Running your own painting business comes with heaps of advantages. You get to choose your own hours and be your own boss. You can decide how busy you need to be, and you can decide what prices you want to charge. But while there are perks, you need to consider other factors as well to make sure you're fully protected for your trade. Here are some important issues every painter must be insured for:
You Accidentally Break Something Or Mess Up Someone's House
Naturally, you take as much care as possible to protect your client's property. But accidents happen when you least expect it. For example, you could accidentally fall off the ladder and break a crystal vase. Paint can spill all over the carpet. If the homeowner ends up slipping on spilled paint or any of your equipment that was in the way, you may be liable. Public liability insurance can help to make sure you don't end up spending out of pocket when these things happen. Put simply, this type of insurance covers any property damage or injury suffered by a third party as a result of your mistake.
You Cannot Work Because Of An Accident Or Injury
If you're dealing with an accident, injury or sickness, you don't have any sick leave or compensation to claim from an employer because you're running your own painting business. This could put you in a great deal of financial stress. Fortunately, you can protect yourself with income insurance. This type of insurance will replace your income for a specified period of time, depending on the policy you take. You may want to talk to your insurance company or broker before you decide what works best for you.
Your Tools Have Been Stolen From Your Truck
As a painter, you may have all kinds of tools and equipment like ladders, spray guns, paint brushes, paint rollers, paint trays, work gloves and work shoes. Now, you probably store all these things in your truck because you don't have to keep transporting it from your garage to your vehicle every day. But what if you woke up one morning to find that your truck had been broken into and everything was taken? Replacing these will cost you a fortune, which is why it's important that your commercial insurance policy covers all your tools and equipment.
Make sure you take out enough trade insurance to protect yourself from these possible issues.
If your company doesn't have a commercial insurance policy, now is the time to organise one. I didn't have commercial insurance when a storm hit my business premises causing a great deal of damage. That meant that I was unable to claim for the lost trade or for the cost of repairing the building. Once my company was up and running again, I vowed never to make the same mistake again. I contacted a local commercial insurance company and asked them to tell me all about their policies. My business is now fully covered and I am ready for whatever the world can throw at me.