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What types of insurance do renovation professionals need?
These policies provide coverage for common renovation and remodeling risks..
General liability insurance
This policy covers basic renovation risks, such as a client tripping on unfinished flooring. Bundle with property insurance for savings in a business owner's policy.
BEST FOR
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Slip-and-fall accidents
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Damaged customer property
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Libel or slander lawsuits
Workers’ compensation insurance
Workers’ compensation insurance is required in almost every state for interior construction businesses that have employees. It can cover medical bills for work-related injuries.
BEST FOR
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Employee medical expenses
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Missed wages
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Employee injury lawsuits
Commercial auto insurance
This policy covers accidents involving a renovation company’s vehicle, as well as repairs to vehicles damaged by weather or vandalism.
BEST FOR
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Physical damage and collision coverage
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Injuries caused to another person
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Vandalism and theft
Contractor’s tools and equipment insurance
This policy helps pay for repair or replacement of a remodeler’s saws, drills, hammers, shop vacuums, and other tools if they are lost, stolen, or damaged.
BEST FOR
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Equipment less than five years old
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Mobile equipment
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Small tools
How much does insurance cost for interior construction businesses?
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Several factors will have an impact on insurance costs, including:
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Interior construction services offered
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Business equipment and property
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Revenue
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Location
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Number of employees
Why do renovation professionals and remodelers need insurance?
From commercial renovation to residential remodeling, interior construction comes with numerous risks. A homeowner could sue for property damage, or an employee could suffer a back injury. Home renovation insurance can cover your expenses so you can continue to beautify interior spaces.
