Flooring contractor insurance can protect you and your business from many known and unknown risks.

With the right coverage, you will not have to worry about significant financial loss due to work-related medical expenses, equipment damage or loss, or costly lawsuits filed against your company.

Read on to learn more about the cost of flooring contractor insurance, what types of insurance you may need, and how you can find the right policy for you and your flooring business.

We Cover in This Guide

• How much does flooring contractor insurance cost?
• What is flooring contractor insurance?
• What does flooring contractor insurance cover?
• Benefits
• Tips for buying
• FAQ
• Summary
• All types of insurance flooring contractors may need

How Much Does Flooring Contractor Insurance Cost?

To determine the cost of flooring contractor insurance, providers will take several factors into account, like services offered, the number of employees in your company, and others.

What is Flooring Contractor Insurance?

Flooring contractor insurance can include several types of policies, including general liability, workers’ compensation, and professional liability, as well as surety bonds.

Each of these types of coverage is designed to protect flooring contractors from financial loss and legal claims made against them by their employees or customers due to a mistake or accident that occurs while performing flooring services.

Without the right flooring contractor insurance coverage, your business could face bankruptcy if a claim is made against you and you are found to be liable.

What Does Flooring Contractor Insurance Cover?

Your coverage will depend on a variety of factors, including the types of policies you choose, your business risks, your insurance provider, and more.

A comprehensive package that includes general liability, professional liability, and workers’ compensation insurance will typically cover:

• Bodily or personal injury
• Property damage
• Subcontractor errors
• Professional negligence
• Retroactive claims
• Medical care and missed wages for employees who experience a work-related injury or illness

Depending on the risks you typically face, you may require more or less coverage than what is listed above.

Benefits

Benefits of flooring contractor insurance include:

1. Coverage: Flooring contractor insurance can protect you and your business from extreme financial loss if a customer or employee makes a claim against you due to a mistake made by your company.

2. Appearance: Having the right coverage will help your customers feel more secure and can help you land more and bigger projects.

3. Comply with laws & regulations: Certain policies, like workers’ compensation, are often required depending on your state and local laws. Having the right coverage will guarantee that you are complying with these regulations.

Tips for Buying

To find the best flooring contractor insurance for your business, keep these tips in mind when shopping for policies:

1. Compare Rates: The cost of flooring insurance can vary greatly between providers, so be sure to compare around three to five quotes to find the best rates available.

2. Consider Your Risks: Flooring contractors may face specific risks not faced by businesses in other industries. Knowing which risks you face that may result in claims being made against you will help you find a comprehensive insurance package to protect your business.

3. Know Your Local & State Laws: Some states require businesses to have certain insurance policies. Be sure to review your local and state laws to ensure you have the necessary coverage to comply with these regulations.

FAQ

Do flooring contractors need umbrella insurance?
Umbrella insurance refers to a package of policies that makes up for holes in your existing coverage. As such, flooring contractors may need umbrella insurance if their current policies do not offer sufficient protection.

How much should I expect my monthly premiums to be?
The cost of flooring insurance is dependent on several factors, but for a basic policy, you can expect your monthly rate to be $39 to $100 per month.

What risks do flooring contractors face?
Here are some unique risks flooring contractors may face:

• Your employee is injured while installing flooring.
• The chemicals your business uses cause a client to become ill, resulting in a lawsuit against your company.
• You damage a customer’s property while removing existing flooring.

Without proper coverage, incidents like these may result in serious financial loss.

Summary

Without the right coverage, your flooring business is susceptible to extreme income loss due to lawsuits, medical costs, and other expenses.

The low cost of flooring contractor insurance, combined with the protection it offers against claims made against your company, makes it an extremely valuable investment for any flooring contractor.

All Types of Insurance Flooring Contractors May Need

For complete coverage, flooring contractors should consider taking out the following insurance policies:

General Liability: Covers costs for third-party lawsuits related to personal or bodily injury, installation errors, and other common accidents.

Workers’ Compensation: Covers medical costs and missed wages for employees who experience a work-related injury or illness. Depending on your state, this coverage may be required.

Surety Bond: Surety bonds are contracts that financially guarantee that you will fulfill your obligations. If the obligation is not carried out, then the insurance company compensates the client.

Professional Liability: Protects flooring contractors against claims that your services resulted in financial harm to a customer.