Fire sprinkler contractors come in many shapes and sizes. Sometimes run their own store selling supplies. Sometimes they provide onsite services to customers as independent contractors and owner-operated businesses. Larger fire sprinkler contracting companies often operate physical storefronts as well as having employees that visit customer locations to provide services. Regardless of how large or small your contracting company is, it can benefit from having business insurance as protection against unexpected events.
A commercial insurance policy for fire sprinkler contractors may include general liability, business auto insurance, worker’s compensation, and a business owner’s policy. Each type of insurance supplies help for various risks.
General Liability Insurance
General liability coverage is business insurance for fire sprinkler contractors designed to protect the company from several types of risk. The primary areas this policy helps your company with include bodily injuries, property damages, product or service issues, advertising or personal injuries, and rented or leased premises protection.
Bodily injuries are physical. Without insurance, your company would have to pay potentially large amounts of money to a person that is physically harmed on a worksite, or in your store. Whether a customer, supplier, or third party, when physical harm occurs it often necessitates the need for medical care. Sometimes an ambulance, emergency room visit, and hospital stay are also required. General liability insurance for fire sprinkler contractors pays for these types of expenses so that you won’t have to.
Property damages are in relation to someone’s personal property. Sometimes innocent accidents happen that cause unintended damage. That damage must be fixed or repaired in some way, however, and the related costs can add up. If the damage causes a lawsuit to be filed against your company, there may be additional expenses for defense, settlements, or judgements.
Product and service issues can occasionally arise after you’ve finished a project. If customers are not happy with the quality of the work you completed, they may file for reparations. Likewise, if you sell products that are later recalled or found to be defective, the customers who purchased them may also want recompense. Fire sprinkler contractors’ insurance helps pay for expenses related to these types of problems.
Advertising and personal injury are also benefits of a general liability insurance policy. Advertising complaints may include claims of copyright infringement. Personal injury complaints arise when another person or company feels your business advertising slandered them.
Rented or leased premises protection is beneficial to fire sprinkler contractors who have a physical store, shop, or other business operations location. When you rent or lease property for business use, this part of the insurance policy will protect that property. If your company operations or staff cause damage to the property, this portion of your insurance will pay for the needed repairs.
Business Auto Insurance
Whether your fire sprinkler contracting business is large or small, it will benefit from having commercial auto insurance protection. When you use vehicles to travel to and from customer locations, the increased frequency of travel increases your chances of being in a car accident. Most standard personal vehicle insurance policies do not include enough coverage for specialized business equipment and tools. So, even if the other driver is at fault, they may be underinsured for the amount of damages they caused. Business auto insurance covers underinsured and uninsured, and can provide for the associated medical costs of your employees.
Business Owner’s Policy
A business owner’s insurance policy is beneficial to larger fire sprinkler contracting companies. It lets you roll multiple types of insurance into one policy, and add only the extras you might need. You might choose to add protection for electronic data loss, for instance, or for business interruption in the event of a disaster.
Worker’s Compensation
Worker’s compensation insurance is required in most states when your company has employees. This business insurance protects your employees if they’re injured on the job, and helps protect the company from having to pay for all of their care out of pocket.
As you can see, business insurance for fire sprinkler contractors can be highly beneficial. No one knows when unfortunate events will happen but being prepared in advance is easy and affordable. Simply get in touch with a commercial insurance provider to discuss your company’s options today.