Skip to main content

In My Experience - Insurance... How Are You Covered

14 July, 2020

We carry five types of insurance.

Worker's Compensation

This is processed through the service that handles our payroll. It is based on payroll, and you pay the insurance company as you go. This policy covers accidents that may happen on the job and medical expenses for workers who are injured. We have only had two claims in 35 years. I would not run a business without this coverage. 

Liability Insurance

 Equally as important as workers’ compensation. If a customer’s property is damaged as a result of your work, you are covered. It is easy to think of many ways that property can be damaged during paint jobs, so it is a really important coverage. 

Health Insurance for Employees

This is an expensive insurance policy, but it helps us to attract good and loyal employees. Many small businesses don’t offer it, so it is a benefit that differentiates us a bit. This covers major medical for employees and their families.

Key Man Insurance

Many folks may not know about this one, but this is a policy that would compensate our business for financial losses due to the death (or extended inability to work) of an important member of the business. Basically, if there are people in your business whose absence would sink the ship, you include them in this policy.

Automotive Insurance

Whatever size your fleet of trucks, vans or estimating vehicles, it’s necessary to have an auto policy with full coverage that includes liability, comprehensive and collision.

Also, unemployment benefits are a payroll-based tax that our company pays in the event that we ever have to lay employees off due to lack of work. It is rare that we need to use this, but
many paint companies do need it if their work is largely seasonal. Also, the recent COVID-19 pandemic forced businesses in all industries to lay people off. Fortunately, our business had plenty of work in unoccupied spaces, and we were able to maintain our staff and payroll.

By Dan Frost - HDF Painting, Concord, MA

 

Next - What is Your Company Doing These Days to Ensure Safety in The Field?

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.

If cost and liability were not an issue, what's your one must-have at the company picnic?

Paintball Feld
39%
Axe Throwing
30%
10-Foot Nacho Trough
12%
Potato Salad
19%

Dang it's hot! Does your work vehicle have an orange water cooler?

Yes
22%
No
43%
It's not orange
35%

Did you work for a painting contractor prior to owning your company?

Yes
61%
No
39%

Why haven't you hired a business coach?

Not worth the money
30%
Too difficult to find a good one
19%
I don't need one
30%
I did hire one!
22%

Has OSHA ever inspected your jobsite?

Yes
53%
No
48%

Who Buys the Paint Brushes?

We do...the company
69%
Our painters buy their own
31%

What's the most paint you've ever spilled?

Brush-full
12%
Gallon
54%
5 Gallons
23%
An Ungodly Amount
11%

Did you take a week-long (or longer) vacation this summer?

Yes
45%
No
44%
Not yet, but I'm gonna
11%

If you had to rename your company one of the following, which would it be?

Flapjack Painting
19%
Porkchop Painting
7%
Half Slab Painting
10%
Whole Hog Painting
64%

You meet someone new, and they ask what you do. What do you say?

I'm a painter
12%
I'm a contractor
5%
I'm a painting contractor
52%
I own a painting business
31%

On the job site, my painters mostly listen to...

Classic Rock
29%
Country
10%
Hip Hop
4%
Who knows. They got headphones
56%

Which social media platform is most effective for marketing your business?

Facebook
34%
Instagram
11%
LinkedIn
6%
I don't use one
49%

What do you drive for work?

Pickup Truck
51%
Van
28%
SUV
13%
Other
9%

How long ago did you redesign your company hat?

Choices

Do you have a spray booth?

Choices

If you've bought a used sprayer, was it a good decision?

Choices

Will your crews be working the week between Christmas and New Years?

Choices

Do you accept credit card payments from customers?

Choices

Will you be giving end-of-year bonuses (not gifts) this year?

Choices
Post

Paint Contractor Hires Career Embezzler

This office manager was suspiciously happy to work evenings … likely…

Read Now
Post

Presidential Plane Stays Blue

Just like many of your customers, color schemes and choices even…

Read Now
Post

From Scam to Shining Scam

Contractors on the east and west coast are charged with scamming…

Read Now
Post

Discounts on a Datacolor Color Reader

Save $50 on Datacolor ColorReader Pro!

Read Now
^