Montana Furniture Repair Insurance Policy Information
Montana Furniture Repair Insurance. Furniture repair services come to their customers' rescue by helping them prolong the lifespan of much-loved pieces of furniture.
They may fix broken furniture, restore antiques, or reupholster or refinish quality furniture pieces. In some cases, furniture repair services can also be called on to disassemble and reassemble furniture such as tables, beds, and chairs.
Furniture repair facilities repair wooden or metal furniture, cabinets, and shelving regluing unattached or loose parts, stripping, sanding, or removing the old finish and applying new paint or varnish.
The repair job may include dismantling the furniture and reassembling it. Operations are generally conducted on premises, and they could include picking up and delivering items to customers.
In some situations, the repairs may be done at the customer's premises, particularly for large difficult-to-transport items.
While there is no question that furniture repair services can be immensely successful, it is equally clear that these businesses can face some serious challenges.
As a small business owner, it is absolutely crucial to take steps to protect yourself against the devastating financial consequences that may follow unforeseen circumstances. What types of Montana furniture repair insurance will help you achieve that goal? Find out more in this brief guide.
Montana furniture repair insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do MT Furniture Repair Services Need Insurance?
Furniture repair services need to carry excellent insurance for the simple reason that these businesses face an almost endless list of risks. Some of the risks furniture repair services can encounter are shared by all commercial ventures, but the fact that they are likely to enter customers' homes means they also have some industry-specific hazards to consider.
Your workshop may be struck by circumstances completely beyond your control - while acts of nature, like earthquakes or hurricanes, are the most obvious example of a peril you cannot prevent, theft, vandalism, and accidents that lead to fires are other risks.
All these perils can cause serious losses that also force you to close your MT workshop temporarily.
Liability risks fall into another category. An employee may damage a costly electrical appliance as they deliver or collect furniture, for instance, or the piece of furniture you were paid to repair may be irreparably damaged due to an event in your workshop.
Employees or third parties could sustain injuries on your premises, or due to your company's activities. Lengthy litigation, and the exorbitant costs that tend to accompany lawsuits, won't be far from your horizon in these cases.
While nearly any business requires commercial insurance, taking care to select the best possible coverage is often even more important for small business owners, who may have less of a financial buffer to help them recover from major perils.
When you have the right Montana furniture repair insurance, you gain the peace of mind that only comes with knowing you have done everything you could to invest in the future of your furniture repair service.
What Type Of Insurance Do Montana Furniture Repair Services Need?
No two furniture repair services are the same. Factors like the jurisdiction where you are based, your number of employees, the size of your operation, and whether you enter customers' homes and use vehicles to deliver and collect furniture, all influence your insurance needs.
Sitting down with a reputable commercial insurance broker is an indispensable part of the process of acquiring the Montana furniture repair insurance coverage that best protects your company. With that in mind, some essential types of coverage that most MT furniture repair services are going to need include:
- Commercial Property - Designed to protect your financial interests in case of perils like theft, acts of nature, and certain accidents, these policies will greatly reduce the costs associated with property damage or loss. Commercial property insurance covers both your physical building and your assets within it.
- General Liability - This form of Montana furniture repair insurance is essential in the event that a third party is injured on your premises, or your company's activities accidentally cause property damage to someone else. It will cover your legal fees as well as helping with settlement costs.
- Bailee's Coverage - This kind of coverage exists to meet the needs of businesses who temporarily take custody of third party property - such as furniture repair services. Should customer property be damaged or destroyed while it is within your care, this coverage shoulders the resulting costs.
- Commercial Auto - Commercial vehicles must be protected with commercial, rather than personal, auto insurance policies in case of accidents or damage.
- Workers Compensation - Were an employee to suffer a work-related injury, these policies make sure their medical bills and any lost income are reimbursed, thereby saving you money as well as legal trouble.
Keep in mind that, while these forms of Montana furniture repair insurance coverage go a long way toward protecting your furniture repair service from major threats, you may also benefit from additional kinds of insurance.
Ask a commercial insurance broker targeted questions to make sure your insurance is watertight.
MT Furniture Repair' Risks & Exposures
Premises liability exposure is low if visitors are not permitted at the shop, and there are no significant off-premises operations. If visitors are permitted on premises, they should not be permitted in work areas due to the potential for injury from trips and falls, fumes from stripping and painting operations, and eye injuries.
There should be adequate aisle space, no frayed or worn spots on the carpet, and no cracks or holes in the flooring. The number of exits should be sufficient, well marked, and have backup lighting in case of power failure. Fire, smoke, fumes, spills, or leaks may result in bodily injury of property damage to neighboring premises.
Off-site exposures are moderate as drivers interact with customers in the pick-up and delivery of items from customers' premises, or when repairs are made at a customer's location. Repair persons should be trained in proper procedures to prevent premises damage such as fire.
Personal injury exposures include allegations of assault, battery, discrimination, and invasion of privacy. Failure of the cleaning service to run background checks and review references on employees both increases the hazard and reduces available defenses.
Products liability exposures are moderate. Repaired furniture may collapse, resulting in bodily injury or property damage. There should be a written contract outlining what happens if an item is unclaimed that allows the shop owner to sell it after a certain length of time. If major reconditioning takes place, the repair operation will have the same responsibility, as does a manufacturer.
Environmental impairment exposure can be high due to possible contamination of ground, air, and water from the disposal of waste chemicals and stripping agents. Spillage and leaking of pollutants can result in high cleanup costs and fines. Storage and disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposure can be high. Cuts and amputations during the woodworking process can occur, foreign objects in the eye, slips and falls, and repetitive motion injuries. Exposure to chemicals, dust, glues, binding agents, paints, and varnishes can result in burns and skin, eye and lung irritation.
Workers should be aware of the toxic nature of any chemical and made fully aware of the need to watch for early signs and symptoms of problems. Back injury, hernia, and sprain and strain can occur from lifting heavy furniture items and cabinets. Protective equipment should be worn.
Property exposures consist of an office, shop, and perhaps a warehouse for storage. Ignition sources include electrical wiring, heating and cooling equipment, and explosions from the build-up of dust due to cutting and sanding operations. The exposure increases in the absence of proper duct collection systems, ventilation, and adequate disposal procedures.
Wood is highly combustible and susceptible to damage by fire and smoke. Any spray-painting should be done in spray booths with explosion-proof electrical components. There should be no smoking on premises. Some types of paints, varnishes, and solvents emit noxious fumes, which may combust in vapor form. Glues, paints, varnishes, and stains may be flammable and must be adequately separated and stored away from other operations.
Furniture can be easily damaged by water and should not be stored close to water sources.
Equipment breakdown exposures include malfunctioning equipment, ventilation and dust collection systems, electrical control panels and other apparatus. A lengthy breakdown of production machinery could result in a severe loss, both direct and under time element.
Inland marine exposure includes accounts receivable if the repair shop offers credit, bailees customers, computers, and valuable papers and records for customers' and suppliers' information. The bailees customers' exposure starts when the furniture to be reupholstered or repaired is entrusted to an employee and ends when the furniture is returned to the customer.
The furniture that is being repaired for a customer must be returned in better condition than when it was brought in or picked up. The primary causes of loss are fire, theft, collision, overturn, and water damage. Items should be padded and tied down during transit to prevent damage. Hazards increase in the absence of adequate procedures, such as tagging or marking, to identify customers' goods.
Security should be appropriate for the type of furniture being worked on. A tools floater may be needed if tools are taken off-site to customers' premises.
Crime exposure is from employee dishonesty and money and securities, particularly if drivers collect payment at the time of delivery. Background checks should be conducted on all employees. Receipts should be provided for any cash transaction, with monitoring to encourage accurate reporting and collection.
There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. If there is off-site work, there is the possibility of employees taking clients' property.
Business auto exposure is moderate due to the pick-up and delivery service provided by most furniture repairers. Drivers should be trained in proper loading and unloading techniques, which include tying down transported items to prevent load shifts.
Drivers must have a valid driver's license and acceptable MVRs. All vehicles must be well maintained, with documentation kept in a central location. If vehicles are provided, there should be written procedures regarding the private use of these vehicles by employees and their family members.
Montana Furniture Repair Insurance - The Bottom Line
To learn more about the specific types of Montana furniture repair insurance policies you'll need, how much coverage you should carry and the associated premiums, consult with a reputable broker that is experienced in commercial insurance.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
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
- Chimney Sweep
- Cistern Contractors
- 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
- Furniture Repair
- Garage Door Installer And Repair
- General Contractors
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Oil And Gas Well Drilling Contractors
- 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
- Tool Grinding And Repair
- 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 find MT local small businesses by General Liability Class Code and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.