Welding Insurance

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From injuries caused by electrical shock, fumes, and gasses to fires and explosions, welding contractors face a great degree of risk every single day. In the event of an accident, the welding contractor could be sued, which can be financially devastating for the company.

Having a welding contractors insurance policy in place will help protect you, your company, and your clients in the event of any lawsuits or claims that may arise from accidents, injuries, and other unfortunate events.

Why Do Welding Contractors Need Insurance?

Welding contractors need insurance to first and foremost protect the financial wellbeing of the business.

For example, if an employee gets seriously injured while on the job, they can sue the employer, in which case, the welding contractor will need to pay out a reimbursement, which can be quite significant depending on the injury sustained.

When you have a welding insurance policy in place, the insurance company will cover all such costs that may arise from claims and lawsuits.

Or in other cases, if a client feels that the work done by the welding contractor was unsatisfactory and they decide to take it further and sue the welding contractor, then the insurance will help to cover any legal fees or damage claims that may arise from this unfortunate event.

And in some states, welding contractors are simply required by law to obtain a certain level of cover before they can legally operate.

What Types of Insurance Do Welding Contractors Need?

There are a variety of insurance policies that welding contractors can benefit from. But, generally speaking, the level of coverage you get will depend on the size of your business, the clients and type of work your conduct, the number of company vehicles and employees you have, and more.

For a more detailed overview of the most recommended insurance policies for welding contractors, please take a look below.

How Much Does Welding Insurance Cost?

As with any type of insurance, the costs will vary depending on the size of your business and the level of cover you get. However, on average, general welding liability insurance for welding contractors costs less than $45 a month or $530 per year.

This insurance policy will help provide a certain degree of financial protection in the event of any accidents that lead to third-party injuries and property damage.

If you have employed welders to work for your welding business, you can expect to pay around $150 per month on worker's compensation insurance, which amounts to $1800 annually. This type of insurance policy will help cover any employee-related medical expenses and wages in the event of an accident.
If you have company cars, you can expect to pay around $150 per month or $1,800 per year for commercial auto insurance. Such policy will cover your company vehicles, staff, and any third party involved in the event of an accident.

Business owners' policy insurance is around $90 per month or $1090 per year. If your company owns the property where the welding is done, this policy will protect your business against property damage, third-party injuries, and damage sustained on your property.

For an average of $75 per month or $910 per year, umbrella/excess liability insurance will help boost your business's general liability, commercial auto, or employers liability policy once the underlying limit of the general insurance has been reached.

Typical Welding Contractors Insurance Claims

Welding contractors are continuously being exposed to a high level of risk. As a result, claims or lawsuits aren't a rare occurrence.

Generally speaking, welding contractors most commonly make claims regarding bodily injuries due to an accident on site or damage to customer property. In other cases, claims are made as a result of unsatisfactory work, road accidents, and payment disputes with clients.

Whatever the case may be, having the right welding contractors' insurance in place will protect your business from having to pay out of pocket if an accident or an injury takes place.

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