As a welding specialist, you spend the day using flame-cutting equipment to bring together parts of metal. Needless to say, you work in a high-risk environment. Any problems or injuries that arise from this line of work can result in serious consequences for your business. Determining the best welders business insurance policies for you and your staff will ensure your business is protected from claims and financial damage.
What is Welders Business Insurance?
Welders business insurance is a unique form of insurance catered to the specific needs of someone working in this industry. Your business location may vary whether you’re working in the shop or on a construction site, but the right insurance will have you covered wherever the job takes you.
Business Owner’s Insurance
A business owner’s policy(BOP) provides packaged insurance coverage tailored to the needs of your welding business. The benefit to this package is that it can be customized to offer the most beneficial coverage for you and your staff.
This policy allows you to add on other forms of protection along with general liability coverage. This bundle is sold at a premium price and is a popular choice for smaller to medium sized companies because it’s a less expensive alternative to paying for the various insurance policies individually.
Policies Included in a BOP
The following are insurance policies included in a BOP:
- Liability Protection: This provides coverage for legal obligations when either people or property are harmed as a result of your work such as welding a product that is found to be defective.
- Property Insurance: This protects the buildings and contents that belong to your company. Depending on the needs of your company, you can choose from a standard form or special form, which offers more coverage.
- Business Interruption Insurance: Provides coverage for financial loss resulting from a catastrophe that interferes with business operations. You might also receive coverage for the expense of using a temporary work location, depending on your policy. Fire and explosions can take place in the welding industry, warranting the need for this insurance.
Other Policies for Your Welding Business
The following are insurance policies not included in a BOP:
- Commercial Auto Liability: Sometimes the job may require you to travel to and from different construction sites to work on a project. During this commute, you and your employees are at risk of being involved in an auto-related accident. If an accident does arise, this policy provides protection for property damage, personal injury and medical payments.
- Workers Compensation is required by almost every state, including Massachusetts. According to the Industrial Safety and Hygiene News, welding is one of the most dangerous jobs in the field of construction due to the number of injuries from burns, electricity, and toxic chemicals. When an employee is injured while on the clock, this insurance policy provides wage replacement and coverage for medical treatment.
We believe all your attention should be devoted to your craft, which is why TJ Woods is devoted to protecting your welding business when problems start to heat up. We’ll help you identify the insurance policies that will be most beneficial to you and your company’s needs. Contact us at TJ Woods Insurance to learn more about what we can do for you.
