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 basic insurance coverages that a company is required to provide. These four are the following: worker compensation, vehicle coverage, property or casualty policy and general liability.
Worker compensation insurance pays for salaries that an employee loses if he sustains injuries while accomplishing work. This also pays for medical expenses that the injured worker must pay. This insurance is required by law in all of the 50 states. The insurance has two aspects. First part pays for the medical expenses and salaries lost by employee. Second covers the employer in case the employee files a case against them. You can have a third, optional coverage which pays for practices liability including sexual harassment cases.
Company owners at times are not part of the insurance coverage. You should see if this is the case before you buy the coverage. If you are not insured then you will not enjoy benefits if you incur injuries while working.
There are several things you can do to lower your premium payment of insurance. One is to ensure that the company has clean safety record. This means following the rules of Occupational Health and Safety Administration religiously.
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 necessary 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.