Contractors: This Kind of Insurance Coverage Will Save You Thousands
Hi there, Greg here from DYB Coach.
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I wanted to share a little insurance tip with you today, especially for you newcomers who are new to business.
When you get liability in Workman’s Comp Insurance, there is an endorsement that needs to be added to your liability coverage
Inland Marine Policy –The Benefits
It’s called an “Inland Marine Policy”, and it covers theft of equipment on the job site or in transit.
So, let me give you an example…
I had a house many years ago that I was working on, and I had a ton of my tools there.
They were all stolen, and we also used the tools for the company, so we got to file a claim because they exceeded a certain dollar amount, and we decided that was the best route.
Well, turns out that we did not have this coverage, and the only saving grace that we had was the fact that I owned the home, and my homeowner’s policy was able to cover the theft.
I hate to see anybody out there getting anything stolen, but let’s face it, it does happen, and when you are in a painting company, there is a lot of expensive equipment that could be taken.
So, make sure you get your coverage out there, call your insurance agent, and tell them you want to add an Inland Marine Policy.
Be Generous With the Equipment Information
Document the make, the model, the manufacturer, serial number, everything as detailed as possible.
Also, take a picture of each piece of your equipment, especially the more expensive ones.
I am not talking about roller polls and roller pans, you don’t need to really go crazy with that, but any type of extension ladder, your spray pumps, draw motors, any type of electric tool.
Anything that has any value to it, make sure you document having that, send it to an insurance agent and it will help you get a better deal for it –the more details that you have, the cheaper the policy will be.