What exactly is flooring contractor insurance coverage? Flooring contractor insurance may include several different types of plans, including general liability insurance, workers’ compensation, and insurance for property damages. Generally, this type of plan covers the contractor for any accidents that occur while the contractor is doing the work. Usually, a contractor’s license is required in order to hold a construction job, but you don’t need it if you are a contractor yourself. In addition, a general liability policy will cover you for injuries or damage to other people, as well. If a contractor has a construction business, he or she may also be required by law to have this insurance.
Flooring contractors typically will have two kinds of insurance plans: personal and property insurance. Personal property is insurance that covers your tools, supplies and equipment, such as hammers, nails, saws and other items that your employees use for work. On the other hand, property insurance pays for damages to real estate, buildings, and personal property owned by the contractors themselves. This type of plan is designed to pay for repair costs that you cannot afford to pay on your own. There are several different kinds of construction projects out there today, which means that some of them may require you to have two or even three types of insurance policies. For example, if you own a construction business that uses equipment to help you perform other types of tasks, such as landscaping, paving, or painting, you may have to get separate types of insurance. While you’re at it, make sure that you have a policy that covers the use of the machinery by your employees, as well.
Professional liability insurance provides coverage for lawsuits that are brought against you or your company because of injury, illness, death, or property damage that was sustained by any of your workers while performing work for you. For example, if you are a carpenter and you injure someone while doing floor work, you’ll have to worry about your claim being paid, because this insurance covers your employees. As a result, most flooring contractors choose this plan to ensure that they are not liable if someone slips and falls because of faulty equipment, or an accident happens while they are working. This kind of plan is often the most expensive insurance plan, so it is important that you have it in place.