Fire Sprinkler Contractor Liability Insurance
As a fire sprinkler contractor, you are responsible for installing, repairing, and maintaining fire sprinklers and fire protection systems. But even if you follow all the right safety precautions, accidents can happen on a job site. If the situation is serious enough, you could find yourself in the middle of a lawsuit. Fortunately, fire sprinkler contractor insurance can protect your business.
Fire sprinkler installers face a number of risks on the job. You rely on tall ladders and power tools to set up new sprinkler systems. You can get exposed to lead and rust when working with old pipes. Using faulty equipment can accidentally cause damage to the home or building you are servicing. Third-party lawsuits can be incredibly costly for small businesses. If you don’t have the funds to cover them, it could put your company in jeopardy.
For fire sprinkler installation companies, there are a variety of insurance policies that can provide valuable protection. Here are several kinds of insurance to consider for your fire sprinkler installation business.
General Liability Insurance
General liability insurance is one of the most beneficial types of commercial insurance, no matter what industry you’re in. It provides protection in the event of a third-party bodily injury or property damage claim. For example, if a customer gets injured on a job site and needs medical treatment, or if a client sues your business for damaging the ceiling drywall, general liability insurance would cover your legal fees. This policy also pays for medical bills and repairs in a property damage claim.
Inland Marine Insurance
Inland marine insurance is a special type of policy that covers your work materials and equipment while they are in transit, or while they are being temporarily stored away from your main place of work. Imagine that you store your ladders and power tools in a warehouse and a fire starts, damaging all of your equipment. If you had inland marine insurance, your insurance company would reimburse you for the cost of new tools, up to your coverage limit.
Workers’ Compensation Insurance
Workers’ compensation insurance applies when one of your employees gets sick or injured as a result of their job responsibilities. It can help cover the cost of medical bills, lost wages, and disability benefits. If the employee sues your business, it can also pay for your legal fees. Keep in mind that workers’ compensation is a legal requirement in almost every state for businesses that have employees. So, if your fire sprinkler contractor business is growing, having workers’ compensation is essential.
Commercial Auto Insurance
Your fire sprinkler installation business probably relies on work trucks to drive to job sites and transport your equipment. But whether you have a single truck or a fleet of 10 trucks, you need to have commercial auto insurance. This policy is similar to personal car insurance, but it specifically covers work-use vehicles. If you or one of your employees gets into an accident, commercial car insurance will cover their liability. You can choose to upgrade your policy to include physical damage coverage and medical payments coverage.
Most fire sprinkler contractors rely on contracts to guarantee their services before they begin working with a new client. If contracts are an integral part of your business, having a surety bond can come in handy. In the event that your business fails to uphold the guarantees outlined in a client contract, your customer would be eligible to receive the surety bond, which is a fixed amount of money. Having a surety bond can help you avoid a lawsuit in the event of a client dispute or claim, which would save your business money.
Commercial insurance does not provide unlimited coverage. Every liability policy has a coverage limit, which is the maximum amount of money the insurance company will provide after a covered claim. You get to choose the coverage limit when you purchase an insurance policy. However, if you need higher liability insurance limits, you have the option to purchase an excess liability policy, which is also called umbrella insurance. Typically, this policy is available in increments of $1 million once you have reached the maximum standard limit.
Fire Sprinkler Contractor Insurance Cost
The cost of fire sprinkler contractor insurance is different for every business. The premium is based on factors such as your state, the number of employees you have, the number of insurance claims your business has filed in the past, and more. On average, the cost of fire sprinkler contractor insurance starts at 55 per month. You can lower your premium by raising your deductibles and purchasing lower coverage limits.
Contact Dorsal Insurance today at: 786.601.2485
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