Nobody wants to do business with someone who lacks proper insurance. Equally as troublesome, you’ll have a hard time finding employees without the right insurance policies.
Additional expenses when starting a business are never fun, but insurance is definitely one you can’t afford to pass up on.
I recently had this conversation with a colleague who owns Boerne Painting Pros, a painting company outside of San Antonio in Boerne, Texas. He was asking me about how to better insure his business, thus the reason for writing the blog post.
If you own a painting business, you can consider yourself blessed in that you won’t be dealing with a lot of workplace risks – less-than-ideal hues are usually the worst that a painter has to work with. Despite this, you’ll need the right policies and licenses if you hope to become a legitimate business.
The basics of your painting business insurance
For many, the most basic form of insurance comes in the form of liability coverage. Simply put, general liability insurance will protect you from any dissatisfied clients looking to take matters to court. As a business owner, you never want to find yourself dealing with massive expenses incurred from a court process – liability insurance will go a long way towards covering you in this regard.
Next up, you might want to consider health insurance for your employees. Yes, we mentioned that painting isn’t an inherently risky profession, but there are still plenty of ways to get injured. Quite a few of your jobs will involve uncomfortable heights or areas that could be hard to reach – since you won’t go turning down clients every time they give you a challenging task, you’ll have to make sure you and everyone you’re working with is taken care of in case of an accident.
Furthermore, painting accidents also happen when workers ignore safety protocols in order to get the job done quicker or, ostensibly, with less hassle – a good health insurance policy will cover your workers’ expenses no matter whose ‘fault’ the accident was, which is definitely something you want in order to do business comfortably.
Bonding and licenses you can’t do without
Regardless of how straightforward your profession is, you’ll need the right licenses in order to do business – this prevents unskilled or unprofessional people from picking up a brush and advertising their so-called painting business. Find all the licenses you need to do business and obtain them as soon as possible – the sooner you can get them, the sooner you can start doing work.
Don’t think it’s hands off once you have the licenses, though: they’ll need to be kept up to date constantly, as an expired license can cause legal troubles no matter how honest your intentions are.
Also, consider a good bonding policy in order to gain more customer faith. You might be the best painter in town, but everyone wants guarantees – having bonding will show your customers that you’re sure in your abilities to the point where you wouldn’t mind compensating them in the odd case of a job done poorly.
Again, if you know your stuff, you aren’t likely to end up making much use of your bonding, but that doesn’t matter – the mere presence of a bonding policy does a lot to establish and legitimize you in the eyes of potential clients.