Business insurance is a crucial part nowadays for each business – and that covers painters business too! Yes. Painters insurance is too a thing. Very few business owners know about insurance for painters. Financial protection is a big thing, and painting businesses must have insurance.
A painting contractor’s insurance can cover many things, such as workplace injury, medical bills, compensation, injury due to accidents at the job site, etc. So, now we are clear about why painters insurance is needed in 2023.
According to recent market research data, the “Painting and Wall Covering Contractors” industry in New York generated revenues totaling $2.1 billion between 2012 and 2017. This figure is expected to increase, reaching approximately $2.13 million by 2024. These findings indicate significant growth potential within New York State’s painting and wall-covering services sector over the next few years.
And with this significant growth, we will provide the much-needed information on insurance for painting contractors. Also, if you want to use the professional contractor invoice template – we have also a solution for the same.
Why Is It Important to Have a Painters Insurance?
Running a painting contracting business involves risks that can lead to financial losses if not properly managed. That’s why having liability insurance for painters is the key.
Now, let us see some of the key reasons why small business owners need painters’ insurance in the first place. Don’t worry; we will discuss painter insurance costs for business insurance in the next section.
1. Protects Against Third-Party Claims
One significant risk facing painting contractors is the possibility of property damage or injury to others while working at a job site. With proper insurance, these incidents could result in expensive lawsuits and damages that a contractor may need to pay out of pocket.
With a painter’s liability insurance policy, however, you can be protected against these types of claims up to your policy limits.
2. Covers Equipment and Supplies
As a painting contractor, you likely have invested heavily in tools, vehicles, and other assets necessary to run your business. If any of these items are stolen or destroyed during a job, repairing or replacing them could strain your finances.
However, with the right painting contractors insurance, you can rest assured knowing that your equipment and supplies are covered in case of loss or damage.
3. Provides Peace of Mind
Running a successful painting contracting business requires dedication and hard work. The last thing you must worry about is whether you’re adequately prepared for unexpected accidents or legal issues. Having a painter’s liability insurance policy lets you focus on growing your business without fearing unforeseen expenses that could derail your operations.
Hence, investing in quality general liability insurance for painters is a smart move for any professional painting contractor looking to protect themselves financially and build a thriving business.
Who Needs Painting Contractor Insurance?
This is simple: Painting Contractor Insurance is made for the painting businesses and contractors only.
Anyone running a painting contracting business should strongly consider purchasing painting contractor insurance to help mitigate certain risks associated with operating in this field.
While business insurance cost might seem like an added cost, the benefits of carrying painting business insurance far outweigh the potential consequences of being underinsured or uninsured altogether.
Here are just a few examples of people who would benefit from painting contractors insurance:
- Self-employed individuals operating as freelance painters or small painting companies.
- General contractors hire subcontractors specializing in interior/exterior painting, drywall installation, or texturing.
- Property managers are responsible for maintaining rental properties requiring regular repaint jobs or touch-ups.
- Homeowners are undertaking DIY projects involving exterior or interior painting.
Hence, we can move on to the next section with learnings that anyone involved in the trade of applying coatings to surfaces – either professionally or personally – stands to gain protection from potential liabilities related to accidental injuries, property damage, and other unforeseen events.
In a specific scenario where businesses do not have liability insurance for painters, or painting contractors insurance, painting contractors add the amount of medical bills and injury compensations to the invoices they prepare.
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What Types of Business Insurance do Painters Need?
| Insurance Type | Insurance Coverage |
| General Liability Insurance | Covers bodily injury and property damages |
| Professional Liability Insurance | Covers missed deadlines, breach of contract, and other professional negligence |
| Commercial Property Insurance | Covers tools or building materials or asset materials that are damaged due to calamity |
| Commercial Auto Insurance | Covers damage to property and bodily injuries while driving a covered business vehicle |
| Worker’s Compensation | Covers medical expenses of the worker who has suffered injury at the workplace |
| Tools, and Equipment Insurance | Covers the cost of stolen or repaired tools and equipment |
How Much Does Painting Insurance Cost?
Now that we are discussing painting insurance cost in this section, it is often called a business owner’s policy, which covers the cost for the business owner and includes insurance for any commercial vehicle that falls under commercial auto insurance.
For now, let us focus on painting contractors’ insurance cost. I am not making this answer very general, but to arrive at any cost, you need to focus on several factors, like what kind of painting company you have, which is the insurance company, if you need the equipment, or general liability coverage.
Many paint contractors require various forms of business insurance. We analyzed the average price ranges reported by Insureon, an online platform offering insurance solutions for small ventures, to give a general idea of how much these policies tend to cost.
- For general liability insurance for painters, the typical monthly payment is around $50, amounting to $600 annually.
- Workers’ compensation insurance for painters usually costs approximately $275 every month, equating to roughly $3,320 annually.
- Meanwhile, commercial vehicle insurance for painting contractors often runs at $135 per month or $1,600 per year.
- Lastly, tools and equipment insurance frequently comes in at around $15 per month or $170 per year.
Please note that the actual prices of painters’ insurance you end up paying could differ depending on various aspects, including the dimensions of your company and its geographical position. You must request quotes from different providers to find competitive pricing and suitable levels of coverage.
Top Providers for Painting Insurance
Now that you know the painters insurance, here are the painting business insurance provider companies. You don’t always have to look for the cheapest painters insurance.
What is considered the cheapest painters insurance? Well, that is a matter of perspective.
1. Next
Insurance for painting contractors from Next comes in three plans – basic, pro, and pro plus. It ranges from 300,000 to 1milion $ for general liability insurance for painters.
While worker’s compensation insurance can cost you about 100,000$ to 500,000$ annually.
2. State Farm
The next painting business insurance company is State Farm. Their plan delivers comprehensive security at unexpectedly affordable rates. With this package, you receive ample coverage across several vital areas. Your business assets, such as office gear, furnishings, and computers, are safeguarded through Business Personal Property protection. Building Property coverage shields any physical structures you possess.
Business Liability ensures that you have a defense in case of third-party claims or legal action resulting from physical harm, real estate damages, etc.
3. Hartford
Last but not least, Hartford is the third painting business insurance company, but unfortunately, we do not have its rates. But they deal in each type of insurance:
- Commercial property insurance
- Workers’ compensation insurance
- Commercial auto insurance
- General liability insurance
- Professional liability insurance
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Conclusion
So, that’s it when it comes to painters insurance. Different insurances cover medical costs, bodily injury, coverage of business property, etc. You must assess your business needs before opting for liability insurance for painters.
Thanks for reading throughout the end; if you want a better invoicing solution for your business, you must try Moon Invoice for free to streamline the invoicing process.
FAQs
Jayanti Katariya is the founder & CEO of Moon Invoice, with over a decade of experience in developing SaaS products and the fintech industry. He holds a degree in engineering. Since 2011, Jayanti's expertise has helped thousands of businesses, from small startups to large enterprises, streamline invoicing, estimation, and accounting operations. His vision is to deliver top-tier financial solutions globally, ensuring efficient financial management for all business owners.
