Plastering And Stucco Contractor Insurance Montana Policy Information
Plastering And Stucco Contractor Insurance Montana. If you are a MT plastering and/or stucco contractor, you have a difficult job on your hands. From repairing and priming surfaces that you are working on to ensuring that you are using the right materials, and most importantly, making sure that you are delivering the highest quality work, you invest so much in the work that you do.
Plasterers install drywall, plaster, and wallboard to the interior walls and ceilings of residential and commercial buildings for decoration, insulation, waterproofing, soundproofing, or fireproofing the room or area. Exterior work may consist of applying stucco, cement or similar materials to decorate or finish the outside walls.
On top of all of the demands of your job, there is another difficulty that you may have to contend with: the possibility of being sued. There are so many risks that are associated with plastering and stucco work, such as damaging the property you are working on or injuring someone in the middle of a project. Since someone taking legal action against you is a real possibility, it's important that you protect yourself.
Purchasing a plastering and stucco contractor insurance Montana policy that is designed for plastering and stucco contractors is the best way to safeguard yourself and your business from financial loss.
Plastering and stucco contractor insurance Montana protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Commercial Insurance Is Important For MT Stucco & Plaster Contractors
Even though you are an expert in your trade, you have ample experience, and you use the highest quality tools and equipment, there is still a chance that something can go wrong. For example, what happens if the scaffolding you secure to a building isn't secured properly, or what if the stucco or plaster you installed doesn't properly adhere to a structure? In these types of situations, personal injury or property damage could occur.
Accidents can happen - even to the most experienced contractors. In the event that an accident does unfold, you could end up being sued and held liable for any injuries or damages. Legal fees, the costs associated with medical bills and repairs to a property, as well as any other compensation that a judge might award the party that sues you could be astronomical. Imagine having to pay for such costs out of your own pocket? You could be looking at serious financial trouble, and there's even a chance that you would have to fold your business.
Because of the risks that are associated with being a contractor, it's important to protect yourself and your business. The best way to do that is with the proper plastering and stucco contractor insurance Montana coverage.
Stucco & Plaster Contractors Risk Exposures
Poorly installed stucco can cause many issues for your customers - and issues associated with stucco go undetected for a while and get worse over time. Synthetic stucco is commonly referred to as Exterior Insulating and Finish System (EIFS) has itsown issues too. As moisture penetrates into the porous stucco, it can ruin the plywood on which the stucco was plastered, damaging walls and threating the integrity of your customer's building or the health of those living inside.
Even though stucco is a very popular with MT homes and businesses, the number of stucco insurance claims has also risen steadily over the years. Many claimants have said that their buildings have had one or more of the following problems with their stucco installations:
- Humidity in the building increases, which can cause illness or damage to belongings.
- Insect infestations, like termites, ants and other insects start to damage the walls.
- Mold, mildew, or fungi growth on the interior walls or on window frames.
- Black mold may start to form, which can cause black mold exposure and black mold poisoning which commonly cause: chronic coughing and sneezing, irritation to the eyes, mucus membranes of the nose and throat, rashes, chronic fatigue and persistent headaches.
- Rotting of wood trim.
- Cracking of the drywall and cracking, peeling, and bubbling of paint.
- Cracking on the EIFS dressing bands around windows.
- Loss of structural integrity - rotting wood from exposure over time causes the building to become unsafe, and impossible to sell.
These are just a few of the potential exposures plaster and stucco installers face - all of which could lead to massive claims, legal fees and awards if you are found to be at fault.
Commercial General Liability For MT Contractors
Commercial general liability insurance is a basic insurance policy that covers a majority of the risks that MT plaster and stucco contractors face. Coverages that this type of policy offers include:
- Premises Liability - If you operate your business out of an office or a warehouse and clients or vendors are welcomed on the property, you can be held liable for any injuries that might occur. For example, if a client trips over a misplaced tool in your warehouse and breaks a bone, you are responsible for covering the cost of any medical bills that are associated with the injury. General liability insurance will cover the medical costs, as well as any legal fees that may arise as a result of a lawsuit, and additional damages that could be awarded.
- Products Liability - If one of the products you offer your clients is defective, you could be held responsible. For example, if something happens with the plaster or stucco and damages a property, you could be held responsible. Plastering and stucco contractor insurance Montana will cover the costs that are associated with defective products, as well as any legal fees that could arise as a result of a faulty product.
- Completed Operations - After you plaster or stucco a client's property, there is a possibility that something could go wrong. For instance, stucco could crack, fall, and cause an injury. If the client sues you after you have completed your job, general liability insurance will provide coverage for legal fees, medical bills, and any other costs that may be associated with a lawsuit.
How Much Does Plastering And Stucco Contractor Insurance Cost?
The cost for this type of insurance policy varies. Commercial insurance providers take several factors into consideration when calculating costs, including the size of your business and the risks that are associated with operating your business. Additionally, the amount of coverage you will need, payroll and employee size can also affect the price.
MT Plastering Contractor's Risks & Exposures
Premises liability exposures at the contractor's office are generally limited due to lack of public access. Off-site exposures include damage to the clients' other property by the contractor's employees, bodily injury to members of the household, the public or employees of other contractors. Tools, power cords, plastering materials and scrap all pose trip hazards even when not in use.
If there is work at heights, falling tools or supplies may cause damage and injury if dropped from ladders and scaffolding. Contractors can damage customers' premises removing old ceiling and wall coverings.
Completed operations liability exposures depend on the type of plastering being done. If the plastering is for waterproofing or fireproofing, faulty installation can result in significant property damage, and in the case of fireproofing, loss of life.
A growing concern is the installation of exterior insulation and finish systems (EIFS). This refers to a synthetic stucco with insulating properties that has recently been blamed for causing moisture and termite problems affecting the structural integrity of a residence. It is not clear whether the manufacturer or the installer has the greater liability.
Environmental impairment liability exposures arise from the removal, transport, and disposal of waste and old debris that has been removed from the job site. As some of these older materials may include lead-based paints or asbestos, proper disposal procedures must be in place. Transportation and disposal procedures must adhere to all EPA and other regulatory standards. Training and supervision of employees is critical.
Workers compensation exposure varies based on the size and nature of the job. When work is done on ladders and scaffolds, there is a potential for severe injury or death from falling or being struck by falling objects, or from severe weather during exterior operations.
Drywall installation may involve the use of low stilts in the mudding and taping phases. Back injuries, hernias, sprains and strains can result from lifting or plastering in awkward positions. Repetitive motion injuries may occur. Drywall and wallboard need to be cut to size, which can result in cuts and piercings. Dust cutting, trimming, and mixing operations can irritate eyes and lungs.
Property exposures are usually limited to an office and storage for supplies, tools and vehicles. Most supplies are not flammable or combustible, nor are they normally considered target theft items.
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.
Inland marine exposures include accounts receivable if the plasterer offers credit to customers, contractors' equipment and tools, goods in transit, installation floater, and valuable papers and records for customers' and suppliers' information. Equipment may be limited to trowels, spray guns, and other hand tools, or there may be ladders, scaffolding, and similar equipment.
The contractor may rent, lease or borrow equipment for unusual jobs or own special equipment that is leased, rented or loaned to others when not in use. The materials awaiting installation are subject to loss or damage by moisture, by employees of other contractors, vandalism, and theft.
Commercial auto exposures include the transportation of workers, equipment, and materials to and from job sites. 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.
Plastering & Stucco Contractor Insurance
Commercial general liability insurance is a must-have for plastering and stucco contractors. Speak to a reputable insurance broker to learn more about coverage options and costs.
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
- 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
- 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
- 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 Montana insurance agents & brokers 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.