Are you thinking about becoming a painter in the Ontario area? Well, why not? There are tons of jobs available with all the new construction and remodeling going on in the area. With these ample opportunities, painters from all around are trying to take advantage of everything the area has to offer. However, before just blindly jumping into the business you need to know that you and your employees will be faced with a variety of risks on any given day. Without the right policies you will not only expose yourself and your employees to unnecessary risks, but you will put your family’s financial future at risk as well. So, what types of painting insurance policies are available for painters and which do they need?
Painters General Liability Insurance
Painters in the Ontario area will oftentimes find themselves working inside and outside of homes and businesses and around other individuals. This opens them up for a number of risks. General liability insurance is one type of policy that can protect you and your employees in the event that you cause bodily harm to a third party or property damage. For instance, if you accidentally spilled turpentine on a customer’s carpet and ruin it, this policy will pay to have the carpet replaced. If a customer claims that the paint or chemicals you used made him or her sick, this policy will cover most or all of their medical expenses.
This policy can also protect you against slanderous advertising claims. Just for example, if you post an ad that says your company offers the best painting jobs in town, it is possible that some other company could try to sue you for slandering their name. While this is highly unlikely, it is possible and this policy will offer the protection where it is needed. That being said, it should be noted that this policy doesn’t offer bodily harm protection for you and your employees.
OPCA outlines their program details that all members in Ontario may qualify for. It is worth noting that bonds may be required to land jobs that are exclusive to bonded companies only.
Painters Workers Compensation Insurance
With the ample painting opportunities available in Ontario, it won’t take long before your business grows like crazy. However, if you really want to expand and make the most of your business opportunities, you are going to need to take on employees. This might be exciting and allow you to take on more responsibilities, but it also opens you up to even more risks. When employees are working under your license, you are responsible for them and their actions. This is exactly where workers compensation insurance will come in handy. In fact, not only is workers compensation insurance handy for a variety of reasons, but also it is actually required by law in Ontario. Any individual who opens a small business with employees will be required by law to purchase workers compensation coverage for those employees.
Workers compensation insurance will cover your employees in the event that they are injured or die due to injuries sustained on the job. It will pay for their medical expenses, it will cover their lost wages while they are out of work, and some policies will even pay death claims in the event that the employee dies due to the injury.
Commercial Auto Insurance For Painters
Painters have a lot of equipment and tools that they have to lug around from job site to job site. This can include anything from ten-foot ladders to scaffolding. With such a need for major pieces of equipment painters oftentimes have to invest in vans and trucks. Unfortunately, being on the road everyday traveling from site to site can put you at the risk of vehicle accidents. It is no mistake that the roads of Ontario can be treacherous. This is especially true during the winter months. Commercial auto insurance can offer the exact kind of protection that you need.
In the event that you are in an accident and found to be at fault, commercial auto insurance will pay to repair the damages done to the other driver’s vehicle. It will also pay for their medical expenses, if the driver has to visit the hospital. Keep in mind that there are some insurance companies that will offer specialized coverage that will cover your vehicle’s damages and your medical expenses as well.
Keep Your Costs Low
As you can see there are a variety of insurance policies that a painter in Ontario needs. However, that doesn’t make the cost any cheaper. Most small painting companies will try to skimp on coverage amounts and deductibles just to lower their monthly payments. While this might seem like a good idea, it will only put you at more risks. If an accident does occur and you don’t have the proper amount of coverage to rectify the situation, the expenses will have to come out of your pocket. That being said there are ways that you can lower your monthly premiums.
- Bundling Your Policies – Bundling your policies is without a doubt one of the best ways to keep your premiums low. You might even be able to go through the same provider and bundle your commercial insurance policies with your existing homeowners or auto insurance policies. You will already be established with the company, which will offer cheaper rates.
- Get Quotes – Always make sure that you are shopping around before just signing up with any provider. Obtaining quotes from Ontario insurance brokers is absolutely free and easy thanks to the Internet. Some companies offer cheaper rates, so be on the lookout for these money-saving opportunities.
- Regular Safety Training – Many providers will offer discounts to companies that require their employees to undergo regular safety training. For instance, safety driving and defensive classes might reduce the overall costs of your commercial auto insurance, while proper lifting classes might help reduce the overall costs of your painters liability insurance. Just be sure to check with your provider to see if these offers are available to you.
What Can You Expect To Pay?
It really is hard to say what any painting company will pay for insurance policies, because there are so many factors that determine the cost. For instance, the number of employees that you have will affect the cost. There are also other factors like, the amount of money that you make each year, how long you have been in business, you and your employee’s previous driving records, your claims rates, your credit history, and even the types of jobs that you do can affect the overall costs of your insurance premiums.
Read about qualification requirements for Ontario painters to be able to be certified and save the most amount of money on premiums while landing more jobs.