The installation of new siding on a home can significantly improve its curb appeal. Some types of siding even improve the home’s insulative properties, enabling homeowners to save money on heating and cooling costs. As the recession draws to an end and people have more disposable income available, the demand for home improvement jobs, such as new siding installation, is increasing. If you are a siding contractor, now is a great time to be working in the industry. However, it is important that you carry the right types of insurance coverage to protect your business from undue financial losses.
Siding installation is not without its risks. Workers face a variety of hazards, such as puncture wounds, cuts and being struck by falling objects, which can result in injuries that require medical attention. When installing siding on upper floors, workers may need to stand on scaffolding or ladders, and a fall from heights such as these can have significant consequences.
Most states require business owners who have employees to carry workers compensation insurance. Even if your business is not located in one of these states, it is a very good idea to have it. By covering medical expenses, lost wages, and even death benefit payments to family members in the event that an injury is fatal, this insurance shields your business from the risk of liability lawsuits related to workers’ injuries.
An experienced independent insurance agent can help you find a workers’ compensation company that will understand the risks faced by your siding business and that can provide you with tips for worker safety.
Your business, like any other business, faces risks of liability lawsuits. Whether or not the courts find your business at fault, a liability lawsuit can be financially draining, as you pay for your legal defense and miscellaneous court fees. Liability insurance shields your siding business from these losses by covering these and any resultant financial damages so you can focus on your business and turning a profit. However, in order to be covered, you must have the right kinds of liability insurance. Your independent insurance agent is likely to discuss the following policy types with you:
- General liability insurance: This insurance, which is part of any standard business owners policy (BOP), covers third-party property damage and bodily injury to non-employees that may occur as a result of an accident at your central office or on job sites.
- Commercial vehicle liability insurance: This insurance covers the cars, trucks, vans or other vehicles owned by your siding business. If your employees use their personally owned vehicles to carry tools and material to the job sites or drive for other job-related purposes, your siding company can be sued for liability if they are in an accident while running these work-related errands. To protect your business interests, you can purchase hired or non-owned vehicle insurance coverage for these instances.
There may be other types of liability insurance that are right for your siding business. Your independent insurance agent can work with you to determine the exposures you face and ensure that you have the proper coverage against them.