If you're a carpenter, plumber, electrician, mechanic, mason, or any other sort of skilled artisan contractor, you probably qualify for artisan's insurance.
You may have heard of this type of insurance before as it’s sometimes referred to as contractor’s insurance. So, if you’re an artisan or contractor asking yourself, “what is artisan’s insurance,” know that it is very similar to contractor’s insurance.
So why call it something different? Because artisan’s insurance is a different product than contractor’s insurance and it’s sold through different insurance companies in different states. Understandably, this can be confusing to a contractor who just wants to make sure they are properly insured.
What Is Artisan's Insurance and Why You Need It..?
- The thing to remember about artisan’s insurance is that it is strictly liability insurance. Artisan’s insurance does NOT cover things like your business office, your supplies, or your work vehicles. Artisan’s insurance is liability insurance and only liability insurance, it covers what are essentially mistakes made by you or damages done because of craftsmanship errors. If you're a contractor that specializes in a certain area, you probably already know how important it is to fully insure and protect your business.
- Unfortunately, mistakes happen each and every day for businesses. But if you're a contractor that deals in repairing, creating, or installing things in homes or businesses and something goes wrong...it could very easily be the end of your business and your livelihood if you're not properly covered.
- Again, the reason that you'll want artisan's insurance is for the liability aspect only. To cover your business office, supplies, work vehicles, and other things you will need to purchase a separate insurance plan.
- If you work in someone's home, or work on a business’s property, there's a certain amount of inherent risk involved. When people get hurt because of your craftsmanship, they'll have to be compensated financially somehow. This means that they'll come after you to pay for their medical expenses and/or damages.
- If you are part of a group of different skilled artisans working on the same building or same large project and one of the other artisans makes a mistake that results in damage or injury guess what, all the artisans in the building could be held liable, not just the one who made the actual mistake. So, artisan’s insurance doesn’t just protect you from your own mistakes, it protects you from the mistakes that other artisans can render you liable for as well.
- If you’re an artisan contractor the brutal fact is it only takes one mistake, one incident to ruin you financially and no one deserves that. Make sure you’re properly covered for that liability so one mistake doesn’t spell the end.