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Are you a general contractor or construction business in the United States looking for liability insurance? If so, our insurance team at Contractors Liability® is ready to answer some common questions for you and provide you with a free quote as well. If you’re looking at this page, it may be safe for us to assume that you’ve successfully won a bid on a contractor’s project. Either that or you’re an artisan builder who is about ready to commence with their project, and has just one last step to ensure that their work is secure. Whatever your situation may be, we want to be one of the first to tell you congratulations! We here at Contractor’s Liability understand that this is both an exciting time and a stressful time for your company. Luckily, we know all the legal and professional standards that your company must maintain to be successful. That’s why it’s important to talk with an insurance provider right away about the best general liability insurance policies for your business. Each general liability insurance policy will be different depending on the policyholder, but here are some things to consider prior to obtaining a general liability insurance policy. What is General Liability Insurance? Let’s face it – accidents happen. General liability insurance covers your company in the off chance that your company makes a mistake. Some of the things that general liability insurance covers include:
- Claims of bodily injury
- Example: Someone trips and falls at an unsecured worksite, which results in hospitalization
- Property damage claims
- Example: Runoff from your construction site damages the lawn of a neighboring property
- Personal injury
- Example: Poor workmanship causes monetary losses to the company you are contracted with, which leaves them in a position to sue for compensation.
- Rented Property Damage
- Example: You rent a property near your worksite to store some of your tools and equipment, but the damage is done to this property during the rental period.
Depending on your business, whatever coverage you need could be considerably more specialized than the aforementioned examples. Discuss what type of coverage might be best for you with your insurance provider, or contact us for a second opinion and comparative analysis.
Types of Contractor’s Insurance
There are many specialized policies for contractors, but general contractor’s insurance often covers the following:
- Professional Contractor’s insurance
- Roofer’s Insurance
- Electrician’s Insurance
- Artisan Builder’s Insurance
- Plumber’s insurance
- Builder’s Risk Insurance
Cost of General Liability Insurance The expense of general liability insurance is one of the biggest determining factors when deciding on a particular plan. People want to know how much their goods and services are going to cost them. Finding out how much general liability insurance adds to overhead is important to businesses. But when it comes to calculating general liability insurance rates, there are many factors to consider. Some of these include:
- How old your company is. Is your contracting business a decades-old institution? A community favorite that gives back? Or is it new and burgeoning? We know that every general contractor we work with wants to provide the best possible outcome for a project, but insurance companies need proof of your reputation to back up your coverage. If a company has been around for a long time, their rate might be lower than a newer company.
- Where your company is located. Believe it or not, location matters. If your contracting business is in a rough neighborhood, your insurance rates could go up. Alternately, if you decided to set up shop in a well-regulated business area with low crime rates, you could see lower policy rates. This relationship between location and rates is not set in stone, but both parties ought to consider it nonetheless.
- What type of work your company does. Are you an excavation company? Your insurance rates might be higher than those of a plumber, simply due to the type of work that you do daily.
None of these three factors should steer you away from seeking general liability insurance. In most cases, it is the law to have general liability insurance. This saves both legal institutions and the parties involved the trouble of having civil suits be a harsh fact of running a business.
Why Choose Contractors Liability Over Other Insurance Companies?
Think of Contractors Liability the same way you would a fitness coach. Fitness coaches see hundreds of clients in their time, but each one seeks to set themselves apart from a run-of-the-mill fitness workout DVD by understanding your personal needs. They know what motivates you, what your weaknesses are, etc. Based on these criteria they can formulate a workout plan that works best for you, and potentially you alone. Our workout plan, in this case, is your personalized general liability policy. Contractors Liability has worked with enough general contractors, artisan builders, roofers, plumbers, and handyman businesses to understand exactly what type of coverage is best for them. In addition to general understanding, we make the following promises:
- All insurance companies on our roster are A-rated. That way, you get the best-fitting price for your best-fitting policy.
- Our customer service team is available to our customers to ensure that all their needs are taken care of.
- Call our business line and you will speak with a licensed insurance agent.
- You come first, not the idea of your business. This keeps us on track when making your personalized plan.
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General Liability Insurance
Do I need to have general liability insurance?
Most states have requirements demanding that contractors have this type of insurance prior to starting a job. Even if you operate in a state that does not have this legal requirement, your company ought to have this type of insurance regardless. Not only does it cover your expenses in case of an accident, it could save your business from financial ruin in the event of a large suit. Additionally, many companies will not allow you to start work without some form of general liability insurance on hand.
What is the difference between general liability insurance and professional liability insurance?
Professional liability insurance covers any sort of incident of negligence on the part of the professional contractor or handyman – this is also known as exclusions and omissions insurance. General liability is to cover loss, damages, and both personal and bodily injury.
How can I reduce the rate of my general contractor’s insurance policy?
Shopping around for the right insurance policy is usually a good method to follow. But the terminology and jargon can sometimes be confusing, which is why we recommend that you work with an insurance agency like Contractors Liability to find the best rate for you with the most coverage. Get a 5-minute quote from us here.
Getting the right coverage can be complicated, but Contractors Liability is here to help. For more information, contact us via web or call us at (866) 225-1950 for a 5-minute quote.
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