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 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.
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.
If you want to cut costs then it would be best to make sure that the jobs in the company are classified correctly. The payment on insurance agencies coverage will depend on the risks involved in doing the job.
General liability coverage pertains to accidents and injuries that happen within the workplace. The workplace for a window sash company is in the different homes where the sash windows are installed. The insurance covers any claim for damages. You may opt for additional coverage in your policies. For example, a coverage on errors and omissions. This will pay for the sash window firm errors by omission.
Vehicle Insurance. If your company has cars then you require auto insurance. To decrease your premiums, you should increase your deductibles. But you should ensure that you pay the deductibles if accidents occur.
Property/Casualty. It is a good idea to get an all-risks insurance. This way you have coverage in all fortuitous events like fire, hailstorm or bombings. You should consider these coverages when you decide what type of insurance policy should a sash window restoration company have.
A sash window renovation service performs a valuable function for the community. It is still important as a sash window restoration business owner to obtain insurance coverage to protect the company from financial loss.