How Painting Contractors Can Reduce Their Business Insurance Costs
- Nate Jones, CPCU, ARM, CLCS, AU
- 6 days ago
- 2 min read
Business insurance is essential for painting contractors—but that doesn’t mean you should overpay. Insurance premiums are influenced by risk, claims history, and how your business operates. The good news? There are practical ways painting contractors can reduce insurance costs without sacrificing protection.
This guide outlines proven strategies to lower premiums and explains how Wexford Insurance can help you find cost-effective coverage.
1. Improve Job Site Safety Practices
Insurance companies reward businesses that reduce risk. Common painting claims involve falls, injuries, and property damage.
Ways to lower risk (and premiums):
Train employees on ladder and scaffolding safety
Follow OSHA safety guidelines
Use protective coverings to prevent property damage
Fewer accidents typically mean fewer claims—and lower insurance costs over time.
2. Maintain a Clean Claims History
One of the biggest drivers of insurance cost is claims history. Even small claims can increase future premiums.
Tips to reduce claims:
Pay minor damages out of pocket when appropriate
Address safety issues immediately
Document incidents thoroughly to avoid disputes
A clean claims record signals lower risk to insurers.
3. Bundle Insurance Policies
Bundling multiple policies with one provider often results in discounts. Painting contractors can frequently combine:
Wexford Insurance specializes in bundled policies designed specifically for contractors, helping reduce overall premium costs.
4. Choose the Right Coverage Limits
Over insuring can be just as costly as being underinsured.
To reduce costs:
Avoid excessive coverage limits that exceed your actual risk
Match coverage to your project size and client requirements
Review policies annually as your business grows or changes
An insurance agent can help balance protection and affordability.
5. Increase Deductibles Strategically
Higher deductibles typically lower premiums. If your business has strong cash flow, increasing deductibles may reduce monthly or annual insurance costs.
This strategy works best for businesses with low claim frequency.
6. Classify Employees Correctly
Incorrect employee classifications can lead to higher workers’ compensation premiums.
Make sure:
Job duties are accurately reported
Payroll figures are updated regularly
Independent contractors are properly documented
Accurate classification prevents overpayment and compliance issues.
7. Work With an Insurance Provider That Specializes in Contractors
General insurers may not understand the painting industry’s specific risks. Working with a contractor-focused provider helps ensure:
Accurate risk assessment
Proper coverage recommendations
Access to industry-specific discounts
Why Wexford Insurance Helps Painting Contractors Save
Wexford Insurance works directly with painting contractors to:
Identify unnecessary or overlapping coverage
Bundle policies for discounts
Recommend risk-reduction strategies that lower premiums
