Colorado Swimming Pool Contractor Insurance Policy Information
Colorado Swimming Pool Contractor Insurance. Swimming pools are becoming a more common part of modern homes, making the job of a swimming pool contractor an important one. As a swimming pool contractor, you will install outdoor swimming pools, in-ground swimming pools, and indoor swimming pools.
Swimming pool contractors install commercial and residential swimming pools, spas, fountains and similar projects that involve water and hydraulics. A swimming pool contractor works with a client to design a pool, orders the materials, and hires and supervises the subcontractors that actually perform its installation. Subcontractors include excavators, electricians, plumbers and cement contractors. Most swimming pool contractors also provide service, maintenance and repair services.
Maintenance of pools will also be an important part of your job. Having the right insurance plan is what keeps you protected as a swimming pool contractor. Get the Colorado swimming pool contractor insurance coverage that will keep you and your business protected.
Colorado swimming pool contractor insurance protects you and your truck from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
The Importance Of CO Swimming Pool Contractor Insurance
Protecting your business is about having the right insurance policies in place. As a swimming pool contractor, there are many things you could be held liable for. For example, let's say you are installing a pool, and you happen to cause damage to a third party or cause injury by having Colorado swimming pool contractor insurance you will be covered. Insurance is important, and the last thing you want happening is to be caught without the right policy protection.
Liability Insurance And The Protection Of Your Business
Lawsuits against your are the biggest risks to your business while working in this field. Lawsuits can cost your company lots of money. From having to deal with the different fees associated with lawsuits you can quickly lose lots of money in your business. With this type of insurance things such as legal defense and other costs will be covered.
Here are some of the different policies you may discuss with the insurance you choose to speak with:
Pollution Insurance: Swimming pools maintenance is a part of your business as a swimming pool contractor. Most times swimming pool maintenance means you'll be working with chemicals. Some of the chemicals used may cause damage. Having this special coverage protects your business when a claim is brought against it while doing this work.
General Liability: This type of coverage is usually a part of any insurance policy you get for your business. Having this coverage protects you if cause damage to a third party while doing pool building or maintenance work. You must keep in mind that this type of policy may have some things excluded from it in which case you will need extra coverage. When you have this type of Colorado swimming pool contractor insurance coverage for your business - you can be sure that you are protected.
Commercial Vehicle Liability Insurance: As with any business, you'll be using vehicles to transport different tools and materials to get the work done. Making sure they are covered by insurance is important. If your employees are likely to use their vehicles for transportation of work tools and equipment then having hired or non-owned vehicle insurance is a good option to ensure they are protected while doing so. If your employee were to get in an accident while transporting stuff for the job and they were on work time, they are protected by hired or non-owned vehicle insurance.
Umbrealla Insurance: With this type of coverage, you can get extra liability coverage above the limits offered by your general liability and other underlying policies. If you ever feel like you need more coverage for your business, then this is an option you can consider.
Workers Compensation Insurance: Before beginning any work, you're required to have CO worers comp insurance in most states if you have any non-owner employees. Although not considered liability insurance it still covers your company from liability lawsuits. If an employee is injured while on the job then having workers' compensation insurance helps with medical bills and lost wages. In the case of a fatality, this insurance coverage pays benefits to the family of the deceased. It's important that you have this insurance because most people before hiring will need to see proof that you have a workers' compensation plan in place.
CO Swimming Pool Contractor's Risks & Exposures
Premises liability exposures at the contractor's premises may be limited due to lack of public access. If there is a showroom or retail sales of pool supplies, customers may slip and fall over displays. Equipment stored in an open yard may present an attractive nuisance. The storage of flammable chemicals presents a property damage exposure to neighboring buildings.
At the job site, the swimming pool contractor is responsible for the safety aspects of the entire project even after hours when there is no construction activity. Excavation and construction pose numerous hazards. The area of operation should be restricted by barriers and proper signage to protect against trips and falls over debris, equipment, or uneven ground. Digging can result in cutting utility cables, damaging property of the utility company and disrupting service to neighboring residences or businesses.
Absence of detailed procedures to determine utility locations and to research prior uses of the land prior to digging may indicate a morale hazard. Construction sites create an attractive nuisance hazard, especially if work is close to residential areas. Safety barriers such as perimeter fencing may be needed if the excavation work is complete but other construction has not yet started.
Completed operations exposures can be severe. The swimming pool design, the quality of the construction materials, and the details of the project are all critical. If the swimming pool contractor fails to maintain the appropriate level of quality control and does not completely comply with construction, design and material specifications, a serious loss could occur.
Suction from an improperly installed swimming pool filter can eviscerate a child. Inadequate drain covers can entrap and drown swimmers. Any improperly installed diving board, ladder or in-pool lighting can lead to serious injuries and even death. Walking areas with improperly applied surfaces can lead to slip and fall injuries.
Contractual liability exposures are high for swimming pool contractors. While control of physical hazards is important, the language of the contracts between the client and the subcontractors is critically important. Financial losses and expensive litigation are virtually assured if the contractor fails to secure valid certificates of insurance with adequate limits from each of its subcontractors. In addition, it is essential that the swimming pool contractor and project owner be named and included as additional insureds on every subcontractor's policy to protect them from losses caused by subcontractor activities.
Environmental impairment exposures can be high due to the storage of pool chemicals that can leak and contaminate land or groundwater. Proper written procedures and documentation of the disposal process is important.
Workers compensation exposures depend on the actual work performed. If executive supervisors only visit the job site to provide supervision, the exposure is limited. If employees of the swimming pool contractor do part of the work, exposures can be severe. Back injuries, hernias, sprains and strains can be caused by lifting or moving pools. Work at heights, cuts, abrasions and eye injuries can occur.
Exposure to pool chemicals can result in burns, eye irritation, or inhalation damage to lungs. The swimming pool contractor is responsible for control of the job site and may be liable for injuries to any subcontractors.
Property exposures at the contractor's own location may be limited to those of an office and storage of materials, equipment, and vehicles. Some contractors have a small display area while others display above ground pools and a variety of pool related products available for retail purchase. Any flammable pool chemicals must be properly labeled, separated, and stored in approved containers, cabinets, and rooms as the introduction of even a small amount of water to certain dry chemicals can trigger an explosion. Property stored outside may be a target for vandalism.
Crime exposures are from employee dishonesty and money and securities. Background checks, including criminal history, should be obtained on each employee prior to hiring. Ordering, billing, and disbursement should be handled as separate duties with reconciliations occurring regularly. There should be appropriate procedures in place when employees accept payments off site. Audits, including inventory, should be conducted at least annually.
Inland marine exposures are from accounts receivable as the contractor typically offers installment payments to customers, goods in transit, installation floater, and valuable papers and records for customers' and suppliers' information and custom project plans. Copper tubing is a particularly attractive commodity to thieves. Copies of data should be kept at an offsite location for easier restoration.
Business Auto exposures may be limited to executive supervisor travel between installation sites or hired and nonowned for employees running errands. If the swimming pool contractor performs part of the installation, exposures are higher due to the transport of oversize pools and pool chemicals. Drivers must be experienced and aware of the cautions necessary in transporting these items to prevent overturn and damaging other vehicles.
All drivers must be well trained and have valid licenses for the type of vehicle being driven. 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.
CO Pool Contracting Insurance
Staying protected is important as a swimming pool contractor. The risks involved in this business makes having insurance policies in place to keep your business covered. A business that's profitable can lose everything if it doesn't have the necessary insurance portfolio to hand any lawsuits made against the company. The last thing you want happening is to be sued for something, and you don't have the right coverage in place to keep your business stable. Without the right plan, you can lose everything in your business. Taking the time to find the right plan is crucial for the protection of your business.
It's important for you to take the time to speak with an insurance professional to ensure that you understand the different policies and that you choose the one that will triumph over your comprehensive business protection.
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 2022.
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 2022 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
- Boat Repair & Dry Docks
- Boiler Contractors
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
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- Contractor Liability
- Curtain Cleaners
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- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
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- Oil And Gas Well Drilling Contractors
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- Propane And Fuel Dealers
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- Security Alarm
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- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tool Grinding And Repair
- Tree Surgeon
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- 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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