The contracting business is a very demanding and diverse industry in which to work. Whether it’s working in a shop or providing services for a client, you need to take the proper precautions. That’s why general liability insurance for contractors is so important. The unexpected can happen, and it’s best to be prepared.
What is General Liability Insurance?
Liability Insurance protects your company’s assets. It pays for obligations, like attorney fees or medical expense. It also covers costs if someone gets hurt on your property or if there are damages to the property caused by yourself or one of your employees.
General Liability Insurance for contractors also covers settlement or award money in the event of a lawsuit.
Benefits of General Liability Insurance
General Liability Insurance for Contractors provides you with many benefits.
- It protects your business against property damage and injury.
- Liability insurance pays damages if a judgment is passed against you
- It can cover lawyer fees, court expenses, and other charges.
- Liability insurance provides peace of mind that your assets have the necessary protection.
- It protects against claims of false advertising, slander or copyright infringement.
Liability Insurance Coverage
No one ever wants to have to use their insurance, but unfortunately, there are times when it is a must. Here are a few examples of when it comes in handy to have general liability insurance.
- If there is an injury claim, then general liability insurance for contractors covers medical expenses, funeral expenses, or court-awarded compensations. It’s important to remember that this liability insurance does not cover Worker’s Comp.
- Liability insurance provides coverage when you or your employees cause damage to the client’s property or causes the client’s property to be unusable or inaccessible.
- If damage occurs from equipment installed by your company, the costs become a product claim that your liability insurance company addresses.
Cost of General Liability Insurance for Contractors
The cost of your liability insurance depends on the type of work and the risk associated with it. Roofers, for instance, or contractors that work in areas that have a high risk of damage will incur increased costs for liability insurance. Typically, the amount of coverage will correlate directly with the amount of the project. Standard practice is to have insurance coverage for two to three times the estimated budgeted projects.
Post Insurance General Liability
General Liability Insurance is vital to protecting the assets and obligations of your business. Post Insurance offers many types of commercial insurance. In business since 1954, Post Insurance Services can protect your company with general liability insurance for contractors.
For a free quote call us today at (800) 262-9998 or connect with us online.