Whether you install stone floors, backsplashes, fireplaces, or exteriors, commercial liability insurance offers your business important coverage and can help you fulfill legal obligations. State laws, licensing regulations, and the contracts you sign with customers often require business insurance, so let’s take a look at what this insurance may cost your company.
How Much Is General Liability Insurance?
General Liability Insurance pays for the cost of business lawsuits when a stone company is sued by a third party for personal injury, property damage, or reputational damage. While it won’t cover all lawsuits, General Liability Insurance covers many common ones that stone and tile companies could face. The following lawsuits could all be covered under a GL policy:
- A customer is injured at your showroom.
- A competitor sues you, claiming you’ve infringed on their copyright.
- Your employee damages a client’s home during installation.
- A customer sues, claiming the tile you installed wasn’t done properly.
In any of these situations, GL Insurance could pay your lawyers’ bills and if you lose a lawsuit, the damages you owe, up to your policy’s limits.
The typical cost of General Liability Insurance for stone and tile companies is between $380 and $860 in annual premiums.
We have programs that can package coverage that will broaden and increase coverage where your business need it most. Our goal is to provide more for the insurance dollar than any of our competitors.
Whether you work with tile, stone, terrazzo, or other materials, you take great pride in your work. You have spent years working hard to build your business, but you face a variety of unique risks that can destroy that business overnight.
You need tile and terrazzo insurance to protect your assets when:
- Your shop or office space sustains physical damage.
- Your tools, equipment, and materials are lost, stolen, or damaged.
- You or an employee damages someone’s home or personal property.
- You or an employee cause a homeowner or another individual to be injured, whether at your showroom or a job site.
- An employee is injured on the job.
- You are sued for faulty workmanship or some type of mistake.
Tile and terrazzo contractors face risks from all sides. You can run into trouble at your showroom, in a customer’s home or commercial building, driving to and from a job site, while you’re working, or after a project is completed.
Any tile and terrazzo contractor knows that their job is equal parts construction contractor and artist. Whether you install tile floors, counter tops, backsplashes, fireplace surrounds, or exterior tiles, you work closely with other construction contractors and are a vital part of adding the beautiful finishing touches to any project.
But not every project goes according to plan, and risks are all around you.
- What if a fire damages your shop or warehouse?
- What if you damage a residential client’s home or personal property?
- What if you damage another contractor’s work?
- What if a worker falls off scaffolding and is hospitalized?