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From serious bodily injuries to damage to your client's garden, running a fence installation contractor business is no easy job and carries a great degree of risk that can lead to lawsuits and expensive claims.
This is why you need to take out fence installation insurance to free your business from liability and cover for compensation as well as legal and medical fees when unfortunate events take place.
Why Do Fence Installation Contractors Need Insurance?
Fence installation contractors work hard to build fences, gates, and other structures that protect homes from intruders. In the event of a fence installation or repair project going wrong, you could be held liable for any injuries sustained by people on your client's property as well as damage to their gardens due to negligence during the course of your business.
If there is an accident, you could face hefty claims and lawsuits. Not only that but if your clients decide to sue you for damages and they end up winning, your fence installation insurance will cover all the costs involved.
In other cases, you will simply need fence installation insurance because it is required by law, meaning that you can't legally run your business without one.
What Types of Insurance Do Fence Installation Contractors Need?
Fence installation contractors can benefit from various types of insurance policies. The level of cover you need will depend on the number of employees you have, the number of company cars your business owns, the state you operate out of, the customers you deal with, and more.
Below, you can review some of the most highly recommended insurance policies for your industry.
How Much Does Fence Installation Contractor Insurance Cost?
As with other types of insurance, the cost of fencing installation contractor insurance will depend on a number of factors including how much coverage you need, your claims history, the state you operate in, and more.
Insurers will also take into account the number of employees working for you as well as any liabilities that are attached to your business.
The large majority of fence installation contractors pay:
- Between $600 and $1,200 a year for general liability insurance
- Between $1,000 and $4,000 per year on worker's compensation insurance
- Between $1,000 and $2,000 per year on commercial auto insurance
- Between $100 and $170 per year on contractor's tools and equipment insurance
Typical Fence Installation Contractor Insurance Claims
As with any other business, fence installation contractors are liable for accidents. If you're in this line of work, you should expect the following claims at some point:
- Personal injury (this is one of the most common types of claims)
- Workforce injuries and accidents (if you have employees)
- Property damage caused by your company's operations
- Injuries caused by the actions of your company's employees or tools and equipment
- Theft and damage to your tools
- Road accidents
When deciding on what your fence installation insurance should cover, take a look at the risks that your business is exposed to on a daily basis and get cover for that. It's also recommended to take out cover for less likely scenarios such as payment disputes with clients.