Why Commercial Insurance is Important
If you are the proud owner of a start-up gutter installation business or taking over an existing one, make sure that checking on proper insurance coverage is at the top of your to-do list. Protecting your investment, your assets, and your employees are priority #1. It only takes one incident without insurance to set you back financially. Depending on the circumstances, this could possibly put you out of business as well.
On-the-job injuries and property damage can happen at any time -- however, with the right coverages, you will have the peace of mind knowing that you're covered.
Risks in the Gutter Installation Industry
Here is just one example of the type of risks you and your employees will face regularly:
- Your ladder slips out from underneath you
- the ladder falls on a Mercedes parked on the driveway, destroying the moon roof, denting the hood and scratching the side of the vehicle
- the gutter you were installing is damaged from you grabbing it and tearing it off the house
- you have a deep gash on your hand requiring stitches, dislocated your shoulder and sprained your ankle when you fell into the bushes
- you've damaged the homeowner's prized snowball bushes
All this from one mishap - do the math
- Monetary damages sustained in this claim:
- damage to the car -- $5500
- the material cost of the damaged gutter -- $350
- emergency room/X-ray costs to take care of you -- $2500
- replacement costs for materials & labor for landscaping repairs -- $1500
- loss of income due to your inability to work for 6 weeks -- $$$ (and you get behind on your bills)
While insurance may be costly, especially for a fledgling company, the flip side is even costlier if you were to opt-out. You can see the domino effect in the sample above. With CommercialInsurance.Net you select from a variety of coverages and their brokers will line you up with the right insurance companies that can provide you the best coverage within your budget.
Once your gutter installation business takes off, you will probably be hiring people to help. Here are some policy types you may want to consider:
- Commercial General Liability Insurance -- provides coverage for your business against claims of bodily injury, associated medical costs and damage to property
- Workers' Compensation -- provides coverage for employee on-the-job injury medical bills, their lost wages as well as your legal expenses in case of a lawsuit
- Commercial Property Coverage -- provides coverage for damages to, or loss of, your business assets, including computers, equipment, business structures
- Commercial Automobile Insurance - provides coverage for damage to, loss of, your work vehicles as well as other vehicles or persons within the vehicle, damage to property by your commercial vehicles
- Business Owners Policy (BOP)- general liability and property insured bundled together to save money.
- Errors & Omissions Insurance - protect employees and employers against claims of inadequate work or negligence
Note: If your office is at home and your other assets (tools & supplies) are minimal, you may be able to add an endorsement to your homeowner's policy. Commercialinsurance.Net can help you determine if you are required to have an in-home business policy or a business owners policy, (BOP).
What is Covered in a Policy
Purchasing commercial insurance for your gutter installation and repair company provides valuable coverage for your business. Here is a comprehensive list of what general liability insurance does or does not cover:
What your General Liability Policy covers:
- Bodily Injury
- Damage to third party property
- Personal injury
- Advertising injury
- Electronic data liability
- Medical expenses
- Defense Costs
- Actions of your full-time employees and temporary staff
- Supplemental payments
What your General Liability Policy does not cover?
- Your property
- Your vehicles
- Personally identifiable information
- Professional services
- Employee injuries or workers' comp claims
- Intent to injure (an act such as a pedestrian death resulting from the actions of a negligent driver)
- Coverage not within the policy period
- Existing claims prior to coverage
What is covered under a BOP (Business Owner's Policy)?
This type of policy includes general liability insurance PLUS coverage for your business property (commercial property insurance) such as equipment, furniture, tools, and other assets. This "Combined Policy" typically offers discounts, thereby saving you money.
Advantages of A BOP
- Includes many needed coverages
- Can be very cost-effective
- Many of the top insurers offer BOPS
- Can be modified to fit your needs
How Do I Get a Quote
Let us help you find protection for your business and keep your mind at ease. At CommercialInsurance.Net, our mission is to help medium and small businesses manage risk by finding business insurance quotes at a reasonable price. To get a competitive insurance quote it is fast and easy, enter your zip code and click “Get Quote.” One of our specialists will contact you soon.