Whether a home is several decades old, or brand new, owners are often looking to make improvements upon their investment. It may be installing new kitchen cabinets, updating the roof, or simply removing that old popcorn ceiling that used to be so popular. If you’re in the business of home improvement, then you’ll want to make sure you have the correct insurance before you begin working on someone’s property.
According to a 2015 study by Statistic Brain, over a quarter of all homeowners plan to update their bathrooms and 22 percent of homeowners are planning a kitchen remodel within the next two years. This means that there is ample work available for a variety of technicians and specialists in the home improvement industry, from general handymen to electricians, plumbers, and painters. Whether you’re the contractor or the sub-contractor for a project, you will need to have your own insurance coverage.
There are several policy types that all home improvement contractors should consider, including general liability, builder’s risk insurance, completed operations coverage, and worker’s compensation.
Commercial general liability protects the insured against a personal injury to someone other than you and your employees. For example, if the homeowner, neighbor, mailman, or anyone else trips on your equipment and falls, your insurance will help to pay for their medical bills. It will also help cover you in the event that the injured party decides to sue.
General liability insurance also covers property damage to the home during the course of improvements. It should be noted that this type of coverage does not protect against damage to the new work being done, only the existing home and its contents. So, if there is a fire and the newly added deck and the home itself are damaged, only the pre-improvement parts of the structure will be covered.
For the construction project itself, you should consider a builder’s risk policy. In the previous example, when the fire breaks, the builder’s risk policy will protect against losses associated with the damage to the newly constructed deck. Both the home improvement contractor and the homeowner can purchase this type of insurance. An all-risk policy can cover a larger number of risks to physical loss, but can be more expensive.
If you have finished the home improvement project, it doesn’t mean the job is done. Something may happen to the work you have done and the homeowner may call you back to do repairs. That’s why you should purchase completed operations coverage. Often times, the contractor is still responsible for any property damage or personal injuries that happen as a direct consequence of the work you have completed. The insurance will help to pay for lawsuits and the cost of repairs or replacement.
Last, but not least, home improvement contractors should consider purchasing workers’ compensation insurance. Even if you run a small operation and only have a handful of employees, or if you work with sub-contractors, workers’ compensation coverage is an important component to keeping your business running. If an employee injures themselves on the job site during working hours, then this type of coverage will help to cover their medical bills and other related expenses.
Speak to your independent insurance agent about the best way to cover your tools, equipment, business vehicles from theft and damage. They will also help you to determine the limits of liability to cover.
The following is a list of several home improvement specialists. Scan the list to find your specialty and to learn more about the insurance you should consider purchasing.
Being a roofer can be a dangerous job. Working on the tops of buildings, sometimes standing at a sharp angle, and trying to keep your balance can be quite risky. The risks don’t just apply to you either, but your workers, subcontractors, and any third parties that might be exposed to your tools and equipment. For slips, falls, theft, weather damage and much more, consider purchasing roofers insurance.
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In today’s world, it’s difficult to have a functioning home without adequate plumbing. For plumbers, the projects can range from a leaky faucet to a complete overhaul of an older home’s pipes and water lines. Whether the project is big or small, having plumbing insurance is key. Working with plumbing materials can be tricky, and accidents can happen. Maybe the homeowner tripped over pipes waiting to be installed, or maybe your employee forgot to turn off the water before taking apart the old pipes causing water damage to the floors. The right insurance will cover a variety of risks and liabilities.
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There’s a big difference between a good paint job and a bad one. Often homeowners like to take on painting projects themselves, but the quality of the finished product is usually noticeable. Painters know this and employ their knowledge of painting techniques, types of paint, and optimal painting conditions to create a great finished product. For any mishaps that may happen during the painting process, like an unexpected humid day that causes the new paint to peel, painters insurance can offer great protection.
Landscaping is an art form that can set the tone for any property. It can also sharply increate the value of a home. When home improvement projects make their way outside, installing the right plants and shrubbery is often on many homeowners’ minds. For landscapers, having the rights landscaping insurance can help to protect against various liabilities. With the tools and heavy equipment needed to turn that desolate yard into a visual masterpiece, there are risks for injury. The home itself is also vulnerable to damage. Consider getting the right coverage today.
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Before buying a home, many prospective buyers will have a home inspector examine the property inside and out. It is the home inspector’s job to let the buyer know if there are any problems to the property structurally or otherwise. For example, the inspector may find that the windows aren’t sealed properly and are letting in hot or cold air, depending upon the season. In the process of examining a home, the inspector may accidentally cause damage to the property. The current owner could sue for those damages. Also, the prospective buyer could also potentially sue if the inspector misses an important problem, like termites or mold. That’s why it’s important to have home inspector insurance.
A handyman is a person skilled in a variety of trades, like painting and general repair. Any handyman knows that working in a client’s home can involve risks. This can include property damage, personal injury, or damage to your tools. Handyman insurance can cover these liabilities and also protects your equipment, business vehicle, and interruptions to your business.
Becoming an electrical contractor takes special training. Only licensed electricians have the knowledge and skills to fix or renew the wiring in a home improvement project. They know the risks involved in having exposed electrical wires in a home while completing the work. The homeowner or other contractor may injure themselves in some way as a result of your project. That’s why it’s necessary to have electrical contractor insurance. This type of protection can include coverage ranging from general liability to life insurance.
In older neighborhoods, it is common for there to be many large, mature trees. Often, limbs stretch over homes, electrical lines, and out into the street. It is an arborist’s job to alleviate a homeowner’s worries by removing these large tree limbs that could cause a lot of damage if a storm were to hit. But, removing a heavy limb that is situated high in the tree and stretches over valuable property can be very risky. The arborist could fall from the tree, or the limb could shift during removal and cause damage to someone’s home. To protect against these liabilities, consider arborist insurance.
While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.