As a contractor, you know that your business is exposed to risks every day. The work you do exposes the public to various hazards, and accidents can happen at any time. That’s why it’s essential to have general liability contractor insurance. This type of insurance provides financial protection to your business in the event of an accident or lawsuit. In this article, we’ll discuss everything you need to know about general liability contractor insurance.
What is General Liability Contractor Insurance?
General liability contractor insurance is a type of insurance policy that provides coverage for bodily injury, property damage, and personal injury claims made against your business. It protects you from the financial costs associated with lawsuits and settlements resulting from accidents or injuries that occur on your job site.
This type of insurance also covers your legal fees and court costs if a claim is made against your business. General liability insurance is typically required by law, but even if it isn’t required, it’s a smart investment for any contractor.
What Does General Liability Contractor Insurance Cover?
General liability contractor insurance covers a broad range of risks associated with your business. Here are some of the key coverages:
Coverage Type |
Description |
Bodily Injury |
Covers medical expenses and lost wages if someone is injured on your job site. |
Property Damage |
Covers damage to someone else’s property that occurs as a result of your work. |
Personal Injury |
Covers claims of libel, slander, or other damage to someone’s reputation. |
Completed Operations |
Covers claims made after you have completed a job, but damage or injury is discovered later. |
What Doesn’t General Liability Contractor Insurance Cover?
While general liability contractor insurance covers a lot of risks, it doesn’t cover everything. Here are some of the things that aren’t covered:
- Employee injuries or illnesses (covered by workers’ compensation insurance)
- Damage to your own property or equipment
- Intentional harm or illegal acts
- Professional errors or omissions (covered by professional liability insurance)
Why Do I Need General Liability Contractor Insurance?
General liability contractor insurance is essential for several reasons:
- It’s required by law in many states
- It protects your business from financial loss due to accidents or lawsuits
- It provides peace of mind knowing that your business is protected
How Much Does General Liability Contractor Insurance Cost?
The cost of general liability contractor insurance varies depending on several factors, including the type of work you do, the size of your business, and your location. On average, contractors can expect to pay anywhere from $500 to $3,000 per year for general liability insurance.
How Do I Get General Liability Contractor Insurance?
To get general liability contractor insurance, you’ll need to contact an insurance company or broker that specializes in commercial insurance. They will ask you several questions about your business and provide you with a quote for coverage. It’s important to shop around and compare quotes from several providers to ensure you’re getting the best coverage at the best price.
Conclusion
If you’re a contractor, general liability contractor insurance is essential for protecting your business from financial loss due to accidents or lawsuits. While it may seem like an unnecessary expense, the cost of a lawsuit or settlement can be devastating to your business. By investing in general liability contractor insurance, you can have peace of mind knowing that your business is protected. Contact an insurance provider today to get a quote for coverage.
FAQ
Is general liability contractor insurance required by law?
In many states, general liability contractor insurance is required by law. Check with your state’s licensing board or regulatory agency to find out if it’s required in your area.
What types of claims are covered by general liability contractor insurance?
General liability contractor insurance covers bodily injury, property damage, personal injury, and completed operations claims.
What types of claims are not covered by general liability contractor insurance?
General liability contractor insurance does not cover employee injuries or illnesses, damage to your own property or equipment, intentional harm or illegal acts, or professional errors or omissions.
How much does general liability contractor insurance cost?
The cost of general liability contractor insurance varies depending on several factors, including the type of work you do, the size of your business, and your location. On average, contractors can expect to pay anywhere from $500 to $3,000 per year for general liability insurance.
How do I get general liability contractor insurance?
To get general liability contractor insurance, you’ll need to contact an insurance company or broker that specializes in commercial insurance. They will ask you several questions about your business and provide you with a quote for coverage.
What’s the difference between general liability and professional liability insurance?
General liability insurance covers bodily injury, property damage, and personal injury claims, while professional liability insurance covers claims of negligence or errors and omissions in your professional services.
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