How much business insurance do window installers need? Proper insurance minimizes risks for any company. Proper coverage keeps the business operational when a mistake or accident occurs. It becomes essential for companies to analyze their individual needs carefully.
Work with a Richmond VA business insurance agent to plan for the proper protection for the company. There are several forms of insurance necessary.
Protect Assets First
Window and door installers tend to need specialized equipment. They may operate out of a commercial building. They often have a wide range of tools to perform key tasks. As a result, they own assets. Each of these assets requires proper business insurance.
- Select coverage at least at the value of the building. It should cover claims for fire, theft, vandalism, or storm damage. Rebuilding coverage is a good option.
- Choose coverage for tools. It should be at least as much as the tools' worth. Combine all values. Choose coverage for the total value, if you have the option. Tool coverage might only provide a percentage of the replacement coverage.
- Property insurance also protects inventory. Select a policy that represents the amount of inventory you carry on hand for any product.
- For high-end equipment, consider an endorsement to the property insurance. This provides more coverage for those high-end valuables.
Minimize Liability Next
In some cases, general liability insurance for window and door installers is higher. That is because your company travels to the customer's location. This increases risks. More so, glass can be dangerous. If someone falls or otherwise suffers an injury, this can lead to costly claims. Professional liability or umbrella insurance may help extend coverage. This provides a better layer of protection.
- Buy at least general liability insurance worth $1 million. Larger businesses with more customers may need higher values.
- Consider the per claim limit. Be sure this limit is enough to cover losses at least equal to the job.
- Consider the policy limit. Most are $2 million or more.
- Choose to upgrade to umbrella insurance (an additional policy) to further minimize risk. This helps in larger organizations or those that spend more time on ladders.
Consider workers compensation coverage. Employee dishonesty may be beneficial. It may be important to consider commercial auto insurance if you drive from place to place. Most installers travel significantly. Choose coverage to protect the vehicle itself. Then, add in coverage for onboard equipment. Consider all risks. Choose coverage to minimize these risks.
All window and door installers need quality business insurance. This becomes essential to protect from claims and accidents. Tailor the coverage to match the unique needs of the business. Larger businesses or those with more high-risk jobs need a higher level of coverage on hand.