It’s a good move to buy the cheapest General Liability insurance for contractors. Moreover, as a newly launched start-up, a small construction business, or an independent contractor, one thing is real: we need to watch our expenditure. As a result, most of us need to constantly juggle with numbers and ensure that we allocate our monetary resources in the most efficient way.
Because of this, many contractors regard insurance as a grudge purchase. Thus they can utilize the money better, they believe.
However, anyone who has been in construction for a few years knows that the likelihood of facing a liability suit is very high. Lawsuits can take up your valuable time, spoil your reputation, and ruin you financially. Is it really a grudge purchase to take steps to protect your business?
What you need is the right kind of cheapest general liability insurance for contractors that covers you for such eventualities.
What is General Liability Insurance?
General Liability insurance policies protect your business against third-party claims that you and your company may face. It covers you against risks such as damage to third parties or their property, customer injury, bodily injury, and advertising injury (slander and defamation). Though not mandated by law in all states, carrying a general liability insurance policy helps you to sign leases. It also helps to get client confidence. And, it helps to grow your business and brand.
Limitations of General Liability Insurance
General liability insurance is a basic policy that may not cover you for other risks. For instance, if one of your employees sustains an injury in the course of work, a General Liability policy would not cover the medical and other costs. Subsequently, for this, you would need to take a Worker’s Compensation policy. Lack of such coverage could also attract penalties on your business.
Here are 2 other examples. Professional Liability or Omissions Insurance is a policy that covers you against claims of mistakes, poor advice, and poor workmanship that the client alleges caused them financial loss. Builder’s Risk insurance protects your tools, equipment against loss, theft, vandalism, and fire. Hired and non-owned auto insurance, product liability insurance are other policies that could protect you, based on the nature and extent of your business operations.
Applying for a General Liability Insurance Policy
A trustworthy, well-established, and reputed insurance agency or insurance broker can provide the right information on applying for a policy. You will need to furnish documentation on your revenue, staff size, nature of the business, and claims history. Your insurance company will assess the level of risk exposure. They will advise on the best policy and premium rate.
You can compare packages to get the best deal for yourself. To save you time, you can get a selection of quotes within minutes from Contractors Liability. Just apply online.
Is the cheapest General Liability Insurance for contractors always the best?
The cheapest General Liability Insurance for contractors can be perfect for your needs and your wallet. There is no reason to purchase expensive policies or ones that are not suitable to your needs, preferences, and budget. However, focusing exclusively on price could be an unnecessary risk because it may not offer the right coverage. You need to ensure that you’re getting a reasonable rate in keeping with industry norms and one that’s most suitable for your unique requirements.