At ContractorsLiability.com we make it easy to get cheap and affordable General Contractors General Liability Insurance. We can have policies in a few hours. We will be able to issue you certificates of insurance right away so you can get to work. All we need is explained below, so keep reading.
Name and Structure of Business
We will need the exact name of the business along with whether you are a Sole Proprietorship, Partnership, Corporation or LLC. We would also need any DBA you may use.
Type of Work Performed
Do you do residential or commercial work. If you do both, what are the approximate percentages of each type of work. Is the type of work you do new construction or remodeling of existing structures. Again if you do both an estimate of the percentage of each type.
How Long Have You Been In Business or Experience
We will need to know how long you have been in business. If you have been in business for a while we will need what are called loss runs. These can be obtained from your previous insurance company. These are reports that give a detail of any claims your business may have had.
At ContractorsLiability.com we can help you obtain these if you want us to do so. Do not worry if you are a new business. We specialize in getting General Contractors General Liability Insurance for new companies. The only thing we would need is a little information on your work experience in the construction industry.
Number of Employees and Payroll
We would need to know the number of employees in the business and Payroll.
Gross receipts of the Business
Workers’ compensation coverage ensures that employees are taken care of in case they are injured on the job site. The insurance company also The previous 12 months gross receipts and an estimate of the next 12 months gross receipts. It is always best to give a conservative estimate of future earnings. However, be aware that most insurance companies will preform an “audit” after the policy term to determine what the exact revenue was. If you estimated to low you will be given a bill for the difference.
Do You Require Sub-Contractors to Name Your Business as Additional Insureds
If you use sub-contractors, it is a best practice to always require them to provide you a certificate of insurance naming your business as an additional insured before you allow them access to the job site. There are many good reasons to require this but the two most important are that if you have a certificate of insurance from them any amount you pay them with not be counted towards your revenue during your the audit of your General Liability Insurance for General Contractors. Another reason is that if the cause any incidents where a claim is filed it will go against their insurance rather than yours. As you know if you have claims insurance premiums rise.
The lowest limit General Contractor General Liability Insurance policy we sell is $1,000,000 Occurrence $2,000,000 Aggregate. This is the standard industry amount. Some States allow for lower limits, but the savings are to small to justify issuing those policies. For example a $300,000 Occurrence $600,000 Aggregate policy will only result on average less than $50 per year in premium. It is not worth the risk to save a few bucks.
Large Policy Limits
In some instances you may need higher limits as result of contractual obligations. These higher limits will be found in the insurance section of any contract you are negotiating. It is always best to forward this section to your agent so that they can get you exactly the coverage the contract calls for.
If your State requires General Contractors to be licensed you will be required to provide your license number or a copy of your license.
You will need to review and sign the application and send it back.
At ContractorsLiability.com we offer a number of convenient payment options for your General Contractors General Liability Insurance Policy. We can accept Debit Cards, Credit Cards and Checks. We have a number of financing options as well. We will work with you to get you set up with the payment plan that is right for your business.