Swimming Pool Contractor Insurance
Swimming pool contractors insurance is designed to financially protect swimming pool construction companies from harm. So if you work in this line of business, contact ALIGNED today to learn more about our flexible commercial insurance solutions. The right insurance coverage can safeguard your swimming pool construction company against all kinds of risks.
Typical insurance coverage for swimming pool contractors
Commercial insurance varies from business to business. However, a standard insurance policy for swimming pool contractors typically includes the following four coverage types.
- Commercial general liability insurance: Commercial general liability insurance can protect your swimming pool construction business against claims of third party bodily injury and property damage. In the event of a claim, you can be compensated for associated medical expenses, repair bills, legal fees, and more.
- Commercial property insurance: Commercial property insurance protects the place of business your swimming pool construction company operates out of, as well as any business-related contents, equipment etc. from property damage or theft by third parties. However, for this coverage to apply, the property damage must have been caused by an insured peril that is named in your policy. Such perils may include fire, theft, water damage, vandalism, windstorms, etc.
- Tools and equipment insurance: Similar to equipment breakdown coverage, tools and equipment insurance means that your insurer may cover the costs of repairing or replacing any tools and equipment owned by your business if they are damaged or lost due to a covered peril, such as fire, theft, water, etc.
Is there any other insurance coverage that might be worthwhile for swimming pool contractors?
Yes, there are several other additional coverages that swimming pool construction companies might find worthwhile. They include the following five coverages:
- Professional liability coverage: Professional liability coverage, or errors and omissions insurance, aims to cover the legal costs associated with a claim alleging error, misconduct, negligence, or failure to deliver a service as promised. This can come in handy if a claim of negligence is filed against your business for design services you provided for compensation.
- Cyber liability insurance: If your swimming pool contractor business stores sensitive information online (e.g. your clients’ financial information), cyber liability coverage may be useful. Cyber liability insurance can protect your business if its system is hacked or breached and information is stolen. Specifically, it can pay for the cost of legal fees, credit monitoring, client notification, etc. in the wake of a cyber incident.
- Crime insurance: Crime insurance for swimming pool construction companies is designed to minimize the financial losses of employee or customer crimes, such as an employee stealing construction materials or an expensive piece of equipment.
- Commercial auto insurance: If your swimming pool construction company uses vehicles for commercial purposes, such as to transport equipment or tools from your office to a client’s home, then commercial auto insurance is a must.
- Pollution liability insurance: Lastly, due to the nature of the construction work that swimming pool contractors carry out on a daily basis, pollution liability insurance can be important. This type of liability insurance can protect your swimming pool construction business from claims of third party bodily injury, property damage, or environmental damage related to your work.
What is not included with swimming pool contractor insurance policies?
Since swimming pool contractor insurance policies vary widely, it is difficult to say exactly what your policy does not cover without seeing it. That said, generally speaking, swimming pool construction insurance plans do not provide automatic coverage for subcontractors, but can be if they are formally approved by insurers or the policy is properly endorse. Therefore, any subcontractors working for your business should have their own liability insurance if they want guaranteed financial protection while working and ensuring all your subcontractors carry their own insurance which adds your organization as an additional insured also helps protect you and your organization
The cost of swimming pool contractor insurance explained
If you are seriously considering purchasing a swimming pool contractor insurance policy for your company, then you’re probably wondering about the price. The reality is that the cost of commercial insurance varies between policyholders as it depends on so many factors. A few factors that an insurance company will consider when calculating your premium are the size of your swimming pool construction business, where it is located, the number of people employed by it, the specific services provided by your business, your insurance claims history, the annual and projected revenue of your business, and your years of experience in the construction industry. Further, the types of pools that your business works on may also impact your rates, with work on in-ground pools being seen as riskier than work on above-ground pools or jacuzzis. Lastly, how much coverage you choose, the limits for each, and the deductibles you select will also dictate the cost of your swimming pool contracting company insurance policy.
Get in touch with ALIGNED for a customized swimming pool contractor insurance policy
Are you ready to take the plunge (pun intended!) and invest in commercial coverage for your swimming pool construction company? Whether you are or still have questions about how commercial insurance can benefit you, contact ALIGNED today. One of our licensed experts would be happy to walk you through your policy options and offer professional advice on the best coverage for your business. Give us a call today to learn more about how swimming pool construction insurance works or click here for a free quote.