As an insulation installer, you are responsible for providing insulation in homes and businesses. It can be a very rewarding business, with countless opportunities in your local area. However, there are also some risks to be aware of, particularly in terms of your employees, the equipment you use, and your vehicles. For adequate protection, cover these and other risks with insulation installer insurance.
Types of Insulation Installer Insurance
With different risks exposed to you when you operate an insulation installer business, you also need to have different types of insurance policies. Here are the most important ones to purchase.
General liability insurance is a complex insurance policy that can provide coverage for your insulation installer company in three ways.
Premises liability. If a client visits your business property to talk to you about insulation services, and he slips on a piece of drywall that was near the front door, his injuries and legal costs are covered by the premises liability terms of the general liability policy.
Products liability. If you sell products to your clients, losses or damages caused by defective products are covered by this portion of the policy.
Completed operations. Completed operations is for damages that are revealed after you have already provided the services, such as installing insulation, that later turns out to be problematic. The resulting legal costs are covered by this part of the general liability policy.
Business auto insurance is a commercial policy that offers you protection for accidents or theft. If you are on your way to a job site, and during a stop, equipment from your truck is stolen, this theft can be covered by the policy. Business auto insulation installer insurance also includes coverage for uninsured motorists, bodily injury, and property damage.
Business Owner’s Policy (BOP)
A business owner’s policy, also called a BOP, is a policy you customize with coverages you want. You can choose from policies like electronic data, dishonest employees, buildings and contents, business income and expense, or valuable papers. It helps you have multiple areas of coverage in a single policy.
Business property insurance is meant to cover any damages or loss from unexpected events. This might be a fire that breaks out, destroying your insulation materials, or a natural disaster that causes major damage to your property. The policy offers protection for the building and contents, allowing you to recover after a catastrophe.
Professional liability insurance is a type of insurance policy that covers any mistakes or errors you might make. Also called errors and omission insurance, the professional liability policy helps to pay legal costs if you are sued by a previous client due to an error made during installation. If you accidentally damages their building’s structure during installation, you could be sued for damages. This policy provides adequate financial protection.
Cyber Liability Insurance
Crimes that are committed with your online website are covered under the cyber liability insurance. This includes a virus that could infect your computer or the computer of your visitors, identity theft, or other fraudulent activity. You could be sued by visitors, or experience your own business losses as a result of cyber crimes. In both cases, they are covered by the cyber liability insurance policy.
If you have an employee that injures themselves while installing installation for a client, their injuries are covered by the workers’ compensation policy. Not only does it cover medical and recovery expenses, but also provides benefits for lost wages if they need to take some time off work.
Crimes other than cyber crimes are covered by the crime insurance policy. This includes theft, vandalism, or dishonest employee practices. If you have an employee that works on your books and is caught embezzling money, the losses are covered by the crime insurance policy as part of your insulation installer insurance coverage.
With these insulation installer insurance policies, you provide your company with adequate coverage for multiple types of business risks.