Business Insurance for Fence Companies
Fences provide a lot of value for your customers, from keeping children and dogs contained to simply allowing families to have some privacy. A well-constructed fence can make a property aesthetically pleasing. Most people understand the importance of protecting your business. But as a small business owner, are you doing everything you can? In this article, we cover why you need insurance coverage and what types you should consider (A BOP, general liability, and more).
Why Do Fencing Contractors Need Insurance?
A fence installation company faces a lot of risks. How? You work on people's properties, which means you risk damaging their yard, ruining landscaping, etc. Fencing contractors may also be the object of theft, work injuries, and more.
Example #1: You're installing a fence in someone's yard above a drainage easement. Unfortunately, you dig the hole for a post too deep and damage the piping. You can be liable for repairing that damage! Is that something you can afford?
Example #2: One of your employees throws out his back installing a fence. Luckily, you have workers' comp insurance, which covers his medical expenses and lost wages.
Insurance Options for a Fence Installation Company
What insurance should you consider as a fence installer?
General Liability Insurance
Unfortunately, life is full of unseen and unplanned events. General liability insurance will protect your business from claims of third-party bodily injury, property damage that can occur while you are on the job site, and advertising injury (libel, slander, copyright infringement). General liability insurance is the #1 insurance coverage any business needs.
Commercial Property Insurance
In general, your Commercial property insurance will cover you from the loss of a common risk like an accident, theft, or vandalism. Property insurance covers the physical assets of the business. You can consider a business owner’s policy (BOP) to cut down on costs. It's often offered to small businesses at a lower rate than purchasing each coverage separately.
A BOP will include property, general liability, and business interruption insurance. Business interruption insurance—also referred to as business income and extra expense—helps cover your costs if you're unable to operate your business due to your property being damaged or another covered loss.
Workers’ Compensation Insurance
If you have employees, most states required you to get workers’ compensation insurance. This coverage will cover lost wages, medical, and medical expenses if your employee is injured on the job. Workers’ compensation also offers protection to you against being sued for the injury.
Other Fence Installer Insurance to Consider
There are some other coverage options you should consider for your fence installation business:
- Commercial Auto Insurance: Commercial auto insurance is necessary for a fence company that utilizes their personal vehicles for business purposes or have company vehicles.
- Commercial Umbrella Insurance: This policy helps extend the underlying coverage if your policy limits are exhausted.
- Employee Dishonesty Coverage: Employee dishonesty coverage protects your business if one of your employees steals from you.
- Cyber Liability Insurance: Cyber liability coverage protects your business from liability for data breaches and can help pay for ransom demands and credit monitoring for impacted customers.
- Surety Bond: This is a guarantee to your customer that you will get the job done that you've been paid to do.
- Inland marine Insurance: Also referred to as contractors tools and equipment insurance, this type of insurance plan protects tools, equipment, and inventory while being transported or stored off-site.
How Much Does Insurance Cost for Fence Installers
Several factors will have an impact on insurance costs, including:
- The services you offer
- The cost of your business equipment, property, and building
- Annual revenue + payroll
- The location of your business
- The number of employees
We recommend speaking with an agent to determine the types of policies you may need and how much they might cost.
We’re Here to Help You Get Insurance For Your Business!
Let us help you find protection for your business and keep your mind at ease. At Tivly, our goal is to get you an affordable commercial insurance quote. To get a competitive insurance quote, complete the form at the top of the page or call us at 877-907-5267.
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