If you intend to establish a sash window restoration firm then the first consideration should be what type of insurance policy should a sash window restoration company have. In a starting firm, the owner might be the only employee at first. Even in such cases, getting an insurance is still advisable. This can protect you in case of liabilities that 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 may not be covered by the policy. You should see if your insurance pays for you. If not, you will not receive money in the event you get injured while working.
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 insurance pays for accidents and injuries that occur while in the place of work. For a window sash firm the workplace could extend to the homes of thousands of their clients. General liability will pay for damages while installing the windows. You may opt for additional policies in your coverage. Take for instance, a policy on errors and omissions. The insurance pays for any omission problems while doing work that may arise.
Car Insurance. This is vital if you use cars in the company. To lower your premium payments, increase the deductibles. However, be ready to pay for the deductibles if accidents arise.
Property/Casualty. An all-risks coverage is necessary for business. This type of coverage can pay for all kinds of dangers such as snowstorm, bombings or fire. These are the factors to take into consideration when deciding what type of insurance policy should a sash window restoration company have.
A sash window renovation service performs a necessary function for the community. It is still important as a sash window restoration business owner to provide insurance coverage to protect the company from financial loss.