Drywall contractors insurance is of high importance for both contractors in the residential and commercial setting. The business of constructing walls and buildings is very dangerous not just for you but your workers and people who are living in your projects. Drywall contractors insurance is the one thing that can really relieve you from the stress and worry that deadlines and the pressure of everything being perfect can create.
There are several coverages your policy can include if you choose drywall contractors insurance. General Contractors Insurance, Drywall liability insurance, Worker’s compensation, and Umbrella Insurance.
Drywall contractors liability insurance is based on the goal of protecting your business in case of a lawsuit. If an accident happens and the courts find you responsible, it will be your duty to pay the damages. That is why insurance is very important so that you wouldn’t have to cover all of the expenses out of your own pocket.
Five areas of liability are covered by drywall contractors insurance:
– Property damage: If there happens to be damage caused to your property.
– Personal damage: If it happens that your project caused damage to someone’s reputation it will be covered by this.
– Bodily injury: In case of an accident occurring and it hurts a pedestrian on the place of the project whether it is finished or still in the works.
– Advertising injury: Any damage that your advertising has on someone, be it online advertising or offline advertising, will be covered by this segment.
– Medical payments: If your contracting work causes an injury all of the medical expenses will be covered.
There are also three additional areas that this insurance will cover:
– General damages: Intangible losses like pain and suffering and mental anguish will be taken care off.
– Compensatory damages: Any financial losses that were inflicted to the claimant plus any additional expensed that resulted from the claim.
– Punitive damages: This area will cover all financial penalties and losses to your business on account of a wrongful act being committed.
How much does this type of insurance cost? The cost of drywall contractors insurance is highly varied based on the type of coverage and how much insurance you need. Another factor that goes into the price is how high risky is your project.
Drywall contractors insurance will cover only a third party, in other words, clients that are on site, pedestrians and anyone else who isn’t an employee of yours. If you wish to get insurance for your employees and yourself what you need is worker’s compensation.
In most states, Drywall contractors insurance is obligatory to have before you arrive on your project’s site. You can try to solicit and make plans without it but probably won’t be able to start work without it. The best choice is to get it early enough so that you don’t have to postpone your project.