Drywall and Wall Boarding Work insurance – cost and types of policies

Whenever you budget the expenses of your business, Drywall and Wall Boarding Work insurance must be high on the list because you can’t always know exactly what can happen in the future.

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With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.

Like any business owner, for your Drywall and Wall Boarding Work enterprise, you must consider how much financial liability you are taking on.

If your Drywall and Wall Boarding Work business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions. 

Drywall and Wall Boarding Work Insurance

In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Drywall and Wall Boarding Work business?

What this means, for any Drywall and Wall Boarding Work business owner, is that if some company claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Drywall and Wall Boarding Work business is not protected by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.

In some states, like New Jersey, there are specific monetary levels that limit the amount a court can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sort.

When you are running your Drywall and Wall Boarding Work operations, you can’t deny responsibility for the results of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.

What does Drywall and Wall Boarding Work insurance protect you from?

For your Drywall and Wall Boarding Work business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some official kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Drywall and Wall Boarding Work business owner should consider when negotiating the insurance needed.

The main types of insurance for your Drywall and Wall Boarding Work businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Drywall and Wall Boarding Work business is dealing directly with other people, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your Drywall and Wall Boarding Work business protects you against claims coming from injury to visitors or damage to their property.

It protects your Drywall and Wall Boarding Work business from the claims themselves and also to any associated court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.

The normal level of general liability insurance for your Drywall and Wall Boarding Work business would be with a boundary of $1 million for a single submission and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Drywall and Wall Boarding Work insurance operations.

Professional liability insurance for your Drywall and Wall Boarding Work business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Drywall and Wall Boarding Work business for them, you can quickly face a court case.

Even if the lawsuit against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Drywall and Wall Boarding Work business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.

See the table in the cost of Drywall and Wall Boarding Work insurance section below for average prices of professional liability insurance for your Drywall and Wall Boarding Work operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that the results didn’t meet your description of function, or that your guidance was basically incorrect.

You need to understand the explicit laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Drywall and Wall Boarding Work

Only you can estimate exactly how much insurance you should get.

Best advice is to contact experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Drywall and Wall Boarding Work business

Take care! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car is being used for business purposes.

The best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.

Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in an accident.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Drywall and Wall Boarding Work business needs specific and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The tools may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy everything needed to keep your Drywall and Wall Boarding Work business running.

It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Drywall and Wall Boarding Work business’ equipment.

Commercial Property insurance

Any Drywall and Wall Boarding Work business that owns or rents space in a building must have a commercial property insurance policy.

If you own the property, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.

Your physical building location needs to carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your Drywall and Wall Boarding Work business works in areas of high risk, like Florida or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Drywall and Wall Boarding Work business premises, there is a need for more supplementary cover than in warmer climes.

Although the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Drywall and Wall Boarding Work insurance section below to give some idea of the average prices per million dollars of property insurance for your Drywall and Wall Boarding Work business.

Temporary insurance by month, week or day for your Drywall and Wall Boarding Work business

Is your Drywall and Wall Boarding Work business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Drywall and Wall Boarding Work – are special policies where you can cover a designated period when you want to be covered.

By only paying for that period of cover, you will save by having reduced premiums but still having the same risk cover.

The essential feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of larger business activity, get the existing cover improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Drywall and Wall Boarding Work business

You have the option to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Drywall and Wall Boarding Work businesses, such as yours.

There are two limits that will determine whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle cover.

Also, the size of your business will dictate whether you are permitted to take out BOP cover.

The typical business that is eligible for a BOP policy must have less than one hundred employees, and not more than five million dollars in annual revenue.

Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Drywall and Wall Boarding Work business employees

In most states, it is mandatory to have workers compensation insurance when your Drywall and Wall Boarding Work business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if a worker experiences an injury or becomes sick as a result of work.

The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s laws in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you may not take out your workers compensation obligations from private insurance providers.

Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Drywall and Wall Boarding Work insurance need is unique, there are enough examples of standard quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.

Of course, you should always check with a broker what’s relevant for your business.

The list below is of annual premiums we have collected for the main types of insurance your Drywall and Wall Boarding Work businesses needs.

Types of insurance Price range
Product liability insurance $222 – $709
Commercial insurance $1091 – $2638
Commercial vehicle insurance $1728 – $2780
Public liability insurance $364 – $580
Equipment insurance $372 – $1466
General liability insurance $633 – $1282

Cost of insurance for your Drywall and Wall Boarding Work operations depends on many different factors.

We have calculated these figures for small independent Drywall and Wall Boarding Work businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they can be about 20%-30% cheaper.

The location and size and type of your Drywall and Wall Boarding Work business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Drywall and Wall Boarding Work operations?

This is an umbrella term used to describe basic insurance policies designed to protect Drywall and Wall Boarding Work business owners from risks like bodily injury, property damage, claims of negligence.

Does my Drywall and Wall Boarding Work business have to have insurance?

Some of the types of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Drywall and Wall Boarding Work business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Drywall and Wall Boarding Work insurance.

How much will Drywall and Wall Boarding Work business insurance cost?

On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should consult with professional insurance agents and brokers, or insurance company representatives.

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