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How insurance can be an extra COAT of protection for painters?
February 23, 2024
When you’re on the job site and you use an extra coat of paint, your goal isn’t just to bring more color to the room, but to make the wall more durable against regular wear and tear. Similarly, a good business insurance policy can be the extra coat of protection your painting business needs when dealing with day-to-day operations. Here’s how:
Situation 1: Your apprentice falls off a ladder and breaks their arm.
Whether it’s a lack of experience or just bad luck, accidents happen. Thankfully, if you have Worker’s Compensation Coverage not only may your business be protected from medical bills, legal fees, and other expenses, but it may also help your apprentice rehab, rebuild, and restore their life. This coverage is also required in most states. FOR MORE ON WORKERS’ COMPENSATION COVERAGE, CLICK HERE.
Situation 2: You stumble and kick a bucket of paint, splattering it on the client’s furniture.
The client is not going to be happy when their white couch is now orange! Hopefully, when you tell them you are covered, it will ease the tension. Voluntary Property Damage Coverage gives you some protection for items on a job site that are considered under your care. It can be a win-win for you and the client.
Situation 3: You take a unique job that requires you to rent scaffolding, unfortunately it gets damaged on the job.
Being a painting contractor requires brushes, ladders, wide rollers, and a variety of other tools. It’s not only hard to afford all of this, let alone have a place to store them. Renting some of this equipment has become a common practice, but this can open a gap in your insurance coverage. This is where Inland Marine Protection coverage (IMPAC) can help protect your business. It offers coverage for owned tools and equipment, as well as some additional coverage for rented/leased equipment.
Some people think they can get away with one coat of paint. It may be okay for a year or two but eventually, it starts to show. Having a good insurance policy for your painting business is similar. You may not need it tomorrow, but at some point, something will go wrong, and the extra COAT of protection will pay off!