The best way to find a drywall business is to ask the people you know for recommendations. If you’re not comfortable with asking your friends and family, you can always check with the Better Business Bureau. You must take any necessary steps to protect yourself as a drywall business owner. Here’s what you need to know:
Don’t assume that you have adequate property insurance. Each state has its own laws about whether drywall shops and employees are covered for work-related injuries. If you don’t have an insurance policy, now would be a good time to start shopping around for a policy. Even if your business is relatively small, having a basic insurance policy can protect you in the event of employee dishonesty. If you don’t currently have a business insurance policy, a simple one could protect you from unexpected liabilities.
The cost of a commercial property insurance policy varies greatly depending on the type of coverage that you select. One of the most common types of coverage available is liability insurance policies. Liability insurance policies will pay for any legal costs if an employee or client of your company is injured on your property. For businesses with a large number of employees, this may be a good choice since employees may also be liable for property damage and other injuries that happen on the property.
Most states require businesses to carry at least basic liability insurance. A drywall business insurance policy should also include property damage and bodily injury coverage. While it’s always best to protect your business against lawsuits, a good policy can limit your risks in the event of a lawsuit.
If you don’t already have workers’ compensation coverage, you need to purchase it before you open your business. Many workers are injured on the job and can sue your business if they are injured while on your property. If you choose to purchase workers’ compensation insurance, make sure that your workers’ compensation insurance policy is strong and that you understand how it works. Even if your state requires only minimal workers’ compensation coverage, your workers’ compensation insurance policy must cover your business adequately.
In addition to liability insurance, you’ll want to purchase workers’ compensation insurance. You should also consider an umbrella workers’ compensation insurance policy. With a workers’ compensation policy, you’ll pay a low monthly premium but will be responsible for any medical expenses and other costs that occur as a result of an accident on your property. Your premiums should reflect both the cost of medical care and other potential liabilities. If you’re considering purchasing an umbrella workers’ compensation insurance policy, make sure that your attorney can help you assess your policy’s benefits.
Drywall contractors who also install interior trim may need general liability insurance to protect their clients against liability claims from damages or injuries occurring on their property. General liability insurance won’t cover your drywall installation or repair work, but it does protect contractors against negligence or willful misconduct by employees. In particular, it may cover contractors for: failing to properly install drywall or improperly removing drywall; failing to maintain a safe work environment; not providing adequate equipment, or working with tools that are dangerous or that cause bodily injury.
Employers often buy workers’ compensation insurance policies to protect their company if an employee is injured on the job. For small contractors, this insurance can be expensive, but it is still a good investment for any business owner. When purchasing workers’ compensation insurance, be sure that your attorneys can advise you on whether your state requires employers to carry this coverage. Visit them for more information.
