Flooring Contractor Insurance in Vermont
What is Flooring Contractor Insurance?
Installing flooring might seem like relatively low-key work, but businesses in the field are exposed to significant risks nonetheless. Property damage, stolen equipment, workplace accidents and auto accidents are just some of the perils that can cause substantial losses. To protect against risks like these, flooring businesses in Vermont can purchase flooring contractor insurance.
Flooring contractor insurance is specialized commercial insurance that is suited to the needs of flooring installation and repair businesses. The policies normally come as package policies, which lets them protect against multiple risks by providing several coverages that are bundled together.
What Vermont Businesses Should Have a Flooring Contractor Policy?
Most flooring installation and repair businesses in Vermont should carry this insurance. Not insuring a flooring business leaves the business unnecessarily exposed to risk, and flooring contractor policies tend to be best suited for these businesses.
Sometimes carrying a flooring contractor policy goes beyond just protecting a business. Certain customers will only hire businesses that are properly insured, and this is more common among commercial businesses that have larger projects to do.
What Protections Are Available Through Flooring Contractor Policies?
Flooring contractor policies normally provide multiple coverages, but the precise protections that any given policy offers can differ.
A few important liability coverages to look for generally are:
- Commercial General Liability Coverage, which may protect against simple accidents involving third parties or their property
- Commercial Auto Coverage, which may protect against work-related accidents and damage to company vehicles
- Employment Practices Liability Coverage, which may protect against employment-related discrimination lawsuits
- Commercial Umbrella Coverage, which may give a secondary layer of liability protection
Some notable property coverages to look for generally are:
- Commercial Property Coverage, which may protect a facility, large equipment, smaller tools and supplies
- Builders Risk Coverage, which may protect large equipment, smaller tools and supplies when they’re at work sites
- Inland Marine Coverage, which may protect large equipment, smaller tools and supplies when they’re driven to/from work sites
An insurance agent who specializes in flooring contractor policies can help businesses choose the coverages that are right for them.
What Type of Commercial Auto Coverage Do Flooring Businesses Need?
Commercial auto coverage broadly comes in two main forms, and which one a flooring business needs usually depends on what vehicles that business relies on.
Traditional commercial auto coverage is a fairly standard auto policy that’s primarily meant for business-owned vehicles. The coverage can provide both liability protection for accidents, and comprehensive and collision coverage for damage to vehicles.
Hired and non-owned auto coverage is a specialized auto policy that’s primarily used when non-owned vehicles are driven for work. A business might choose this policy if employees use their personal vehicles to get to and from job sites, for example. The coverage typically only provides liability protection, leaving employees to insure their own vehicles with comprehensive and collision coverage through their personal auto policy.
How Much Are Premiums for Flooring Contractor Policies?
Premiums for flooring contractor policies are based on a number of factors, often including but not limited to:
- Scope of work
- Annual revenue
- Vehicles owned
- Claims history
An independent insurance agent can help compare policy options and premiums, by shopping around to see what different insurance companies offer.
How Can Vermont Flooring Businesses Get Flooring Contractor Insurance?
If you need assistance finding flooring contractor insurance in Vermont, contact the independent insurance agents at T.S. Peck Insurance. Our agents know these policies well, and they’ll help you get set up with the right coverage for your particular business.