How much does tile and stone installation insurance cost?

Tile and stone installation contractors pay an average of $72 per month, or $868 annually, for general liability insurance, sometimes called public liability insurance. Some tile and stone installation businesses need proof of insurance for this policy to sign a commercial lease or a client contract.

General liability insurance can cover tile and stone installation accidents that harm a third party (a non-employee or their property), such as a customer who trips and falls over a stack of tiles.

It also helps pay for legal costs if someone sues your business over a bodily injury, property damage, copyright infringement, or advertising injuries.

This is the average policy for tile and stone installation contractors who buy from Insureon:

Premium: $72 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

General liability insurance costs depend 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.

Insureon’s licensed agents typically recommend a business owner’s policy (BOP) for small, low-risk tile and stone installation businesses. This policy combines general liability coverage with commercial property insurance at a discount to protect your installation equipment and other business property.

For tile and stone installation businesses, the average premium for a business owner's policy is $126 per month, or $1,516 annually. You can also add business interruption insurance to protect against financial losses from a forced closure due to a fire or storm.

Tile and stone installation companies that are medium-sized and/or higher risk should consider a commercial package policy (CPP).

A commercial package policy also combines your general liability coverage with property insurance, but offers more flexible protection options than a BOP. The average cost of a CPP for installation businesses is $109 per month, or $1,309 annually.

Tile and stone installation companies pay an average of $137 per month or $1,648 annually for workers' compensation insurance. This policy covers medical expenses and disability benefits when you or an employee suffers a work-related injury or illness.

Businesses with employees typically must purchase workers' comp coverage to comply with state requirements and avoid penalties. It's also recommended for sole proprietors and independent contractors, as health insurance plans may deny claims for job-related injuries.

Most policies include employer's liability insurance, which covers legal defense costs related to workplace injuries.

The cost of workers' comp depends on several factors, primarily the number of employees you have and their occupational risks. Learn more about how workers' comp costs are calculated and how to save money on your policy.

Installation businesses, including tile and stone installers, pay an average of $41 per month for tools and equipment insurance, or $495 annually.

Also called inland marine insurance, this policy covers your property while it's in transit, at customers' homes, and at jobsites. Tools insurance can pay for lost, stolen, or damaged tools and equipment, such as saws, trowels, safety glasses, and tape measures.

Standard property insurance policies only cover items at your business location, which is why you may need this policy for tile and stone installation work.

You should also consider buying installation floater insurance. This type of inland marine insurance protects tiles and other materials while they're at a jobsite awaiting installation or assembly.

The cost of 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.

Tile and stone installation business owners pay an average of $368 per month, or $4,414 annually, for commercial auto insurance. This type of business insurance pays for property damage and medical bills from accidents involving your company vehicle. It can also cover vehicle theft, vandalism, and weather damage.

Most states require this type of insurance for vehicles owned by a tile and stone installation business. For personal, rented, and leased vehicles used for work purposes, look to hired and non-owned auto insurance (HNOA) instead.

Keep in mind that you may need additional coverage, such as a mobile equipment endorsement, for bulldozers, dump trucks, and other heavy equipment.

The cost of commercial car insurance depends on several factors, including the policy limits you choose, coverage options, the number and value of your vehicles, and the driving records of anyone permitted to drive.

Learn how insurers calculate your premium and how to save money on your commercial auto policy.

Small businesses, including tile and stone installation contractors, pay an average of $129 per month, or $1,552 annually, for cyber insurance. This policy is vital for any installation business that stores personal information, such as customers' credit card numbers, Social Security numbers, or email addresses.

Cyber insurance covers the cost of complying with your state's data breach laws after a cyber incident. It can pay for legal fees, customer notification costs, and other expenses related to a data breach or cyberattack. You may also see this policy referred to as cyber liability insurance or cybersecurity insurance.

The cost of cyber insurance primarily depends on the amount of personal information handled by your tile and stone installation company.

Tile and stone installers pay an average of $75 per month, or $903 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 policyholders meet contractual demands for higher limits. When the underlying policy reaches its limit on a covered loss, 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.

Tile and stone installation contractors, as well as other installation businesses, pay an average of $9 per month, or $112 annually, for a surety bond.

A surety bond provides reimbursement for your client if you're unable to fulfill the terms of a tile and stone installation 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.