Sunday, September 14, 2008

Faux Painting Business Insurance

Faux Painting business insurance is very important to have if you want to run a successful business. Without business insurance you run the risk of having to pay for any damages that can occur on a jobsite that you or someone else may cause to happen. There are generally two types of insurance you can get for your faux painting business - General Liability insurance, and Workman's compensation insurance Also, any employees that get injured can file a lawsuit against you making you responsible for any medical bills and other liabilities. Some states can charge you with an indictable felony as well for not having workman's compensation insurance. Besides protecting yourself and any employees you will be comforting your prospective clients in knowing that you are professional and everything will be safely covered increasing your chance of getting the project.

General liability insurance coverage for your Faux Painting business will cover most accidents that may cause damage on the job. You may choose the amount of coverage which will cause the premium to go up or down. If you are working more commercial projects you may want to increase your coverage. There may be increases in the premium if you are working very high in the air as well. You will need to go over the actual coverage with your insurance agent and let them assess what you may need. General liability insurance will cover for some injuries but usually they are restricted and only certain small amounts are covered and will not cover any lost wages. The cost for general liability is very minimal and may run from 400 dollars a year to 1500 a year for your premium depending upon where you live and what type of coverage you will be needing, payments may be split up throughout the year.

Workman's compensation insurance for your faux painting business is for the protection of yourself and your employees. Some states will allow for coverage of yourself, but all require your employees be covered. Without workman's compensation insurance you run the risk of being sued by any employee that gets injured for medical bills and lost wages. You may also go to prison if you do not have workman's compensation insurance coverage and an employee does get hurt, some states consider this to be an indictable felony offense. Workman's compensation insurance premiums are determined by how many employees you have and what your payroll will be for the year. An estimated amount is stated and you will receive a premium which will be adjusted at the end of the year once your insurance company audits your payroll. Minimum premiums begin at 1,500 dollars a year and upwards.

Professionally it is very important to your faux painting business that you carry business insurance. You, your clients and your employees will work together much better knowing that if something did go wrong it will all be ok. So, make sure you look into getting the appropriate Insurance Coverage you need by asking an insurance broker or agent.

1 comment:

Neetu said...

Thanks for sharing the information. I want to ask you whether this kind of insurance is suitable for every kind of business or it is primarily based for painting type.
purchase commercial insurance