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Dealing with a welding injury due to electrical shock, a health problem that results from exposure to gasses and fumes, or accidental damage to customer property are all risks that can lead to costly lawsuits and claims.
Having sheet metal contractors insurance will help protect all parties involved, including the business, staff, and client in the unfortunate event of an accident or an injury.
Why Do Sheet Metal Contractors Need Insurance?
Being a sheet metal contractor comes with many risks. From handling dangerous heating, cooling, and ventilation systems to experiencing sudden injuries or accidentally damaging a customer’s property are all risks that can end up being quite costly without an insurance policy in place.
For example, if an employee falls, slips, or gets injured by misusing a tool and a piece of equipment necessary to get their job done, then they can sue the business owner.
In other cases, if the damage is done to a customer's property, the customer may want a reimbursement and when there is sheet metal insurance in place, the insurance company will cover all the costs.
In other cases, sheet metal contractors are simply required by law to have a certain level of coverage before they can legally trade.
What Types of Insurance Do Sheet Metal Contractors Need?
Many factors come into consideration when deciding which insurance may be best suited for you as there are a variety of options at hand.
Generally speaking, the level of cover you get for your sheet metal contracting business will depend on the state you operate out of, the number of employees and company cars you have, the clients you work with, and more.
Below, you can take a better look at the most recommended insurance policies for sheet metal contractors.
How Much Does Sheet Metal Contractor Insurance Cost?
The premium you’ll pay for insurance for your sheet metal contracting business will depend on various factors. However, the median price for general liability insurance for sheet metal contractors is around $75 per month. Having such a policy is beneficial as it will protect your business against claims and lawsuits that arise from third-party injuries and property damage.
If you have a staff working for your company, workers' compensation insurance is pivotal. For an average of $275 or $3,295 yearly, your employees and your business will be covered in case an employee gets injured or falls sick on the job. The policy will cover their lost wages and their medical expenses.
In the event of a road accident, legal fees, medical expenses and property damage can set your company back financially. Commercial auto insurance can keep your business, employees, vehicles, and any third party involved covered in case of an accident. This coverage will cost you an average of $150 per month or $1,800 per year.
If your business works with many expensive tools and equipment, it’s worth getting contractor’s tools and equipment insurance. This policy costs only $15 per month and will cover any expenses associated with the replacement or repair of lost, damaged, or stolen tools and equipment.
Typical Sheet Metal Insurance Claims
Running a sheet metal contracting business is associated with a degree of risk that is inevitable. And unfortunately, sooner or later an accident or an injury is likely to take place.
Most commonly, sheet metal contractors claim for accidents involving bodily injuries, damage to customer property, and lost or stolen tools and equipment. In more rare cases, claims are made for road accidents or payment disputes with clients.
Regardless of the claim, having metal contractors insurance will protect your business from having to pay for large sums of money in case an accident or an injury takes place at the site of work.