Welding Insurance

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Welding Insurance

A welder can work in just about any construction field there is and the job possibilities can be endless. But welding comes with risks. It is imperative to make sure your company is prepared with the proper business insurance coverage and ready to go when the jobs come rolling in.

Types of Risks Welders Face

Welders are exposed to many health hazards such as highly toxic dust, smoke, and fumes. Heated metals create vapors that condense into microscopic airborne particulates that can be inhaled and settle in the lungs, creating serious health issues. They are also at high-risk for severe health issues, depending on the materials being welded as well as the length of exposure. From asthma to heart disease and from cancer to reproductive issues, the risks are enormous.

Installing capture-at-source ventilation such as downdraft tables and portable fume extractors as well as ambient air cleaning solutions are all excellent options as effective ventilation. But that's only part of the solution. Failure to professionally train employees on how to effectively use the capture zones and improper maintenance of the equipment can lead to illnesses from exposure to the airborne matter.

Besides the risk of inhaling weld fumes, welders are also exposed to the potential for fire and explosions. Again, dependent on the material being welded, combustible gases and specks of dust can be extremely flammable. These are just a few specific instances as to why it is important to have a business insurance policy in place to protect your business, tools, employees, and your assets. 

Welding Jobs

There are literally thousands of different industries that utilize welders on a daily basis, including companies involved in:

  • Excavation, Earth Moving Companies & Mining
  • Factory Shutdown Welding
  • Ironworkers
  • Oil and Gas Industry
  • Production Jobs
  • Robotic Welding
  • Small Local Welding Companies and Fabrication Shops
  • Structural Steel Welding
  • Underwater Welding Jobs

Your welding business can take you to any one of these locations based on the expertise in your organization. As you can see from the sample list, all of the positions involve high risk.

And while the hiring company may have shared risks, your most important obligation is to protect the safety of your employees, your assets, and your business as a whole. This is where a commercial insurance policy or a business owner's policy comes in handy, it can be crucial to your business surviving any major claims.

General Liability Insurance for Your Business

General liability insurance is the minimum coverage you need to protect your business. The policy helps to protect the company and your employees against claims by a third party. It also protects your assets—this aspect of the policy protects you in the event an outside party can substantiate that your business or employee caused property damage or bodily harm. 

A general liability insurance policy also covers legal costs in a lawsuit ensuring you will still have the benefits of the assets and cash flow to operate; without this liability coverage, you would be responsible for all legal fees, possibly putting your business in jeopardy of ceasing operations.

Types of Claims Covered Under General Liability

  • Bodily Injury Claims: Covers the cost of medical expenses in the event bodily injury is incurred to a third party at your business location or job site.
  • Completed Operations Claims: Claims arising from services or finished products that have caused injury due to inferior workmanship are also covered—including legal costs.
  • Personal and Advertising Injury Claims: If you advertise, i.e. on social media, it covers copyright infringement, slander, libel, slander and invasion of privacy.
  • Property Damage Claims: A general liability policy covers legal fees in the event someone claims that your employee or business damaged their property

What Other Insurance Do Welders Need? 

Here are a few additions you can consider adding on to your general liability policy: 

Professional Liability Insurance

Professional Liability Insurance—also referred to as Errors and Omissions—is necessary to protect you against professional errors you or your employees make during a project (including “professional advice” given). 

Business Owner's Policy (BOP)

A BOP may also be a type of coverage to consider. This type of policy combines certain coverages, typically general liability and property insurance—often at a discounted rate. If you need property coverage for your business, look into this coverage. 

Workers’ Compensation

Welders know their industry's risks. From on-the-job welding accidents to contracting serious illnesses from exposure to weld fumes, your business could be held liable for the expenses—from immediate medical expenses to legal as well as ongoing expenses depending upon the nature of the injury/illness. Welding businesses need the protection of a workers’ comp policy—not only for the medical and legal expenses but also for employee's lost earnings while on leave.

Commercial Auto Insurance

If your welding business requires you and your employees to travel regularly to worksites, then you need business auto insurance. The policy will cover vehicle repair, medical expenses, and any legal fees resulting from an auto accident.

Inland Marine Insurance

Welding tools and equipment are expensive—so you should do everything possible to protect them. Commercial auto insurance often excludes coverage for tools if they’re damaged or destroyed in an accident. Inland marine also protects your tools while they’re offsite at a job site. 

How Much Does Insurance for Welders Cost?

A very basic general liability coverage with limits up to $300,000 can start as low as $29 a month. However, Insurance for welders typically runs between $500 to $1,500 annually. Each additional coverage you purchase will affect the price. The different variables that affect the cost include: 

  • Location of your business
  • Number of employees
  • Deductible and limits you choose

Get a Quote Today

Let Commercialinsurance.NET help you protect your welding business and keep your mind at ease. Our goal is to help you find the best business insurance as efficiently as possible. To get a competitive insurance quote it is fast, easy, and FREE—enter your zip code and click “Get Quote”. One of our specialists will contact you right away.

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