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General Liability Insurance for contractors is possibly the most important coverage you need.  It protects your business when a client or third party sues you for damages. The costs involved can run into millions. Few businesses would survive such an experience without the assistance of insurance. Let’s look at what this insurance covers and why it is particularly important in 2020.


What is General Liability Insurance for Contractors?


In a nutshell, this insurance covers your business when a client or third-party sues you for negligence.  This happens when someone claims that the actions of your company have resulted in them sustaining damage.  General Liability insurance will assist with the costs of your defense as well as resulting settlement costs.


Damages Included In General Liability


The types of damages that this insurance covers is bodily injury, reputational damage, property damage, and damage from your advertising. A brief explanation of these terms is:


  • Bodily injury- physical injury to the body of another
  • Reputational damage- actions that damage the reputation of another
  • Property damage- damage caused to the property of another
  • Damage to a property you rent
  • Advertising mistakes- predominantly infringements of copyright
  • Medical payments- medical care costs for there are injuries to a person at your workplace


Why do you need it?


Construction comes with many risks.  As a responsible contractor you take safety very seriously. Accidents still happen, however, even when following all regulations and good practice. Litigation can be very expensive.  Insurance is vital to assist with these costs. Liability coverage is also mandatory.


Why is 2020 the time to reassess your coverage?


There are a number of reasons why 2020 is a good time to reassess your coverage.  These include:


  • Protecting profits at this time is more important than ever.  2020 has been a year full of disruptions and uncertainty.  It has shown us that unforeseen events can have a huge impact.  The economy continues to open up and more projects are starting up again or getting back to speed. Make sure your protect your company.


  • There is a probability that liability claims are going to arise due to the coronavirus pandemic. Your company could face a liability suit if a person claims they contracted Covid-19 due to the actions or negligence of your company.
Is General Liability Insurance for Contractors enough?

General Liability only covers a portion of the risks you face in construction.  Other coverage is also necessary to properly protect your company. Liability coverage does not extend to employees that are injured at work.  Workers Compensation is required for this.  Other coverage you need is property coverage and commercial auto insurance.  2020 is a good time to look at your insurance overall to make sure you are properly protected.


Get Tailored Coverage Including General Liability Insurance for Contractors


At Contractors Liability we can provide you with a tailored solution for your company.  Speak with one of our expert agents today.  We will get you the right coverage at the lowest rate with the least amount of fuss.  Call Contractors Liability on 866-225-1950.


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