How much does insurance cost for sheet metal businesses?

Sheet metal businesses and contractors pay an average of $61 per month, or $733 annually, for general liability insurance. Some sheet metal businesses need proof of insurance for this policy to sign a commercial lease or a client contract.

A general liability policy can pay for medical expenses from third-party injuries, such as a visitor who stumbles into sharp metal at a construction site. It covers costs if someone sues your business over a bodily injury, property damage, or advertising injury.

This is the average policy for sheet metal contractors who buy from Insureon:

Premium: $61 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of a general liability insurance policy depends on factors such as the coverage limits you choose, the size of your business, the amount of foot traffic you have, and any subcontractors or additional insured endorsements.

Learn more about how your premium is calculated and how to save money on your general liability policy.

Construction businesses and sheet metal contractors pay an average of $125 per month, or $1,503 annually, for a business owner's policy. Only small, low-risk businesses are eligible for a BOP.

A BOP is an insurance package that bundles two important types of coverage at a discount. It includes general liability coverage to protect against common lawsuits, and commercial property insurance to cover vandalism, theft, and property damage.

This is the average business owner's policy for a construction contractor who buys from Insureon:

Premium: $125 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of a business owner's policy depends on factors such as the insurance options you choose, the size of your business, the amount of foot traffic you have, and the value of your business property.

Construction businesses, including sheet metal contractors, pay an average of $175 per month for workers’ compensation insurance, or $2,101 annually. Most states require this coverage for metalworking companies that have employees.

Workers' comp helps pay for medical costs from work-related injuries and illnesses, such as a muscle strain from moving stacks of metal. Most policies include employer's liability insurance, which covers the cost of lawsuits related to workplace injuries.

The cost of a workers' compensation policy depends on factors such as the number of employees you have and the type of work they do. Learn more about how workers' comp insurance premiums are calculated and how to save money on your policy.

Sheet metal businesses and other construction contractors pay an average of $42 per month for contractor’s tools and equipment insurance, or $505 annually.

Also called inland marine insurance, this policy covers metalworking tools and equipment wherever they go, including in transit or at a jobsite. It can pay for lost, stolen, or damaged tools and equipment, such as items destroyed by a fire at a construction site.

The cost of contractor's tools and equipment coverage depends on the value of your tools and equipment and the type of work you do. Items valued at over $2,500 may need to be scheduled separately on the policy.

Construction businesses and sheet metal contractors pay an average of $268 per month, or $3,212 annually, for commercial auto insurance.

Most states require this coverage for vehicles owned by a sheet metal business. For personal, rented, and leased vehicles used by your business, look to hired and non-owned auto insurance (HNOA) instead.

Commercial auto insurance covers financial losses in the event of an accident involving your business vehicle. It can help pay for property damage, medical bills, and legal costs. When buying a policy, you'll need to make sure your coverage limits match the requirements in your state.

The cost of a commercial auto policy depends on your coverage needs, the value of the vehicle, and your insurance claims history. Learn how insurers calculate your premium and how to save money on your commercial auto policy.

Construction businesses, including sheet metal contractors, pay an average of $67 per month for professional liability insurance, or $808 annually. Sheet metal workers can often add this coverage to general liability insurance for a discount, with the bundle costing an average of $150 monthly.

Professional liability insurance covers legal fees related to professional negligence, such as an accusation of poor soldering or loose rivets. It's sometimes called errors and omissions insurance or E&O insurance.

This is the average coverage and pricing for contractors who buy from Insureon:

Premium: $67 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

The cost of professional liability insurance depends on factors such as the coverage limits you choose, the size of your business, and the metalworking services you offer. Find out how insurers set professional liability premiums and how to save money on your policy.

Sheet metal contractors and other construction businesses pay an average of $93 per month, or $1,111 annually, for commercial umbrella insurance. You can buy this policy to boost the limits of your underlying general liability, commercial auto, or employer's liability insurance.

Umbrella insurance provides an additional safeguard and helps sheet metal companies meet contractual demands for higher limits. When the underlying policy reaches its limit, commercial umbrella insurance activates to cover any costs over that limit.

The cost of commercial umbrella insurance depends primarily on the amount of coverage you purchase.

Construction businesses and sheet metal workers pay an average of $136 per month, or $1,635 annually, for builder's risk insurance. This type of insurance is also called course of construction insurance.

This policy covers a structure under construction in the event of fire, theft, vandalism, or similar risks. It typically covers the structure and any materials at the jobsite.

The cost of builder's risk insurance depends on the total completed value of the structure.

Sheet metal contractors and other contracting businesses pay an average of $9 per month, or $112 annually, for a surety bond.

A surety bond reimburses your client if you're unable to fulfill the terms of a sheet metal contract or other agreement. You may need a surety bond to get a contractor's license for certain types of work.

The cost of a surety bond primarily depends on the size of the bond.