Risk Management Strategies for Painters
Starting and running a business is both rewarding and fulfilling. However, it also comes with potential risks. Any company, regardless of size or industry, goes through various challenges associated with the products or services being offered, the employees, clients, or even just the day-to-day activities.
Let’s take a painting business as an example. While painters are responsible for painting the exterior or interior of residential properties or commercial buildings, they also may handle alteration, repair, and maintenance work. It entails a specific set of skills and the use of different tools to meet the needs of different clients. There are several risks involved in the painting business, and painters can be vulnerable to these potential scenarios:
- Paint spills – Even if you placed tarps to prevent paint from ruining the property of a client, paint spills are still a possibility. If this happens, you may be held accountable for the repair or replacement of the damaged property.
- Work-related injuries – If you use a ladder or scaffolding and slipped and fell, you will need medical attention. Are you willing to pay for the medical costs? What will you do in case of loss of salary because you need some time off?
- Exposure to chemicals – Painters usually work with substances that can be harmful. Paint products, solvents, lead, and adhesives may be toxic and can negatively affect your health.
- Car accidents – Painters need to go from the office to the client’s home or property. In case of an accident, the medical and rehabilitation expenses can leave a hole in your pocket.
To keep your painting business running, you need to continually protect your assets as well as your reputation in the industry. This is where insurance comes in. Many business owners see it as an additional expense; that’s why they don’t prioritize it. The truth is, it’s a wise investment. Sure, it comes with paying premiums regularly, but business insurance for painters offers a lot of benefits, mainly to protect you from significant financial losses due to claims.
Choosing the right kind of insurance for your painting business can be a daunting process. There are several factors to consider, plus various insurance providers are offering a wide selection of coverage. It’s best to hire a reputable insurance provider who has years of experience in the industry. They will be able to make a better assessment of your business needs and recommend the different insurance policies that you should consider.
To help make the selection process much more manageable, here are the different types of insurance you should consider for your painting business:
- General Liability insurance – This is designed to protect painters and painting contractors against financial losses due to claims associated with personal injuries, medical expenses or property damage. If a client claims that your business caused property damage, general liability insurance will cover the legal costs and other related expenses.
- Commercial Auto insurance – As the name implies, this type of insurance aims to protect you and your painting business against substantial financial losses due to claims associated with car accidents. Since painters have to get their equipment to and from the work site, this is an essential policy to have. Depending on the fine print of the policy, the insurance will cover the physical damages up to the coverage limit.
- Worker’s Compensation insurance – This type of insurance is a requirement in most states in the U.S. It pays for the medical expenses and rehabilitation costs in case employees sustained bodily injuries at work. This insurance also covers the salaries lost when the employees cannot go back to work because of an injury. If your painting business carries worker’s compensation insurance, it will protect you from expensive lawsuits in case employees exercise their right to file a case of negligence.
Running a painting business comes with risks, but there are several ways to minimize them to protect your assets. One way to prepare for any untoward incident is by carrying adequate coverage. It’s best to hire a reputable insurance provider who has years of experience in the industry. They will be able to make a better assessment of your business needs and recommend the different insurance policies that you should consider.
Aside from preventing you from shelling out a significant amount of money due to claims, having business insurance demonstrates reliability, readiness, and trustworthiness. Amid fierce competition in the industry, you can stand out from competitors who cannot be bothered with buying the right types of insurance. It establishes that sense of security and safety, informing your employees and clients that you prioritize their safety and that they can trust you in meeting their requirements.
By Jim Loughlin, CoverWallet
Jim Loughlin is an insurance industry veteran with 25 years of experience. He is currently the senior sales director at CoverWallet, a tech company that enables businesses to understand, buy, and manage insurance online.