurance costs between $800 and $2,000 depending on the number of employees insured
- Commercial auto insurance is about $1,000 but can go up or down depending on the number of vehicles your business has
- The contractor's tools and equipment insurance is cheaper - between $100 and $200 depending on the tools you use
Typical Ceiling Wall Installation Contractor Insurance Claims
Unfortunately, there are fairly common claims that most ceiling and wall installation contractors make. They include:
- Construction injuries
- Loss or damage of tools
- Damage to property or injury of others involved in the project
- Road accidents
If you're starting a business as a ceiling and wall contractor, it is important that you research all of the risks you're likely to face and get the necessary protection.