6 ways welding insurance protects your business
Welding is a useful and highly sought-after skill in the United States. As of 2019, there were over 400,000 professional welders in the U.S. An estimated 24,000 new welders will be needed each year to meet the expected demand growth. Experienced welders may want to consider branching out on their own to meet this growth demand.
Launching a welding contractor business can be rewarding and lucrative. Striking out on your own also brings increased challenges. You may find yourself working more than ever as you struggle to balance scheduling, customer service, advertising, employees, and everything else that comes with running your own business. One thing that can provide protection and peace of mind is welder insurance.
If someone gets injured
Liability insurance protects your contracting company if someone is physically hurt. Injuries can happen on a jobsite or at your welding shop. A customer may simply trip over a cord or touch a newly welded piece of furniture before it has had time to cool. The resulting injury from tripping, or the burn from the hot metal could require medical attention. Sometimes simple first aid is enough but sometimes injuries require emergency care and hospital visits. Welding liability insurance pays for the costs of care and treatment so that your company does not have to.
If property gets damaged
Sometimes a customer or third party will blame your company if their property is damaged. Property damage lawsuits can arise for a myriad of reasons. An employee may drive over a garden bed accidentally when arriving or leaving a jobsite. Or a customer may feel that you scratched up the paint job on their vehicle when you loaded their finished project at your shop. General liability insurance helps pay for lawsuits of this nature. The policy will pay for your legal defense fees. It also pays out of court settlements when possible and pays for judgements when applicable.
If your work quality is questioned
Once you have finished rendering services to a client, you should not need to worry about whether complaints will arise in the future. There are unfortunately occasional times when your work does not last as long as originally expected. Maybe a piece of furniture you built loses integrity and a weld breaks. Or maybe the materials you used to create the furniture were later found to be defective. Welder’s insurance helps protect you from these rare events.
If your advertising is challenged
Advertising is the lifeblood of any business. Sometimes, however, someone claims that your advertising caused them personal injury. They may feel that an ad you ran for your company slandered them. Or they may claim that you violated their copyright. Insurance for welding contractors helps defend you against these types of claims.
If you rent business property
When you start your own welding company, you may need to rent or lease business property to operate out of. Many landlords will not allow you to do so without first proving that you have rental premises protection. General liability insurance includes a rider for damage to premises rented. This section of your insurance protects the property. If you or one of your employees accidentally floods the bathroom, or puts a hole in the wall, or causes an electrical problem, or any number of other types of damage, the insurance policy will pay for the needed repairs.
If you use company vehicles
Welding contractors often use company work trucks to transport tools, equipment, and employees between job sites. When auto accidents happen, the at fault driver may not have enough insurance to cover the full cost of your professional losses. Carrying commercial auto insurance with uninsured and underinsured coverage helps protect you from these potential risks.
Speak to a commercial insurance provider today to ensure your new welding contractor company is protected from these issues from the start.