Drywall contractor insurance
As a drywall contractor, you work in a specialty trade. Your job is to frame, install, and place drywall in buildings. Your job requires you to be meticulous when measuring, cutting, and placing drywall sheets where they need to go. Then you need to finish the drywall in order to ensure everything is smooth and ready to be painted. Do you have a drywall contractor insurance plan in place if something were to go wrong and you were to be held financially responsible?
Many states require you get a license to be a drywall installer because it is a specialty trade, while others only require you have a high school diploma and some construction experience. No matter your experience, you need to protect yourself by purchasing small business insurance.
Types of drywall insurance
Most construction companies require their drywall contractors to have insurance to protect them against the risk of injury or potential property damage. Drywall contractor insurance is made to protect you from the risks associated with construction.
Drywall liability insurance
General liability insurance is your basic small business insurance policy. It helps protect you from a variety of drywalling risks, including third-party bodily injuries and property damages.
General liability insurance covers:
- Medical bills when a third-party is injured
- Property damage
- Libel and slander
- Copyright infringement
Let’s say a business owner slips on a dirty floor near the area where you are working and requires medical care. General liability will help pay for their medical costs, as well as their legal fees if they decide to sue you.
You might expect to pay around $46/month for a drywaller general liability policy. That’s an average of $552/year.
Tools and equipment insurance for drywallers
Also known as inland marine liability insurance, this policy helps to protect your work-related tools, equipment, and supplies while driving from one contract job to another and while at other locations. If someone happens to steal your tools while they are in your vehicle, inland marine insurance will cover the replacement cost of your stolen tools.
Inland marine insurance covers your work-related tools, equipment, and supplies once you are 500 feet away from your business premises.
Here’s an example. You stop at your local home improvement store to purchase some work supplies and when you return to your vehicle you find that your car has been broken into and all of your tools are gone. An inland marine insurance policy will pay to replace your stolen tools.
Drywall contractors might pay as little as $15/month for tools and equipment coverage. That’s only $180/year!
Drywall workers’ comp
Workers’ compensation insurance can cover you or your employees due to a workplace accident or illness. If you are a drywall contractor who hires employees or subcontractors, understand that most states require you to purchase a workers’ compensation insurance policy.
Workers’ comp insurance covers:
- Your medical bills due to work-related injuries
- Your employee’s medical bills due to workplace accidents
- Legal defense costs if you were to be sued
- Lost wages
Let’s say one of your employees starts experiencing breathing problems after coming into contact with asbestos. A workers’ comp policy will help cover their medical bills and lost wages so you do not have to.
Hangers without employees could pay as little as $63/month for workers’ comp insurance. Because this policy is based on payroll, the more people you have working for you, the higher your premium may be.
Property insurance for drywallers
Property insurance is important because it protects you from some of the more common risks associated with the construction business, including accidents. Just think of property insurance as one that covers the physical assets of your drywall business by repairing or replacing your work-related property.
Property insurance covers:
- Damage to your property caused by natural forces – rain, wind, lightning
- Damage to your property caused by fire or vandalism
- Your stolen property
Example: All of your work-related tools were stolen. A property insurance policy will help pay to replace your stolen property. Whew!
Drywall contractors may pay around $43/month for property insurance, or $516/year.
Umbrella insurance for hangers
Umbrella insurance is a type of insurance policy that goes above and beyond the policy limits of your other insurance policies. For example, someone sues you and the judgment they receive is more than your general insurance policy will allow. Umbrella insurance makes up the difference so you do not have to pay out of pocket.
Drywaller commercial auto insurance
Business auto insurance covers your vehicle when you are driving to and from work, as well as when performing work-related responsibilities like driving to the store to get more supplies.
Business auto insurance covers:
- Damages to your vehicle
- Damages to another vehicle
- Third-party bodily injuries due to an accident
- Damages to property
- Vehicle theft
- Vehicle vandalism
Say something hits and breaks your windshield as you are driving to your next drywall contracting job. A business auto policy will help pay to repair or replace the windshield.
Drywall contractors might pay around $84/month for a business auto insurance policy. That’s about $1,000/year.
Surety bonds for drywallers
A surety bond is an affordable insurance option that makes your drywalling business look more professional. Why? Because it guarantees that you will abide by your contractual obligations and terms, which helps give your clients the peace of mind they need to know you are a trustworthy drywall contractor. In fact, many clients will not hire a contractor who is not bonded.
Drywall insurance cost
When it comes to how much you will need to pay for drywall contractor insurance, the details matter.
- Where are you located?
- Do you specialize in renovation or new construction only?
- Do you have any employees?
- What is the worth of your business property and equipment?
- How much do you make annually?
- Do you offer other contracting services besides drywall installation?
- Do you have a history of drywall-related accidents?
Compare drywall insurance quotes
As a small business owner, you want to make sure that you are not paying more than you have to in business insurance. We offer customized insurance quotes, as this is the best way to ensure that you are paying no more than you have to in order to properly protect your drywall contracting business. Simply fill out this 3-minute form for a customized drywaller insurance quote!