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What is drywaller insurance?

Drywaller insurance is a policy that combines several essential coverages into one straightforward plan geared toward professional drywallers: contractors who measure, cut, install and repair drywall, gypsum board or plasterboard for walls and ceilings in various buildings.

Aside from working with different types of building materials, drywallers also collaborate with architects, builders and property holders to ensure their drywall plans fit within their renovation or construction projects. Their work is a big part of every building. If you count yourself among them, you’re probably already aware of the multitude of things that could go wrong – or how costly they can get. Workmanship errors, accidents and client disputes can all add up to costly bills, even when you do your best to avoid them.

That’s where insurance comes in.

What drywaller insurance includes

Drywaller insurance would usually cover you in the following areas:

• Commercial general liability (CGL): Also known as ‘slip-and-fall’ coverage, this coverage is mandatory for contactors in provinces like Ontario, whether you’re a drywaller, or you do something else. It provides financial protection against lawsuits related to third-party property damage or bodily injury. For instance, if someone trips over your equipment and breaks their leg, while you’re doing the work, you might be held liable, in which case you’d need funds to pay for the damages.
• Professional liability (E&O): Also called errors and omissions (E&O) insurance, this will protect you from claims pertaining to professional errors or negligence, during or after the work is completed. For instance, if, after your work is completed, a client claims that your drywall installation is insufficient or does not fit with the originally discussed plans, there could be financial ramifications. Your E&O insurance would cover the costs associated with the claim and potential lawsuit.
• Product liability: If the products used in your work, such as drywall, are found to be faulty, this would pay for fixing the issue.

Recommended add-ons for drywaller insurance coverage

To ensure your business is fully protected, you may want to consider adding extra coverage options to your policy. These add-ons can help safeguard your operations, assets, and income against a wider range of risks:

• Tools and equipment: This cost the cost of replacing or repairing the tools or equipment that are either lost, stolen or damaged. The general rule of thumb is that anything below the $1,500 threshold, value-wise, is a tool and anything above is equipment. However, most insurers have their ways of classifying these, so be sure to discuss it with them.
• Commercial property: If your business handles client data or involves an online platform, this policy will cover you against issues like data breaches and cyberattacks. It can pay for data restoration, legal fees and even reputation management should hackers target your business.
• Business interruption: This protects your business from lost income when things go wrong, like natural disasters or fires. If a fire damages your equipment and stops you from finishing a job, this will cover any costs that would stem from that, including the cost of renting a different place to complete the work.
• Tools and equipment: You will need this policy if you use a vehicle do your work. This add-on helps cover the cost of repairing or replacing items that are lost, stolen, or accidentally damaged—whether on the job site, in transit, or in storage. It’s a straightforward way to keep your business moving, even if an unexpected loss occurs.

Common types of drywaller insurance claims

Here are some examples of the kinds of claims drywallers like tend to file:

• Accidental damage: While installing drywall at a residential property, you accidentally damage its flooring. In this case, professional liability coverage would pay to repair the damage you’ve caused.
• Equipment damage: You leave your equipment at a commercial property overnight. However, someone breaks in and steals it, leaving you with nothing. Tools and equipment insurance would come in handy in this case.
• Faulty drywall: You install drywall at a commercial property, but it turns out to be defective. Product liability would pay for the damage caused to the owner’s property as well as offer for legal counsel in case you get sued.

How much does drywaller insurance cost?

There’s no flat rate that we can quote when it comes to drywaller insurance, given how customizable your coverage can be. That said, a package can start at around $500 per year.

Some of the factors that may impact your insurance premium include:

• Type of coverage: Basic policies with standard coverage will cost less than comprehensive policies with multiple add-ons.
• Coverage amount: The higher the coverage limits, the more expensive the policy.
• Location: Insurance costs can vary based on where you live and work. If the area where your work space or equipment storage is located has a lot of crime, for example, then there is a higher likelihood that your equipment or materials would get stolen.
• Claims history: If you have recently filed a claim, then there is a high chance that you’ll file another one in the future. Insurers take this into account and adjust their premiums accordingly. As you might expect, more claims in the past equal to higher premiums in the future.

How to get the cheapest drywaller insurance rates

Finding affordable drywaller insurance doesn’t mean you have to compromise on coverage. Here are some tips to get the best rates:

• Shop around: Compare quotes from multiple insurance companies to find the best deal.
• Bundle policies: If you need multiple types of insurance (like home or auto), bundling them with the same provider can often result in discounts.
• Maintain a good record: Having a small (or non-existent) claim history can lower your premiums.