Sign Installation And Repair Insurance Policy Information
Sign Installation And Repair Insurance. Sign painters offer interior and exterior painting of signs on buildings and billboards. Paints may include stains, enamels, and varnishes. In addition to an office, there is often a shop where prep work is done, including layout, design and production of guides, stencils, and perhaps even completed signs to be installed. If large signs are produced, there may also be a contractors yard for installation equipment.
As a sign installer, you are tasked with the responsibility of installing signage for various types of clients. The signs you install can vary in shape and size, and the locations where they are installed can also vary. However, generally speaking, most signs that you will be installing will be large and they will be positioned in high locations. While installing signs, you will have to contend with a variety of conditions, including tumultuous weather, high wind, slipper conditions, and various types of equipment.
Given the nature of your job, as a sign installer, you face a variety of risks. In order to protect yourself from these risks, investing in the right type of sign installation and repair insurance is essential.
Sign installation and repair insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked sign installation and repair insurance questions:
- How Much Does Sign Installation Insurance Cost?
- What Type Of Insurance Do Sign Installers Need?
- Why Do Sign Installers Need Insurance?
How Much Does Sign Installation Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small sign installation businesses ranges from $37 to $59 per month based on location, size, payroll, sales and experience.
What Type Of Insurance Do Sign Installers Need?
The most common small business insurance policies sign installers carry are: general liability, commercial property, commercial auto, and workers' compensation. There are other specialty coverages available based on their specific operations.
Why Do Sign Installers Need Insurance?
As mentioned, sign installers face a variety of risks. The very nature of your job can put you or your staff at-risk of personal injuries. Your property could be damaged, or you could damage the property that you are installing the sign on. While you make every effort to ensure safe and proper installation, there's always a chance that something could go awry, and when it does, you will be held liable. The costs of repairing damaged property, lost equipment, and medical bills can be exorbitant. Paying for those expenses out of your own pocket could end up putting you in a serious financial situation.
In order to offset the expenses of any mishaps that occur, its important to carry the right type of sign installation and repair insurance. If you are properly insured, when something goes wrong, instead of paying for the expenses yourself, your insurance carrier will cover them for you. In other words, insurance can help to protect you from significant and potentially devastating financial losses.
What Type Of Sign Installation And Repair Insurance Policies Should You Consider?
The type of sign installation and repair insurance you will need as an sign installer depends on several different factors. The size of your business, the nature of the signs that you install, the type of clients you work with, and where your business is located are just some of the factors that will affect the kind of insurance coverage you need. With that being said, there are specific types of coverage that all sign installers should carry, including:
- Commercial General Liability - This type of insurance protects you against third-party personal injury and property damage liability claims. For example, if a client files a lawsuit against you, claiming that you damaged their property, commercial general liability insurance would cover the cost of your legal defense fees, as well as any damages that you are held liable for.
- Commercial Property - To protect the physical structure of your business and the contents within it, you will need to invest in commercial property insurance. This coverage protects you against certain acts of nature, such as fire or pipe bursts, vandalism, and theft. If your commercial space is damaged in a fire, for example, this type of insurance will help to pay for any repairs that need to be made and property that needs to be replaced.
- Workers Compensation - If you employ a staff, you are responsible for any work-related injuries that they may sustain. Workers comp insurance will cover the cost of medical care if an employee is injured while working, as well as replace any wages that the employee loses while he or she is unable to work.
- Inland Marine - To protect gear and equipment while its in-transit, inland marine insurance is a must. This type of insurance protects commercial property that is damaged or stolen when it is off your commercial property; for instance, if a piece of equipment is stolen while you are installing a sign, this insurance will help to pay for the cost of replacing it.
These are just a few of the examples of the sign installation and repair insurance coverage you will need to invest in.
Sign Installation And Repair Risks & Exposures
Premises liability exposures are light at the painter's own premises due to lack of public access. If there is a storage yard or shop operation, a fire can affect neighboring businesses or homes. Outdoor storage may create vandalism and attractive nuisance hazards.
Off-premises exposures are moderate due to hazards at the job site. The areas of operation should be restricted by barriers and proper signage to protect the public from slips and falls from spills and equipment and supplies impeding access. Property damage can occur from spills, overspray, paint fumes and vapors, and falling objects if any work is done above ground. If the paint contractor has to remove old paint or coverings, the scraping, chemical applications, or sandblasting can damage the customer's premises.
Environmental impairment liability exposures are high from potential spills and the disposal of waste paints, solvents, and chemicals.
Workers compensation exposure is often low for sign painting inside the building, although strains, back injuries, hernias, and repetitive motion injuries are possible. When work is done on ladders and scaffolds, there is a potential for severe injury or death from falling, being struck by falling objects, sudden gusts of wind, and other adverse weather conditions. The danger is reduced if there is good maintenance of scaffolds and other equipment, proper use of protective equipment, and strict enforcement of safety practices.
Other hazards include the use of caustics, paints and thinners that generate fumes, lifting, the use of power tools, foreign objects in eyes, and respiratory ailments. Casual labor and high turnover may be a problem, especially in prep and cleanup work. The removal of old paint can result in exposure to lead dust. Lack of procedures for safe clean-up and disposal of chips and the solvents used to remove lead, adds significantly to the loss potential.
Property exposures may be light, consisting only of an office with design work or hand lettering. An equipment storage yard or an extensive shop with spray painting increases the potential for fire and explosion due to the presence of flammables. All spray painting should be done in booths with good ventilation and UL-approved explosion-proof wiring and fixtures. Poor housekeeping or improper storage or labeling of flammable, hazardous, or reactive substances significantly increases the hazards.
Crime exposures are from employee dishonesty. 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.
Inland marine exposures are from accounts receivable if the painter offers credit to customers, contractors equipment taken to job sites, transportation and installation of signs, and valuable papers and records for customers' and suppliers' information. For signage inside of buildings, equipment may be limited to brushes and other hand tools. Outside work will require scaffolding or specialized equipment such as hoists or cherry pickers for work on billboards or on the exterior of buildings. Equipment may be rented, leased or borrowed from others or the insured may rent, lease or loan the equipment to others when not in use in their own operations.
Disabling the equipment when left unattended is an important security measure in preventing theft or vandalism. Goods in transit may include oversized signs to be installed. These may be damaged during transit from breakage, collision or overturn. Installation hazards vary depending on the size, height, and value of the signs.
Commercial auto exposures are generally limited to driving to and from job sites with crew, equipment and supplies. If there is work at heights, vehicles may carry the scaffolding, lifts, and similar equipment. Though not common, there may be specialized equipment such as cherry pickers or oversized loads if large signs are transported to the job site. 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.
Sign Installation And Repair Insurance - The Bottom Line
To find out more about the specifics of insurance coverage, including the amount of coverage you should carry and any other additional policies you should invest in, speak with a reputable agent that has experience in commercial insurance. By investing in the right type of sign installation and repair insurance for your business, you will have peace of mind knowing you are properly covered.
Commercial Insurance And Business Industry Classification
- SIC CODE: 7389 Business Services NEC
- NAICS CODE: 541890 Other Services Relating to Advertising
- Suggested ISO General Liability Code(s): 99003, 99004, 90089
- Suggested Workers Compensation Code(s): 9501, 9554
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Commercial insurance steps in to help you manage these risks, avoiding a situation which requires you to pay exorbitant costs out-of-pocket.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
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.