If you are starting a window restoration business then one thing you should know is what type of insurance policy should a sash window restoration company have. You may be the only employee in the company at first but still you require an insurance. This can protect you for any unforeseen liabilities that will arise.

There are four fundamental insurance coverages which a firm must provide. These include: workers compensation, auto insurance, casualty or property coverage and general liability coverage.

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.

Auto Insurance. This is important if you have company transport. To pay less on the premiums, you have to increase the different deductions. But make sure that the deductibles are paid in case accidents happen.

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 role within the community. It is still important as a sash window restoration business owner to provide insurance coverage to protect the company from financial loss.

Tagged with: • • • • • • • • • • •

Filed under: Law

Print This Post Print This Post

Like this post? Subscribe to my RSS feed and get loads more!