Drywall contractors often work for general contractors as drywall specialists. They are responsible for choosing, installing, removing and repairing different types of drywall. Many contractors also help install or repair sheetrock and plasterboard or wallboard in homes and businesses. Drywall is the material that covers the plumbing, wiring and studs of walls after a building frame has been put up. Drywall contractors remain busy and productive, but should also be aware of their risks. As with all labor jobs, drywall contractor risks include injuries to employees and property damage. These risks are covered by drywall contractor business insurance. Drywall contractors also may use sub-contractors on various jobs. If sub-contractors are used, most insurance carriers will require that the sub-contractors carry their own liability insurance with limits equal to the main contractor.
Types of Drywall Contractor Business Insurance
There are many different types of drywall contractor business insurance policies meant to cover each individual risk. Here are the most important to be aware of.
General liability for drywall contractors includes three areas of coverage: premises liability, products liability and completed operations. For illustration purposes, if a client visits your office and they trip over a power tool sat next to the door, their injuries are covered by premises liability. Completed operations, on the other hand, covers any damages caused by your completed drywall work, after the work has already been done.
Commercial auto insurance is essential for your business since you often use your own vehicle for business operations. Every time you pick up materials or visit a job to work on the drywall, you are at risk for a vehicle accident or even theft of materials in your work truck. These are covered by the business auto insurance policy.
A business owner’s property policy, also called a BOP, is a type of business insurance policy that lets you customize exactly what is covered. With this policy, you can choose your most significant risks and include them in the package policy. Some options include general liability, electronic data, business income, extra expense, buildings and contents, newly acquired buildings, and employee dishonesty.
It is important when you own a drywall business to protect your own business property. Unexpected events like fires and extreme weather can cause damage to your property and contents. With business property insurance as an essential component of your drywall contractor business insurance, you have a way to make repairs and replace what was ruined, allowing you to get back to work faster.
If you operate a website to advertise your drywall contracting services, make sure to have cyber liability insurance. This covers any cyber crimes not covered under a traditional crime insurance policy. If a new client visits your website to get more information, they could be a victim of a virus that infects their computer. Any resulting damage is covered by cyber liability.
One of the most important policies to have is workers’ compensation. Your employees are dealing with heavy drywall, dangerously high stepladders and power tools or cutting tools that could easily cause an injury. With workers’ compensation, any work-related injuries will be covered by the policy, including medical and recovery costs.
It isn’t just others outside your small business that commit a crime; your employees might also steal from your company. Any employees that embezzle money, use company gas cards to buy personal items at gas stations or even steal materials and tool can cause considerable loss for your business. Fortunately, you can get employee dishonesty insurance coverage.
Drywall Contractor Crime Insurance
Crime insurance is an important policy for your drywall business because it protects against crimes like theft, vandalism and other fraudulent activity. Losses when services are paid with a stolen credit card, vandalized property or stolen items will be covered by crime insurance.
Liability insurance policies for drywall contracting businesses offer great coverage, but have limits, whether it’s general liability or property insurance. Commercial umbrella liability is available to increase your liability limits for these risks under one policy to protect your drywall business from claims that exceed your primary policy limits.
With these important drywall contractor business insurance policies, you know your drywall construction company is covered, which provides you with peace of mind. It includes common risks and those that might be less common, but could mean major loss for your business.