Accidents typically happen during a paint job, and when they do, you need to be protected from liability or losses that may arise in case something goes amiss. When you decide to paint either the exterior or interior of your house, it is advisable to have Painters insurance for various reasons, as discussed in this guide.
- It Safeguards Personal Finances
Painting your house is a hands-on task. You want to be proud of the job you do, and thus, you ought to make sure every nook and cranny in your house or home is covered while you paint. This means that you have to cover outdoor fixtures near your home, and other fittings at risk of damage should you make the wrong step while painting.
For instance, you may accidentally crack a window while painting the wall next to it. With painter’s insurance, you will not have to worry or fear replacement costs as the painter’s insurance coverage happily covers the costs of the damage and repair. If you did not have this insurance, the replacement costs would definitely be drawn from your pockets, putting your hard-earned money in the hole.
- Worker’s Compensation for Medical Expenses
Accidents, as earlier mentioned, are challenging to prevent. You may be injured, say by a broken window pane, or fall from a high place while trying to reach higher points in your home. You are also highly susceptible to slips and falls, eye injuries, repetitive stress injuries, and exposure to fumes and contaminants.
Some of these risks require prompt medical attention. Without a Painter’s Insurance, you may end up using a lot of finances on medication that you had not initially budgeted for. A painter’s insurance policy pays compensation for such medical expenses, leaving you in the same financial position you were in before the risk occurred.
- Commercial Property Insurance
This type of insurance pays to either repair or replace business-owned property or work tools, such as sprayers, brushes, ladders, and scaffolding, if a covered event damages them. The typical wear and tear are, however, not covered by insurance. Most painters or independent contractors assume that the tools they store in commercial vehicles are covered by their motor-vehicle insurance, but this is often not the case.
- General Liability
General liability insurance usually covers third parties that may not necessarily be covered in the policy. For example, you may have an assistant or friend helping you with the painting, and in the process, he hits your flat-screen TV with the ladder.
General liability also covers bodily injury, such as a person suing for bodily injury after a can of paint drops on their head. This policy is crucial for most businesses, but it is considered especially essential for painters because there may be a lot of third parties involved.
- Asset Insurance
Personal assets of homeowners or private companies, such as corporations and limited liability companies, are typically protected from lawsuits filed against their painting companies. Painters also need to protect their business assets by obtaining a general commercial insurance policy. This policy protects the company’s assets. The policy covers costs of handling a claim, including but not limited to the costs of defending a lawsuit and the damages up to the amount of coverage purchased.
- Worker’s Compensation
This policy grants payments to injured painters for lost wages, regardless of who may have been at fault. This coverage also provides medical coverage for your family in case any of them are injured. Painters are also required to purchase extra liability coverage, like the business automobile policy that pays for injuries or damages that occur while the employees use company cars. Personal and company finances are therefore indemnified in the instance a loss occurs.
As it is evident, there are various benefits of getting a painter’s insurance. It is a wise investment whether it’s a DIY project, an independent contractor, a residential, or commercial contractor. The insurance requirements for each painting job varies, but each requires some level or degree of coverage. To ensure that you get the coverage that you require without overpaying, consult painters’ insurance professionals, and they will advise you appropriately.
Jim Pulman has extensive knowledge and experience in Home Building, Construction, and Design. He writes articles in his free time and partners with content creators to share his expertise with the online community
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