Framing is a necessary and skilled trade. It is required for every structure we live or work in. Whether you are remodeling existing structures or doing new construction, there are many responsibilities that framing contractors have. Any mistakes when overseeing these responsibilities can result in accidents.
For high-risk contracting jobs such as framing, it is undeniable that accidents happen whether professionals want them to or not. Sometimes, the framing company is considered at fault for the accident that has occurred. Should that happen, having the right liability insurance can prevent your business from entering into a long period of financial difficulty, if not complete liquidation.
The liability insurance field has consistently evolved over the past few decades. One development that has benefited policyholders has been the creation of specialty policies for high-risk industries like construction. Small Business Liability is one such insurance company that promises focused, all-encompassing coverage for framing businesses, as well as the independent contractors who are qualified to do it.
What is General Liability Insurance and Why do Framers Need it?
If you or your company is deemed at fault for an accident on the job, you are legally required to cover the damages. Because damages often cost more than companies can pay out of pocket, liability insurance covers those costs when you need them covered. Even if it turns out that it was not your fault the cost to defend yourself can run in the tens of thousands of dollars. This money will come from your pocket if you are not properly insured.
Some of the types of claims that we cover include:
- Bodily injury and its resulting medical expenses
- Non-physical harm, which includes:
- reputational damage
- property damage
- any other legal fees and claims that might arise
- Any accident that causes a client or third party to temporarily relocate or delay business
Insurance requirements for contractor businesses of any size are determined by state and local law. This means that in some instances, it might not be necessary for your company to pay for liability insurance. However, it is highly suggested that for the sake of your own peace of mind to obtain liability insurance regardless if it is required by law or not. Without this type of coverage, your company is at risk of:
- Accruing fines after failing to provide proof of insurance to state or local authorities
- Losing bids to companies who provide proof of insurance upon demand
- Paying more up front for damages than you would from paying monthly premiums
- Forfeiting valuable business assets if your company is unable to pay for damages
Everyone intends to operate their business in a safe manner, but accidents happen to even the safest and most cautious businesses.
Small Business Liability works with your framing company to make sure that you are both complying with the law and getting the most for your money. If you can’t always prevent accidents, you can always prepare for them with a general liability insurance policy at your disposal.
Why Choose Small Business Liability for Your Carpentry Business?
Small Business Liability has years’ worth of experience covering trades like framing. Because we empathize, support, and place trust in our clients, we can give them the success they want with the security they need. For more information, or to get started with a quote, contact us today!