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5 Best Flooring Contractor Insurance for 2022

Small businesses need appropriate insurance to cover them from the daily risks they face. As a flooring contractor, you face a variety of risks daily. From injuries to property damage, losses can happen to anyone at any time. Injuries can happen to a bystander, an employee, or the contractor himself. To help protect you from the consequences of a dangerous situation, insurance coverage can be your best tool. 

The 5 best flooring contractor insurance companies

We researched the various insurance companies available and settled on the following five companies as the best for flooring contractor insurance. We’ve taken the liberty of attempting to get a quote from each of the five for a flooring contractor based in Tampa, Florida.

  • Simply Business: Best for comparing several quotes online
  • CoverWallet: Best for comparing several quotes online and a great digital experience
  • Thimble: Best for short-term coverage
  • biBERK: Best for combining a great digital experience and being backed by a reputable insurer
  • Next: Best for contractors who may have difficulties finding coverage elsewhere

Simply Business: Best for comparing several quotes online

Simply Business is an insurance broker specializing in small businesses. As a broker, Simply Business focuses on helping small businesses compare several quotes that they got from their insurance company partners. They take your information once and return several quotes for you to compare in one place conveniently. Below is an example when we get request quotes for a flooring contracting business based in Tampa, Florida, Simply Business was able to provide us with 5 different quotes from the 5 companies that they partner with. The 5 quotes appear in one table, making it easy and convenient for us to compare and choose the best one for our business.

Pros

  • Quotes from multiple providers via one website
  • Resource library outlines coverages different businesses need

Cons

  • Business insurance policies through a third-party
  • If you want to work with a particular carrier that they don’t partner with, you need to find another way. They can only provide quotes of partners that they work with.
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CoverWallet: Best for comparing several quotes online and a great digital experience

Similar to Simply Business, CoverWallet is an online insurance broker for business insurance. Typically, you enter basic information once, and CoverWallet will return a minimum of three quotes. Occasionally, CoverWallet will need more information, so you may need to call or email a representative to complete your quote. 

Moreover, if you buy a policy through CoverWallet, you can also manage the policy on their digital dashboard with a lot of useful features such as downloading the insurance certificate, filing a claim, and renewing the policy.

We attempted to get a quote from CoverWallet for flooring installation contractors. Unfortunately, their website was undergoing maintenance, and we didn’t return with a quote. 

Pros

  • One online application yields multiple quotes
  • Wide variety of coverage types available
  • Manage your policy with one online dashboard

Cons

  • Not an insurance provider; coverage provided by third parties
  • Sometimes required to call to finish the process

Thimble: Best for short-term coverage

Thimble allows you to buy a policy online, in the Thimble app, or via telephone. You can get coverage by the job, monthly, or just a few days, or annually. Thimble offers coverage based on how long you need it. For example, if you are having a job and needs to show insurance proof for the job, which only lasts for a week, Thimble provides coverage for things like that. And you can get coverage for one week on their website within less than 10 minutes. Below is a quote we got from Thimble website.

Pros

  • Get a quote and purchase online in minutes
  • Flexible coverage times (by the job, monthly, yearly, etc.)
  • Can verify coverage with the Certificate Manager

Cons

  • Must file claims with underwriter by email or phone
  • Customer support is only available online
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biBERK: Best for combining a great digital experience and being backed by a reputable insurer

biBERK Is one of the subsidiaries of Warren Buffett’s Berkshire Hathaway group of insurance companies. As a member of the Berkshire Hathaway group, biBERK shares the company’s A++ rating from AM Best. You can get quotes, buy policies, and file claims online with biBERK.

biBERK offers a great digital experience. You can get quotes, buy a policy, and manage the policy entirely online.

biBERK is unique since it combines the strengths of both worlds, an insuretech with a great digital experience and being a part of the Berkshire Hathaways family with great financial backing and a wealth of insurance experience

Pros

  • Quotes and purchasing available online
  • File claims online
  • Great financial strength and insurance experience by being a part of Berkshire Hathaways family

Cons

  • Not all kinds of insurance are available everywhere
  • Many specialized insurance products are unavailable

Next: Best for contractors who may have difficulties finding coverage elsewhere

Next is another insuretech. They sell business insurance policies entirely online. You can purchase a single policy, or you can buy packages of insurance that are tailored to specific industries. When you purchase insurance from Next, you can manage your claims online. Next is a startup founded in 2016, which handles its own claims. 

Next was founded first to develop insurance products for all types of contractors, so if any contractors that have difficulties finding coverage elsewhere, Next may be able to provide them with a policy.

We also got a quote on Next website, it literally takes us 7 minutes. The digital experience is very simple and fast.

Pros

  • Quick and easy online application
  • Get a discount on bundled policies
  • Access and digitally share your certificate of insurance for free
  • Provide comprehensive coverage for all types of contractors

Cons

  • Traditionalists may not like digital claims process
  • Doesn’t offer some specialized types of business insurance
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What is flooring contractor insurance?

Flooring contractor insurance covers small business owners who run a floor-installation business. The coverage is designed to protect you from lawsuits or other legal action resulting from someone getting hurt while on the job or from damage caused to a client’s home done while performing your job. The insurance isn’t a single policy, but it’s a bundle of insurance policies that help to protect you against the risks of the flooring installation jobs you do. 

Who needs flooring contractor insurance?

All flooring installation professionals need to have appropriate business insurance. Each time you accept a job, you also accept a risk. Tools and equipment used on the job site can lead to accidents. If you install or repair flooring, you need insurance coverage that will protect you.

What does flooring contractor insurance cover?

There are several forms of insurance that flooring contractors need in order to protect their businesses. A flooring contractor typically purchases one of four main types of insurance: general liability insurance, property coverage, commercial auto insurance, and workers compensation insurance. The first insurance coverage a flooring contractor typically looks for is general liability insurance. 

General liability insurance supplies protection from third-party claims against your business. This coverage helps you if someone gets hurt due to your everyday business endeavors. For example, someone trips over a piece of tile, falls, and gets hurt. That opens you up to legal action based on your liability for the accident, which is where general liability insurance coverage comes into play. 

How much does flooring contractor insurance cost?

The average cost of a general liability insurance policy for flooring contractors is from $300 to $5,000 a year. The cost varies significantly depending on several factors that we discuss below.

General liability insurance is the most popular policy that most flooring contractors carry. If you can afford one policy only, let it be general liability insurance. If you add more coverages to protect your flooring business, your insurance cost will increase accordingly.

These are just the averages. Your rates will be different. For accurate pricing, you should request a quote from one of the top insurance brokers such as InsurePro, Simply Business, or CoverWallet. Getting an online quote from Thimble or Next insurance is also a good idea so that you can compare several quotes online easily.

What factors affect flooring contractor insurance cost?

Flooring contractor insurance costs vary widely depending on several factors. Those factors include: 

  • The kind of policy you purchase
  • The amount of coverage you need
  • Where you are located
  • The industry you work in
  • Your total annual revenues
  • Your claims history

How to find cheap flooring contractor insurance?

Below are a few practical tips to find cheap flooring contractor insurance:

  • Get the right coverages: The more coverages you get, the more expensive your final policy is. Be sure to only get the right coverages for your business. If you are unsure which coverages you need for your flooring contracting business, consult with a good agent or broker.
  • Safety standards and safe working environment: If you pay attention to the safety standards in your workplace to reduce risks and accidents, your insurance rates will decrease gradually.
  • The policy details: Choose the right coverage limits and deductibles. The lower the coverage limits are, and the higher the deductibles are, the cheaper the policy is.
  • Ask for discounts: If you are eligible for any discounts, make sure you get them. Bundling the policies when you can to get more discounts
  • Lastly, shop around is the best and most effective thing you can do to save money on your insurance. And don’t become complacent once you have insurance; you might save money if you switch insurance companies, so it’s important to get quotes every two-three years. Work with a top broker like Simply Business, CoverWallet, or ez.insure or commercialinsurance.net is a good way to compare several quotes online easily.

Final thoughts

Flooring contractors deal with risks on a daily basis. In order to protect themselves from the risks of daily business dealings, flooring contractors need to purchase appropriate insurance coverages. General liability insurance is a good starting point for building a business policy bundle to protect flooring contractors from the risks of doing their business.

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