Pool Contractor Insurance
If you’re already in business as a pool contractor, then you’ll understand the importance of buying the right insurance for your work. Aside from covering your own liabilities, you’ll need to make sure you have coverage for yourself in the event of an injury or illness, as well as your essential equipment and your vehicle.
Here, we’ll discuss the different types of insurance a pool contractor should have.
What main type of insurance do swimming pool contractors need?
In this section, we look at the most typical types of insurance for pool contractors. However, it’s important to speak with an insurance agent to check you have considered all the right options and coverage types based on your individual activities.
General Liability Insurance for Pool Contractors
General Liability Insurance is a must for any pool contractor. It covers your core liabilities for bodily injury and property damage. Aside from covering the cost of a claim, it will also cover legal expenses relating to that claim for any covered events.
If you consider the potential cost of damages when installing a pool, or the costs that could be incurred should a third-party injure themselves in your work area; then compare this with the affordability of GL insurance, there’s no question about the value this type of coverage could provide in such an event.
Commercial Vehicle Liability Insurance for Pool Contractors
Commercial Vehicle coverage is offered in many different levels, and there are plenty of optional extras that consider breakdown, equipment theft, and more. Again, you’ll need to ensure you’re buying the right vehicle coverage for your individual needs.
Hired or Non-owned Vehicle Insurance for Pool Contractors
If you use rented vans or trucks for your pool contractor work, or members of the team use their own vehicles for work-related reasons, then you must get this coverage to protect yourself from any potential lawsuits. For example, should a member of the team have an accident while transporting materials or tools to the job site, your business could be held liable. To protect your assets, this type of coverage is needed.
Workers Compensation Coverage for Pool Contractors
This is primarily suited to those pool contractor companies who hire staff. If a person within your staff sustains a workplace injury, this type of coverage can help cover medical costs and some of their lost wages. It’s mandatory in most states for companies that have more than 2-5 employees. Always check with an insurance agent to make sure you know your local laws on this.
Pollution Insurance for Pool Contractors
If pool maintenance is part of your business, then it’s highly likely you will be storing and using chemicals, potentially hypochlorite or muriatic acid, for instance. Although a commercial general liability policy will cover certain liabilities, it’s highly likely that any injuries or damages sustained from chemicals will be excluded. As such, a pollution liability policy is needed to plug that vital coverage gap.
Why do Swimming Pool Contractors Need Insurance?
Swimming pool contractors must have insurance to cover their liabilities while on-site, to cover their equipment, and ensure their assets are protected in the event a claim is made against them. If you work on large contracts or provide your services to commercial clients, they will often insist you have a specific level of liability coverage in place before you can commence any work for them.
What does Swimming Pool Business Insurance Cost?
The cost of buying pool contractor insurance will vary depending on the size of your business, your experience, the size of your fleet or team, along with the types of clients you deal with and the areas you cover.
If you’d like to get a quote for insurance for your pool contractor business, please call our friendly team for an estimation today.
What Risks Do Swimming Pool Contractors Deal With?
If your equipment, materials, or vehicles are stolen, vandalized, or damaged, then you’ll need to cover the cost of replacing or repairing these vital pieces of kit. Without these, you would be unable to complete a job or perform your regular work.
If you have a hub for your business, be that an office or storage facility for your vehicles and equipment, it’s vital your business property has the right coverage in place. Aside from covering the physical structure of a building, this type of coverage can cover the contents of your property as well. If your stock or customer records were to be unavailable due to a covered event, your property insurance could cover this risk and minimize the impact on your business.
Inland Marine Risks
The materials and tools you use will not be covered by a standard commercial property insurance policy when they’re not being stored at your office or main depot. If they are in transit or at a customer’s site when something happens, that risk can only be covered by inland marine coverage.
Pollution or Environmental Risks
Due to the volume of chemicals being used, and the chance they could leak or find their way onto the surrounding land or in the groundwater, this is another risk factor. Clear documentation and the following of strict procedures is key to cover such risk factors.
Completed Operation Risks
If a swimming pool design or construction is not delivered to standard and the contractor fails to maintain a good level of quality control during a project, these types of exposures can be severe. Full compliance with regulations, material selection, and construction are all considered to be major risk factors.
Contractual Liability Risks
If you are bound by contracts, and an event means you are unable to complete your intended works, this type of coverage can protect you from the financial risk of being sued for a breach of contract. This is particularly important for pool contractors who work commercially or on government-backed contracts.
If you rely on equipment to do your work, and it breaks down, this alone can put you behind schedule, and it can impact your reputation and ability to fulfill your contractual work. Such risks can be covered by equipment breakdown insurance.
What other insurance should swimming pool contractors cover?
Another type of insurance pool contractors should consider is Umbrella Insurance. This type of insurance acts as a type of blanket coverage that will extend your overall coverage limits to a higher dollar value. It can only be used should you exhaust the amount of coverage you have on a primary policy, but if you work on contracts and in houses, it’s important to make sure you have enough coverage in place to avoid having to use savings or personal assets should a substantial claim be made against you.
If your customer’s records and data are stored online or on a server, it’s vital you make sure this information is protected. Should a data breach occur, it could pose a costly risk to your business. Cyber liability coverage handles the clean-up operation following a breach while covering any related costs to the incident.
If you are just getting yourself set up as a pool contractor, or you’re a more established firm looking to buy pool contractor insurance, you can trust the team at Paradiso Insurance to provide you with the right levels and types of coverage at the best prices.
Please call our office and speak with a member of our team today.