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From stolen equipment to accidents at the site of work, your siding installation business could be financially crippled if you don't have the right cover in place.
For that reason, it's crucial that you take out siding installation insurance so that you can have peace of mind and be financially covered in case of an injury, property damage, or a lawsuit.
Why Do Siding Installation Contractors Need Insurance?
Siding installation contractors have a lot of equipment. From ladders to scaffolding, drills, and safety gear, the cost of replacing any lost or damaged items could quickly add up.
In addition, accidents are common when you're working at height - slips, trips, and falls are all major causes of injury when you're installing siding on homes.
Being sued for negligence or property damage is another concern that your general liability insurance can help to protect you against.
Taking out siding installation insurance helps you to be prepared for the worst-case scenario - so that not only are you covered financially but also have access to the resources needed to deal with any problem or issue that might arise.
In other situations, you will be required by law to have siding installation insurance, and even if that isn't the case, many clients will be looking out for that just in case something goes wrong.
What Types of Insurance Do Siding Installation Contractors Need?
As a siding installation contractor, there are quite a few different policies that you should take out. The level of cover you should take out will depend on how big your business is, the number of staff and company vehicles you have, the state your business is registered in, the type of clients you work with, value of tools and equipment, and more.
To find out the most recommended insurance policies for your industry, please take a look below.
How Much Does Siding Installation Contractors Insurance Cost?
The cost of siding installation contractors' insurance will depend on what types of policies you take out, the state you operate in, your exact scope of work, the size of your company, and more.
As a general rule of thumb, you can expect to pay between:
- $500 and $1,100 annually for general liability insurance
- $1,000 and $4,000 per year for worker's compensation insurance
- $1,000 and $2,000 per year for commercial auto insurance
- $200 and $250 per year for contractor's tools and equipment insurance
- $300 and $500 for professional fee insurance per year
Typical Siding Installation Contractors Insurance Claims
In most cases, general liability claims will be the most common type of claim that siding installation contractors have to deal with.
These claims typically come from homeowners that have had a problem with your work or a product that you've provided - for example, if their roof leaks after having it installed too close to their chimney.
In other cases, you might have to deal with an injured worker caused by a slip or even a fall. Such an accident can take out your employee from work for quite some time, and having the right insurance in place will not only pay for your employees medical bills but also cover your business in case the employee decides to sue you.
For all those reasons and more, it is generally a very good idea to have comprehensive siding installation contractor's insurance so that whatever happens, you, your business, employees, and clients are fully protected.