If you want to open a window restoration company then you should consider what type of insurance policy should a sash window restoration company have. Even if you are the only person in your start up company, you should get an insurance. This can offer you protection in case of liabilities.
Basically, there are four insurance coverages. These are: workers salaries, vehicle insurance, property or casualty insurance and general liability which is an umbrella insurance policy.
Worker compensation or salary policy covers salaries lost if an employee is injured while doing his job. This also covers the medical expenses of the injured employee. This insurance is a requirement in all 50 states. There are two components for the insurance. First is the medical bills and salaries lost of the employee. Second is for the employer liability in case the injured employee or spouse will sue the company. There is an optional component to workers compensation insurance and this covers practices liability such as sexual harassment lawsuits.
Business owners are sometimes excluded from insurance coverage. Better check this out before choosing your policy. If you are not part of the coverage you will not receive payment for any work-related injuries.
If you want to pay lesser premium then maintain an excellent safety record in your company. Stick to the guidelines delineated by Occupational Health and Safety Administration for safety. Job classifications are important also. The level of risk for each position will determine the insurance coverage ratings.
Proper classification of all jobs will cut your insurance expenses. The risk of injury while in the workplace is a factor in the insurance agencies ratings.
General liability insurance covers the company from accidents and injuries within the premises. For a window sash company that installs sash windows in thousands of homes, general liability will cover claims for any damage that happens while installation is being done. You can add policies to augment your current coverage. For instance, you can add coverage on errors and omissions. The firm is protected if a sash window company omitted something.
Car Insurance. This is vital if you use cars in the company. To lower your premium payments, increase the deductibles. However, be ready to pay for the deductibles if accidents arise.
Property/Casualty. Get an all-risks coverage so you will be covered in all kinds of perils be it fire, snowstorm or bombings. These are the things you consider on what type of insurance policy should a sash window restoration company have.
A sash window renovation service does a valuable service within the community. It is still important as a sash window restoration business owner to obtain insurance coverage to protect the company from financial loss.