The bedrock of all contractor insurance coverage is a General Liability Policy. It not only is relatively affordable, but every General Contractor should carry one. Part of being a successful contractor is knowing when and how to use the right tool for the job. With no exception, general liability insurance is one of those tools we offer to help you and your business thrive.
There is a broad range of mishaps that could occur on a construction worksite. It is critical that you have the right coverage protecting you and your employees in all the daily business operations to cover claims for bodily injury and property damage.
General Liability Insurance may include the following coverages:
- Premises and Operation: for claims originating from your insured location and the work operation or services you provide your customers
- Products and Completed Operations: for claims originating from a manufactured product or work you have completed.
In addition to General Liability insurance, as a contractor you may also want to consider:
- Equipment and Tool Coverage: to protect the tools and equipment essential to your business. This is commonly known as Inland Marine Insurance.
- Builder’s Risk and Installation Floater Coverage: to protect a building under construction or building materials before they are installed and become part of your client’s structure.
What do you need to know about General Liability Policy?
It is important to know that a liability policy is not a warranty on your work. It ensures that the work you do does not cause other damages. We know that accidents do happen, therefore we suggest that if you own and operate more than one construction project at a time, you may want to go beyond a Construction General Liability coverage and purchase what is known as an umbrella policy.
An umbrella policy offers that extra protection in case a lawsuit happens. With court cases and settlements on the rise, loss and damage resulting from getting sued is something that could vigorously impact the strength and progress of your business.
Go for the best
We recommend that when shopping for General Liability you not only consider going for the best price but most importantly going after the best coverage. There are many General Liability policies that are designed for General Contractors that have critical exclusions. Take into account that a lot of times there is just a few hundred dollars worth of difference between a policy filled with exclusions and a policy that will actually cover all the risks that you need.
Whether you are new in business or have years of experience in the construction industry, the answers to your business insurance needs are only a phone call or email away to reach the experienced team at ContractorsLiability.com. We can assist your needs and your options, so contact us to get the protection you need today!