Flooring Contractor Insurance – Risk Coverage that’s Critical for Protection
Flooring contractor insurance refers to a type of insurance cover specifically designed for flooring contractors and flooring stores that deal in sale, installation and repair of floor covering. Floor coverings range from stone, wood, linoleum, mosaic, ceramic carpet, terrazo and other materials. The need to get flooring contractor insurance services for flooring companies stems from the fact that these contractors are faced with many risks in their work, which need insurance. Some of the potential risks likely to be faced by any flooring contractor include; employee injury while on duty, personal injuries to third parties, possible damage of the client’s property ,failure to complete the work in time due to unavoidable circumstances like machine breakdown, loss of income when unable to work due to illness or injury and many other risks.
Types of flooring contractor insurance
(i)Public liability insurance
Public liability insurance is common to many businesses. Flooring contractors should have public liability covers as well.This insurance is important in the event the flooring activities of the company results in property damage or personal injury to another person.It is for example possible to have claims involving accidents where a member of the public gets hurt on some flooring materials left in a walkaway without proper marking.
Tool insurance protects against damage,theft or involvement in accidents, of the contractor’s gear or equipment.Gears and equipment left on site overnight may be stolen or damaged hence the need to insure them through tool insurance.
(iii)Income Protection Insurance
Income protection insurance is also common with flooring contractors.This insurance provides cover against any possible lack of income whenever the contractor is unable to work for a considerable period of time, due to illness or injury.Consulting a financial adviser rather than an insurance broker is a wise move that insures the contractor’s income is well protected.
(iv)Commercial Auto Insurance
Flooring contractors have commercial and personal vehicles which they use in transportation of raw materials ,ferrying their staff and so on.Such vehicles need coverage against possible cases of accidents,possible breakdowns or even theft.Commercial auto insurance is available to protect the contractors’ vehicle against any risk
(v)Surety bond insurance
Surety bond insurance is also common with flooring contractors. The Surety bond provides a guarantee that the flooring contractor will complete the work according to the contract signed. It guarantees that the work will have been delivered within a specified date and at an agreed cost which is to be honored.
Getting insured as a flooring contractor is an important move in your business. Above all,having annual insurance check up is of great benefit. This will not only enable you secure many contracts but will also that ensure you operate your business without any form of stress, knowing that you are fully covered against any eventuality. Many clients will not allow you to step into their premises without proper proof that you are adequately insured against the various pertinent risks.
In a bid to secure the best mix of coverage from your insurer, it’s wise to seek the guidance of an insurance broker. Many insurance companies may not disclose to you all the details about the various insurance policies when you approach them.As such you need to hire an insurance broker to help you understand in details what the various Flooring Contractor insurance policies are all about,and recommend to you the best way to go.