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Flooring Contractor Insurance Policy

A Flooring Contractor Insurance Policy is a type of insurance that covers business owners who provide flooring installation services. This type of policy will provide financial protection in the event of an accident or damage to the property being worked on. It may also provide coverage for any liability arising from the installation of the flooring. 

Generally, it will cover the cost of replacing or repairing the flooring, as well as any legal fees associated with a lawsuit. Additionally, it may provide coverage for medical expenses related to injuries suffered while on the job.

Who Needs Flooring Contractor Insurance Policy?

If you are a contractor who specializes in the installation, repair, and maintenance of flooring, you need to have flooring contractor insurance coverage. This type of insurance is designed to provide protection to the contractor and their business in the event of a claim or lawsuit. It covers a range of potential exposures, including property damage, bodily injury, and personal and advertising injury. It can also provide coven.

Types of Insurance for Flooring Contractors 

There are several types of insurance that flooring contractors should consider, including:

1. General Liability Insurance: This type of insurance provides financial protection for flooring contractors in the event of third-party property damage or bodily injury claims. 

2. Professional Liability Insurance: Also known as errors and omissions insurance, this type of insurance covers flooring contractors for negligence and mistakes that result in financial losses for their clients. 

3. Workers’ Compensation Insurance: This type of insurance provides financial protection for flooring contractors in the event of an employee’s on-the-job injury. 

4. Equipment Insurance: This type of insurance covers flooring contractors in the event that their tools, machinery, and equipment are damaged, stolen, or destroyed while they are on the job. 

5. Business Owner’s Policy: This type of insurance combines general liability and property insurance into one policy, providing financial protection for flooring contractors in the event of property damage, theft, and more.

How Much Does Flooring Contractor Insurance Cost? 

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for flooring installation and repair businesses ranges from $37 to $59 per month based on location, size, payroll, sales, and experience.

Flooring Contractor Insurance Risks and Exposures 

Flooring contractors are exposed to a variety of risks. These include property damage, injuries to workers and customers, and liability. 

  1. Property: Fire, vandalism, and theft are risks to contractors’ tools and materials. 
  2. Workers’ Compensation: Employees may be injured on the job due to slips, falls, or overexertion. 
  3. Liability: Contractors can be held liable for customer injuries or damage to their property caused by their work. 
  4. Professional Liability: Contractors can be held liable for mistakes or errors in their workmanship. 
  5. Business Interruption: If a contractor is unable to complete a job, they may suffer financial losses due to lost income and extra costs associated with the delay.

Commercial Insurance And Business Industry Classification

  • SIC CODE:  1752 Floor Laying and Other Floor Work, NEC
  • NAICS CODE:  238330 Flooring Contractors
  • Suggested Workers Compensation Code(s):  5437 Carpentry – Installation of Cabinet Work or Interior Trim,  5645 Carpentry – Construction of Residential Dwellings Not Exceeding Three Stories in Height,  5651 Carpentry – Construction of Dwellings – Three Stories or Less

Flooring Contractor Insurance – The Bottom Line 

Flooring contractor insurance is essential for anyone who works in the flooring industry. It is important to have the right coverage in place to protect your business and yourself from any potential risks or losses. By taking the time to research your options and working with an experienced insurance broker, you can get the coverage you need at a price you can afford.

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