Colorado Stone And Tile Installer Insurance Policy Information
Colorado Stone And Tile Installer Insurance. If you are a stone or tile contractor, one of the things that you're going to have to worry about is insurance. Any time that you are working on someone's home, or you are providing a service to someone where lots of things can go wrong, you need to have the right coverage.
Terrazzo, tile, marble and mosaic contractors specialize in installing various types of tile products in residential, government, commercial or industrial buildings. The installation may take place inside on floors, walls, or table tops, or outside on walls or patios. The work is extremely labor intensive and requires careful attention to detail.
Terrazzo is made by mixing marble, granite, quartz or glass chips into a cement binder and can be purchased as tiles or custom made on site. Tile is made of ceramic, stone, metal or glass. Marble is made of crystallized rock, such as limestone, cut into tiles and glazed or polished. Mosaic uses an assortment of small pieces of colored glass, stone, tile, or other materials set into patterns to form designs.
Tile, flooring and stone installation is not an easy task, and there are lots of things that can go wrong. Years down the line, you may find yourself defending your company against someone who says that you did a bad job on their installation.
Let's take a look at the types of Colorado stone and tile installer insurance that you might need to make sure that you and your company are protected.
Colorado stone and tile installer insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now
Essential Insurance For Tile & Stone Installers
Following is a list of some of the 'must and should have' policies for CO terrazzo work contractors, mantel work contractors, marble installation and mosaic work contractors, ceramic tile installation contractors and more:
- General Liability
- Owners & Contractors Professional Liability
- Commercial Auto
- Inland Marine
- Worker's Compensation
The Most Important Insurance Options for Tile & Stone Contractors
When it comes to having the right Colorado stone and tile installer insurance, there are a few types that are most important for tile and stone contractors. Let's look at each of these types of insurance in detail and help you understand what they mean - and why you need them for your business.
First, following are some common claims scenarios:
- Your customer trips and is injured while shopping in your showroom.
- Your employee damages a customer's home during the installation.
- Your customer sues you, claiming the tile you installed in the shower wasn't done correctly, and water leaked and damaged their home.
General liability is an important type of insurance for any business. Liability insurance protects you from injuries that customers can sustain during the normal course of you doing business, as well as any property of others that you damage. It usually protects people that visit your place of business, but in the case of a mobile business like tile and stone installers, they may also protect you if they were injured visiting your jobsite. There are lots of dangerous tools and heavy equipment on job sites, and customers have the potential of getting hurt. You want to be protected in case this happens.
Owners & Contractors Professional Liability
Contractors and businesses that work with specific types of employees that are more independent than salaried or wage employees may want to protect themselves with owners and contractors professional liability insurance. This is purchased by contractors to protect owners against liability for ongoing operations that are performed by independent employees such as subcontractors or due to the negligent supervision of the overseeing contractor.
For CO tile and stone installers that often work with other independent workers that may not have as much invested in a job, this is an absolutely vital type of insurance.
If you are a tile or stone contractor, you are going to have to buy business auto insurance. Since you are going to be traveling to job sites and hauling equipment and materials in your car, you have to have Colorado stone and tile installer insurance in order to be protected.
Inland marine insurance protects things like equipment and materials that are housed in your commercial vehicle. If your equipment is stolen or damaged, this policy can offer you money to replace it. There are certain businesses out there that require this type of insurance, and CO flooring contractors and installers are definitely one of those that should have it.
Workers Compensation Insurance
If you happen to have employees other than the independent subcontractors that you use, then you're going to need workers comp. Worker's compensation protects your employees who are injured on the job. Generally, it only protects employees that are salaried or are paid an hourly wage. If you have subcontractors working for you, then workers comp will usually not apply to them. However, for those that are covered under Worker's Compensation, medical bills and lost wages may be covered if they are injured on the job.
Colorado Stone And Tile Installers's Risks & Exposures
Premises liability exposures at the contractor's office are generally limited due to lack of public access. If there is a showroom, clients can slip or fall, or be injured by falling displays. Off-site exposures are moderate. Jobsite operations include the potential for bodily injury to the public, to other contractors' employees and damage to their property or completed work. Tools, building materials and scrap all pose trip hazards even when not in use.
In enclosed structures without proper ventilation, the use of adhesives can cause fumes that may be just a nuisance or result in serious illness or death. If work takes place during business hours, the exposure to the public must be controlled. This is a particular problem if the work is performed on the exterior of the structure or on an upper interior wall. Barriers must be placed appropriately in addition to warning signs indicating the potential for falling objects.
Completed operations liability exposure may be significant. Failure to properly prepare the surface on which the tile is to be installed or improper installation can result in mildew or mold problems and falling objects. Failure to use enough grout or adhesive can separate the tile from the surface, resulting in trips and falls.
Quality control and full compliance with all construction, material, and design specifications are necessary. Inadequate record keeping may necessitate payment of otherwise questionable claims. Inspection and written acceptance of the work by the owner or general contractor is critical.
Workers compensation exposures vary based on the size and nature of the job. Work with hand tools and sharp objects such as saws can result in cuts, piercings, and accidental amputation. Back injuries, hernias, sprains and strains can result from lifting. Workers can experience lung, eye or skin irritations and reactions from exposure to dust generated by tile cutting. Work at floor level for extended periods of time can result in injuries to knees.
When work is done on ladders and scaffolds, there is a potential for severe injury or death from falling, being struck by falling objects, or adverse weather conditions. The absence of good maintenance of scaffolds, proper use of basic safety equipment, such as properly installed guards, steel-toed shoes, and eye protection, and strict enforcement of safety practices may indicate a morale hazard. Removal of asbestos-lined old tile requires controls, but is generally not a serious hazard.
Property exposures are generally limited to an office and storage for supplies, tools and vehicles unless there is a showroom and stock held for sale. Grout or cement may be on hand but present a low fire load. Adhesives can be flammable so must be properly labeled and stored separately from other materials. Tiles should be stored on pallets with good aisle space. Any scrap storage should be palletized and kept separate from the new material.
Crime exposures are from employee dishonesty. Background checks, including criminal history, should be performed on all employees providing services to customers or handling money. All ordering, billing and disbursement should be handled as separate duties with reconciliations occurring regularly. Certain types of tile and marble are quite valuable and may be difficult to trace if stolen and resold.
Inland marine exposures include accounts receivable if the installer offers credit to customers, contractors' equipment and employees' tools, goods in transit, installation floater, and valuable papers and records for customers' and suppliers' information. Equipment and supplies left at job sites are subject to loss due to breakage, theft and vandalism.
Some types of tiles are extremely valuable and may be difficult to replace. Others are custom made so a partial loss may result in all tiles having to be replaced. Tiles are heavy and could shift during transport, resulting in breakage. Proper loading and tie-down is essential. The contract with the client should state who is responsible for the tile during transit and storage.
Environmental impairment liability exposure may be significant if the contractor removes and disposes of asbestos flooring. Transportation and disposal procedures must adhere to all EPA and other regulatory standards.
Business auto exposures are limited unless building materials are transported by the installer. MVRs must be run on a regular basis. Random drug and alcohol testing should be conducted. Vehicles must be well maintained with records kept in a central location. Hazards of transport include failure to properly secure the load and equipment failure, such as tie-downs and hitches. If oversized items are transported, vehicles should be clearly marked.
Stone & Tile Contractor Insurance Coverage
Some of the other insurance options that you have when you are a tile, flooring or stone installer include property insurance, which protects your place of business in case of a natural disaster or another mishap such as a fire, theft, tornado or if someone commits serious vandalism against your place of business. If you have an office that you do business out of, then you definitely need to protect yourself against these potential disasters.
Another type of Colorado stone and tile installer insurance that you may want to consider is employer liability coverage for practices. For example, if someone brings a lawsuit against you for discrimination, this type of insurance will offer you protection. Finally, you may want to consider umbrella coverage which offers even greater protection than the insurance plans that are described here.
Colorado Economic Data & Business Insurance Information
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
Business Economic Trends In The State Of Colorado
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2020.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2020 fiscal year.
Regulations And Limits For CO Commercial Insurance
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
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Also learn about Colorado small business insurance requirements for general liability, business property, commercial auto & workers compensation including CO business insurance costs. Call us (720) 500-2051.