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How important is General Liability Insurance for Contractors in 2020? Industry experts agree that this is one of the most essential forms of protection your company needs. But why do you need it? And what else do you need?

 

Why do you need General Liability Insurance for Contractors?

 

The purpose of liability coverage is to protect your company and assets if you are sued for negligence.  This means a third party or client claims that your actions or negligence resulted in them suffering an injury or damage to their property.  They are seeking financial compensation for the loss they have suffered. The money required for your legal defence as well as the settlement costs are provided for by this coverage.

 

What damages are included in General Liability Insurance?

 

The types of damages that are covered by General Liability are:

 

  • Property damage
  • Bodily injury
  • Damage to a property you rent
  • Advertising or Marketing Damages
  • Reputational damages
  • Medical payments
Why do you need General Liability Insurance for Contractors?

 

Some of the reasons why you need General Liability Insurance are:

 

  • It is mandatory.  Most states require that you have this coverage. Many clients will insist on seeing proof you have it before you can begin on their project.

 

  • Your business is protected. The costs of litigation are very high. The settlement amounts in liability cases can run into millions.

 

  • Accidents happen.  Even when you take all the necessary precautions an incident can still occur where you can be sued.  Liability coverage covers you for this risk.

 

What else do you need?

 

There are many risks that you face as a company involved in construction. Liability is only one of them. Your insurance needs overall should be considered.  Other coverage you should consider is:

 

  • Professional Liability.  This is also known as Errors and Omissions Insurance. It covers you for mistakes you make in your professional services.

 

  • Workers Compensation.  As an employer you are required to have this insurance.  It covers your employees if they are injured in the course of their work.  Injuries to employees are excluded from General Liability Insurance.

 

  • Commercial Auto. This insurance is for the vehicles that are used in your business, whether driven by yourself or employees.

 

  • Builder’s Risk Insurance.  Also known as Course of Construction Insurance, this is property coverage.  It protects your property, materials and equipment from unforeseen events. It is tailored for your needs but in general covers losses from fire, theft, vandalism and weather events.

 

Where to get your General Liability Insurance for Contractors

 

At Contractors Liability we can offer you more than General Liability insurance . We will tailor a solution for your needs, starting with customized liability coverage.  This means you don’t pay for things that you don’t need.  We can also provide your unique business with the other coverage it needs. Contractors Liability works with many A-class carriers. This means we can give you the right coverage at the best rates.  Call Contractors Liability on 866-225-1950.

 

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