Mural Painting Business Insurance
Getting insurance for your mural painting business is essential.
This is because you will need to protect your business’s assets against a plethora of different risks, including property damage or theft, contract violations, and accidental bodily injuries.
You will also need to purchase some forms of business insurance in order to protect your business against employment law disputes (if you elect to hire employees).
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Mural Painting Business
General liability insurance is — generally speaking — one of the most important insurance policies for mural painting businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Having said that, your mural painting business will likely need to purchase additional insurance policies in order to be “fully” covered.
These include:
- Professional liability insurance — Protects your business against negligent acts or omissions that are committed by you or an employee.
- Workers’ compensation insurance — Protects your business against employment law claims, such as wrongful termination allegations, payment disputes, and accidental injuries.
- Commercial property insurance — Protects your business’s property (e.g., commercial painting equipment, etc.) from potential damage or theft.
You will also need to spend some time in order to find the right type of business insurer for your mural painting business.
Generally speaking, we recommend going for an online insurer (e.g., Tivly, etc.) over a traditional brick-and-mortar alternative. Online insurers often have significantly lower operating costs and can thus afford to offer personalized coverage at more affordable rates.
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Cost of General Liability Insurance
On average, mural painting businesses in America spend between $300 - $600 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a mural painting business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Mural Painting Business
Example 1: As you set up your painting equipment on the side of a client’s building, he comes over to discuss the mural, trips on your supplies, breaks a wrist, and demands you pay for his medical treatment. General liability insurance would cover his medical expenses.
Example 2: While you work at a client site, a wind storm knocks over your paint can and paint spills all over a nearby luxury vehicle. General liability insurance covers damage to property during the course of doing business and would pay to fix the damaged car.
Example 3: Another mural company sues your business for libel. While you disagree with the claim, you know you need to hire an attorney right away. General liability insurance would cover your legal defense costs.
Other Types of Coverage Mural Painting Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Commercial Property Insurance
You made a major investment in your painting supplies and equipment. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property so you can get back to business as soon as possible.
Product Liability Insurance
While you work hard to create impactful murals for your customers, there’s always a chance someone might decide your product caused them harm — such as by driving away business. In the event of a lawsuit, product liability insurance would cover your legal fees and any required settlement.
Workers’ Compensation Insurance
If you have any employees, most states will require you to carry workers’ compensation insurance for your part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a workplace accident.
Commercial Auto Insurance
Any vehicle you use primarily for your mural painting business requires commercial auto insurance to protect the vehicle, driver, and others on the road in the event of an accident. Be sure to select a policy that covers not only accident-related vehicle repair costs and medical treatment for anyone injured but also sufficient protection for any business property you carry in your vehicle.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your mural painting business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Mural Painting Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Generally speaking, yes, as this will help ensure that you have purchased the right business insurance policies before any liability arises.
For a mural painting business, such liability could arise as a result of a negligence claim, accidental injury, or property damage-related dispute.
Not necessarily. Certain exceptions may be written directly into your mural painting business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.