Why is business insurance a must for flooring contractors?
Installing floors in homes and offices often comes with high liability. The right business insurance coverage will help handle legal costs if a client trips on loose materials, or sues over damage in their home. It also covers stolen equipment, accidents in your company truck, and employee injuries.
Get the right insurance
6 insurance policies every flooring contractor should consider
General liability insurance
A general liability insurance policy protects flooring professionals against legal expenses related to client property damage and injuries. It's often required by commercial leases and contracts.
- Client bodily injuries
- Damaged customer property
- Advertising injury and copyright lawsuits
Business owner's policy
A BOP bundles commercial property insurance and general liability coverage at a discount. It's often the most cost-effective type of business insurance for flooring businesses.
- Accidental client injuries
- Accidental damage to client and business property
- Libel, defamation, and copyright lawsuits
Workers' comp insurance
Most states require companies with employees to carry workers' comp to help cover medical expenses and lawsuits from workplace injuries. In some states, sole proprietors who work in construction must have this policy.
- Medical bills from work injuries
- Disability benefits
- Lawsuits from workplace accidents
Commercial auto insurance
Floor installers with business-owned vehicles must carry commercial auto coverage to comply with state laws. It helps cover financial losses in an accident, including legal costs and property repairs.
- Auto accident injuries
- Auto accident property damage
- Vandalism of a company vehicle
Contractor's tools and equipment
A type of inland marine insurance, business tools and equipment insurance protects your equipment and tools wherever you bring them, whether they're in transit, used at a jobsite, or stored off-site.
- Saws, drills, and other tools
- Hard hats and other safety equipment
- Excavators and forklifts
Cyber insurance
Cyber insurance helps your company recover from a data breach or cyberattack. It's strongly recommended for any business that stores credit card numbers, customer addresses, or other personal information.
- Fraud detection and monitoring services
- Client notifications after a data breach
- Business interruptions from cyberattacks
Flooring contractor insurance costs
Here's a quick look at the average costs of common flooring contractor insurance policies purchased by TechInsurance customers:
General liability: $63 per month
Business owner's policy: $109 per month
Workers' compensation: $193 per month
Factors that can influence a flooring contractor's premiums include:
- Services offered, such as tile, floor installation, or carpet cleaning
- Number of employees you have, including subcontractors
- Types of insurance purchased
- Policy limits, deductibles, and other coverage options (e.g., endorsements)
- Claims history
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FAQs about flooring contractor business insurance
Find answers to frequently asked questions about floor installer business insurance.
What other insurance policies do flooring installers need?
Coverage like general liability insurance or workers' compensation insurance provides crucial financial protection against common risks and work-related injuries, but they don't cover all perils a flooring professional may face.
Floor installation businesses, including sole proprietors and independent contractors, should also consider the following types of coverage:
Builder's risk insurance protects flooring installers and other construction contractors who are working at a structure under construction, along with their materials. It's sometimes called course of construction insurance.
Professional liability insurance safeguards your flooring business from client lawsuits over errors, mistakes, or negligence they claim negatively impacted them. This policy is also called errors and omissions (E&O) insurance.
Commercial umbrella insurance boosts the coverage of your general liability, commercial auto, and employer's liability insurance once the policy limit is reached.
Products-completed operations coverage provides protection against lawsuits alleging your completed flooring service damaged a client's property or caused them an injury.
Do flooring contractors need a license or certification?
Many states don't require a license for flooring installers, however local governments at the county or city level might have their own requirements.
Even when not required, pursuing certifications or a business license can be extremely beneficial to a flooring installation contractor's business.
Being a licensed flooring contractor can help you stand out from the competition, gain client trust, and acquire contracts for larger jobs.
Having a license or certifications shows you've mastered the skills to perform the installation competently and do a good job.
Does installation floater insurance protect flooring installation equipment?
Because a standard commercial property insurance policy doesn't cover items brought to jobsites, your flooring contracting business will likely need installation floater insurance.
This policy provides coverage for flooring materials and products—such as tiles, laminate, carpet, hardwood flooring, and nails—during the installation process. It also protects them while they're in transit or stored off-site.
Installation floater coverage can help pay for repair or replacement of the materials if they're damaged by vandalism, fire, or a storm. This type of inland marine coverage provides crucial protection for installers who work at their clients' homes, offices, and construction sites.
