A welder can work in just about any construction field there is and the job possibilities can be endless. But the field comes with risks. It is imperative to make sure your company is prepared with the proper business insurance coverage and ready to go when the jobs come rolling in.
A welding contractor is exposed to many health hazards such as highly toxic dust, smoke, and fumes. Heated metals create vapors that condense into microscopic airborne particulates that can be inhaled and settle in the lungs, creating serious health issues. From asthma to heart disease and from cancer to reproductive issues, the risks are enormous.
Installing capture-at-source ventilation such as downdraft tables and portable fume extractors as well as ambient air cleaning solutions are all excellent options as effective ventilation. But that's only part of the solution. Failure to professionally train employees on how to effectively use the capture zones and improper maintenance of the equipment can lead to illnesses from exposure to the airborne matter.
Besides the risk of inhaling weld fumes, welders are also exposed to the potential for fire and explosions. These are just a few specific instances as to why it is important to have a business insurance policy in place to protect your business, tools, employees, and your assets.
There are literally thousands of different industries that utilize contractor welding on a daily basis, including companies involved in:
While the hiring company may have shared risks, your most important obligation is to protect the safety of your employees, your assets, and your business as a whole. This is where a welders insurance insurance policy or a business owner's policy comes in handy—it can be crucial to your business surviving any major claims.
General liability insurance is the minimum coverage you need to protect your business. In short, this is what general liability insurance provides:
Insurance for welders—in addition to general liability insurance—can include:
Welders know their industry's risks. From on-the-job welding accidents to contracting serious illnesses from exposure to weld fumes, your business could be held liable for the expenses—from immediate medical expenses to legal as well as ongoing expenses depending upon the nature of the injury/illness. Welding businesses need the protection of a workers’ compensation insurance policy—not only for the medical and legal expenses but also for employee's lost earnings while on leave.
If your welding business requires you and your employees to travel regularly to worksites, then you need commercial auto insurance (often referred to as business auto insurance). The policy will cover vehicle repair, medical expenses, and any legal fees resulting from an auto accident.
A very basic general liability coverage with limits up to $300,000 can start as low as $29 a month. However, welders business insurance typically runs between $500 to $1,500 annually. Each additional coverage you purchase will affect the price. The different variables that affect the cost include:
When you're in the welding business, you want to project knowledge and expertise to your customers, but you also want to protect yourself in case the worst occurs. That's why insurance coverage is a must if you're going to run a serious welding business.
When you carry welding business insurance, you advertise peace of mind to your customers. You're letting them know you understand mistakes can happen, and you won't let them bear the brunt if one does. At the same time, you're also protecting your welding equipment from being stolen and protecting yourself from bodily injury. While you can do everything best to prevent any mishaps from occurring, sometimes, things can go wrong despite your best efforts. For instance, you might need to create a second problem in order to fix the first one. Carrying welding business insurance can protect you and your assets if you run into a situation where you'll need to repair additional damage you created to fix the first issue.
Let Tivly help you protect your welding business and keep your mind at ease. Our goal is to help you find the best business insurance as efficiently as possible. Complete the form at the top of the page to have one of our agents reach out to you. Or give us a call at 1-877-907-5267 for a free quote.
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