Protect Yourself: Liability Insurance for Artisan Contractors
General Liability Insurance
A general liability insurance policy pays for property damage or bodily injury to a third party that was caused by you. If you are installing carpet in someone’s home and one of their kids trips over the roll of carpet and breaks their arm, your general liability policy could cover the child’s medical costs. Likewise, if you are plastering a kitchen ceiling and you drop your trowel on the client’s new soapstone counter top, cracking it, your policy could pay to replace the counter top. Without this coverage, you’d be paying these costs out of your pocket.
General liability also covers personal injury, which is slander or libel. If you or one of your employees says or writes something that is untrue and damaging about a client, vendor, or someone else, you could be sued. A professional liability policy will pay the costs for you to defend yourself, as well as any settlement or judgment.
Professional Liability Insurance
Professional liability insurance, sometimes called errors and omissions or E&O coverage, covers damages for things you did, or should have done but didn’t, in the course of business. If you renovate a bathroom only to find out that the finished project doesn’t meet a recently updated code, a professional liability policy could cover your costs to re-do the project.
If someone sues you for negligence, you will incur significant costs to defend yourself, even if you haven’t made a mistake. Even if the claim is found to be without merit, you could be looking at attorney’s fees and court costs. Professional liability insurance can cover those costs so that you don’t have to pay them yourself.
Business Owner’s Insurance
A business owner’s insurance policy covers the tools you count on every day to do your work. If something is stolen or damaged, your business owner’s policy could pay to replace it so you can get back to earning a living. Damage or loss of your work tools isn’t covered by a general liability or homeowner’s policy, so you should carry business owner’s protection as well.
Artisan contractors can often purchase all three types of insurance—general liability, professional liability and business owner’s—as a package, which will save you some money and ensure that your business in fully protected. Since a claim or lawsuit could cost your company thousands of dollars, liability insurance makes good business sense.
Let us help you make informed decision about your business insurance needs. Our licensed agents specialize in helping small businesses obtain the best coverage at the best price, give us a call today at 888-834-8619.