Insurance for Tile Installers: What Kind of Coverage Do You Need?
If you run a tile, stone, or marble installation company, you’re likely focused on providing the best products and services for your customers. However, there’s still one crucial piece you might want to consider when running a business: insurance coverage. Getting adequate insurance can be vital to protecting your business when the unthinkable happens or your workers make a simple mistake. Read on to learn more about what kind of insurance tile installers might need and how to get started getting coverage.
Who Needs Insurance Coverage?
Most tile installation companies consider basic liability insurance to help protect their business operations. Many small businesses need additional coverage to keep their company afloat should something go wrong, and if you’re just getting started or are a smaller business, some mistakes could cause serious financial damage. To help prevent this from happening, you might want a comprehensive business insurance package that can cover you from problems that could arise.
What Insurance Do Tilers Need?
Your tile or stone installation company might want to think about a few kinds of insurance to help protect your business from a wide variety of incidents that could happen:
General Liability
General liability insurance can help cover bodily injury, property damage, and personal injury claims filed by a third-party, including your customers. This insurance coverage kicks in if an employee damages something in a customer’s home or someone trips on an uneven tile. Having this type of insurance can be important to protect your company because one accident or lawsuit could financially impact your small business. General liability coverage can help keep your business running smoothly and allow you to continue your work.
Workers’ Compensation
Workers’ Compensation insurance can help cover bodily injury, lost wages, and other expenses when an employee is injured or becomes ill on the job, whether it’s a back injury from carrying marble slabs or some kind of accident. Having this kind of coverage might be legally required, and it can also help you support your workers, so they feel comfortable and secure working for your company.
Business Property
Business property insurance helps protect your equipment from furniture in the office to tools you use to lay tile, and it works for both purchased and rented property. This coverage can be helpful because it can cover the price of replacing stolen, lost, or damaged business tools. While a lost trowel might not cause your business problems, losing a lot of materials or property from your headquarters could.
Cyber Risk
Cyber risk insurance can help cover the financial cost of being impacted by a cyber attack or breach. The average cost for a data breach in the United States is over four million dollars, and while it’s likely not to be that costly as a small business, it could still be enough to create a crisis for your business and potentially cause financial damage. If you have a website for your business and store customer information on it, getting this type of coverage can be extremely helpful.
PolicySweet® can provide your company with ways to group certain types of coverage into one policy. For example, PolicySweet® offers a Business Owners Policy that includes commercial liability, business property, and cyber insurance in one policy, making it convenient for you to get a comprehensive package with important coverages.
How Much Does Insurance for Tile Installers Cost?
The exact cost for insurance for tile installers varies because premiums are highly dependent on so many factors. Where your business is located, how many employees you have, how much equipment you have, the amount of services you offer, and more can determine how much you pay for insurance. The clearest way to determine what you can expect to pay is to get a quote from PolicySweet®.
In addition, while premiums can sound expensive, they can be much lower than what an accident, mistake, cyber attack, or other incident could cost. Even one of those events can cause your business a financial headache, so it can be important to consider what insurance coverage you might want to help protect your business.
Get a Quote for Business Insurance
Tile and stone installation insurance can be important to protect your company, your customers, your property, and your employees. If you’re ready to find coverage, start a quote with PolicySweet® today to begin safeguarding your company!