Why Sheet Metal Contractors Need Insurance in Oklahoma?

Sheet metal contractors face unique risks every day. From intricate heating and cooling systems to rain gutters, your work involves various hazards. Injuries from welding, machinery theft, and accidental damage to client properties are just a few of the potential issues. Having the right insurance is crucial to protect your business, employees, and livelihood from these risks.

Insurance for Sheet Metal Contractors

Types of Insurance Carpenters Need

General Liability Insurance

This policy covers common risks such as a client tripping over your toolbox or damage to a client’s property. It also includes product liability insurance, protecting you if a product you made causes harm.

  • Importance: Crucial for covering legal fees and medical costs resulting from accidents.
  • Coverage: Legal fees, medical expenses, and settlements related to accidents involving non-employees on your premises.
  • Best for: Slip-and-fall accidents, damaged customer property.

Business Owners Policy (BOP)

A BOP combines general liability insurance and commercial property insurance at a discounted rate. It is often the most cost-effective solution for sheet metal contractors.

  • Importance: Combines multiple coverages into one policy at a lower rate.
  • Coverage: Client injuries, property damage, stolen or damaged business property.
  • Best for: Client injuries, property damage, stolen or damaged business property.

Workers’ Compensation Insurance

Required in most states for businesses with employees, this policy covers medical expenses and lost wages if an employee gets injured on the job. It also protects sole proprietors from work injury costs that health insurance might deny.

  • Importance: Mandatory in most states, it protects employees and sole proprietors.
  • Coverage: Employee medical expenses, missed wages, injury lawsuits.
  • Best for: Employee medical expenses, missed wages, injury lawsuits.

Commercial Auto Insurance

This policy covers bodily injury and property damage caused by commercial vehicles. It also pays for repairs to vehicles damaged by weather or vandalism.

  • Importance: Essential if your business involves transporting tools and materials.
  • Coverage: Collision repair costs, medical expenses, and liability for injuries caused to others.
  • Best for: Physical damage, collision coverage, medical costs, vandalism, and theft.

Contractor’s Tools & Equipment Insurance

This policy helps pay for the repair or replacement of tools if they are lost, stolen, or damaged. It covers mobile and small tools, typically under inland marine insurance.

  • Importance: Protects your essential tools and equipment.
  • Coverage: Repair or replacement costs for tools and equipment.
  • Best for: Equipment less than five years old, mobile equipment, small tools.

Professional Liability Insurance (Errors & Omissions)

Also known as errors and omissions (E&O) insurance, professional liability insurance covers legal costs when your company is sued for mistakes or oversights in your work.

  • Importance: Shields your business from claims related to professional errors.
  • Coverage: Legal fees, settlements, and judgments.
  • Best for: Accusations of negligence, failure to finish a project on time, undelivered services.

Additional Insurance and Endorsements

Depending on your business needs, consider these additional coverages:

  • Inland Marine Insurance: Covers tools and equipment in transit or stored at job sites.
  • Commercial Umbrella Insurance: Provides additional liability coverage beyond standard policies.
  • Surety Bonds: Ensures project completion as per contract specifications.

Cost of Insurance

The cost of insurance for sheet metal contractors varies based on several factors, including:

  • Types of services offered: Welding and other specific services.
  • Value of business property and equipment: Coverage limits and deductibles.
  • Business income: Annual revenue and payroll.
  • Number of employees: Business size.
  • Types of insurance purchased: Additional coverages and endorsements.

How to Get Insurance

Getting insurance for your sheet metal business is straightforward. Follow these simple steps:

  1. Complete an Online Application: Gather basic business information, such as revenue and number of employees.
  2. Compare Quotes: Choose from multiple insurance quotes to find the best coverage and price.
  3. Purchase and Download: Pay for your policy and get a certificate of insurance.

Ready to Protect Your Business?

Ensuring your sheet metal contracting business has the right insurance coverage is essential for your peace of mind and financial security. Don’t wait until it’s too late—secure your business today by getting a comprehensive insurance policy that meets your needs.