Drywall Installation Insurance

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Property damage, stolen tools, and bodily injuries are some of the common risks that drywall installation contractors face every day. To protect your livelihood, employees, and clients, it's essential that you take out all of the necessary drywall insurance policies.

But, before we take a closer look at the insurance cover drywall installation contractors need to take out, let's first go over why you need a drywall installation insurance policy in the first place.

Why Do Drywall Installation Contractors Need Insurance?

Like any contractor business out there, drywall installation contractors also face a certain degree of risk. This risk can be anything from getting injured on the job to accidentally damaging their customer’s property and damaging or having their tools and equipment stolen.

And the only real way to protect your business from such unfortunate events is to take out the necessary insurance policies.

In other cases, depending on your state’s laws, drywall installation contractors need to take certain policies in order to trade legally.

What Types of Insurance Do Drywall Installation Contractors Need?

The types of insurance you will need as a drywall installation contractor vary depending on the state you're in, how many company vehicles and staff you have under your business, the level of cover you want to opt-in for, and more.

Please take a moment to review some of the recommended insurance policies for your industry below.

How Much Does Drywall Installation Contractor Insurance Cost?

The cost of your drywall installation contractor insurance policy will depend on various factors including:

  • The state you're in
  • Your desired level of cover and protection
  • The size of your business
  • Whether or not you have employees and company vehicles

But, generally speaking, you can expect to pay between:

  • $500 and $600 for general liability insurance
  • $75 and $150 for contractor's tools and equipment insurance
  • $700 and $1,000 for commercial auto insurance
  • $900 and $1500 for worker's compensation insurance

Again, the price will vary quite greatly depending on your circumstances. In order to get the best deal, it's always recommended to speak to an insurer that understands your industry well enough so that you are recommended policies that apply to you.

Typical Drywall Installation Contractor Insurance Claims

While drywall installation contractors face a lot of risks on a day-to-day basis, most insurance claims that they make are relatively small and involve accidents such as cuts and falls. On very rare occasions, claims also happen to be around serious bodily injuries, road accidents, and property damage.

Despite the minimal chance of having an accident as a drywall installation contractor, sooner or later you’ll run into trouble, which can be resolved quickly and easily if you have an insurance policy in place.

It is also important to look carefully at your policy's exclusions because not all property damage or personal injuries are covered by drywall installation contractor insurance policies.

If you really want full peace of mind, it might be a good idea to purchase an umbrella policy that offers additional protection.

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