Painting Contractors Insurance
There are a number of insurances that a painting contractor will need, and one of the most important is public liability.
If you run your own painting business, or work as a subcontractor, you are on your own when it comes to insurance. But thankfully help is at hand.
In this guide we will take a look at public liability insurance for painters, and specifically at why you need it, how you can benefit from it and how much it will cost you.
As a painter there are certain risks that you face on a daily basis. Of course you can reduce these risks through safe work practices, but you can rarely eliminate them entirely.
A major risk for a painter is causing loss to another person through either property damage or personal injury.
Property damage can involve paint spillages or damage caused by ladders or planks falling onto vehicles or other property. These incidents can range in cost from a few hundred dollars through to many thousands.
The more serious incidents involve personal injury. This could be as simple as someone tripping over a ladder and spraining an ankle, through to possible disablement or death. These claims can stretch into the hundreds of thousands in serious cases.
Ordinarily as a business owner or subcontractor you will be liable for these costs, which in many cases can be high enough to have devastating financial effects on your business as well as you personally.
With public liability insurance you can rely on the insurer to settle such a claim rather than having to come up with the money yourself, provided of course that the incident is covered by your particular policy.
Any painter who works for their own business or as a subcontractor should definitely consider public liability, and in many cases the building companies actually make it mandatory for all subbies on site.
If you work for someone else’s business on wages you will generally be covered by their insurance. It is worth asking your employer to be sure however, as it’s no good knowing after it’s too late.
In most cases the minimum amount of cover required will be $5 million, however if you undertake work in schools or shopping centres the requirement can jump up to $10 or $20 million.
For a sole trader working on residential and light commercial painting projects the cost of the insurance can be from as little as $400 – $500 per year. It is also possible to pay your public liability by the month in most cases.
If you undertake work in public spaces such as shopping centres or railway stations the cost can increase, but if you speak with a good insurance broker who specialises in the trades they should still be able to find you a good deal.
Here at publicliabilityinsurance.com.au we can put you in touch with a specialist insurance broker for quotes and advice on your cover. To request a quote please click here to visit our online form or simply call our office on 1300 542 245.