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Your building business is exposed to numerous potentially financially draining risks hence the need for best buy contractors liability insurance, among other coverages. These risks include liability claims from third parties. This means,  without coverage for would mean paying for the resulting legal expenses out of pocket. And lawsuits are not cheap. If anything, they can be financially draining.


To help you make an informed choice when looking for the best contractors liability insurance to buy, here’s how the coverage can protect your business.


Contractor Liability Insurance


Contractor liability insurance is one of the coverages any building business should have at a minimum. The policy protects your business against third-party claims resulting from:


  • Bodily injury.Let’s say a client gets injured while visiting your business premises or as a result of your construction work in another site, and they sue your business. Contractors liability insurance will help cover medical expenses, attorney fees, settlements, damages, and even funeral expenses if the injury resulted in death. Remember, the policy does not cover employee injuries, so you will also need workers’ compensation insurance.
  • Property damage. Various building activities from roofing to flooring to roofing can result in accidental third party property damage. Your contractors liability policy can help cover repair or replacement costs and as well as costs should the property owner decide to sue you.
  • Personal and advertising injury. While conducting various activities, your business can cause advertising or personal injury by committing certain offenses. Offenses related to personal injury include false arrest, malicious prosecution, and wrongful eviction. While advertising injuries include slander, libel, copyright infringement in your business advertisement, use of another’s idea in your ads, and invasion of privacy.
  • Completed operations. A former client could sue your business for faulty workmanship, claiming that your finished work caused bodily injury or property damage. Contractors liability insurance will help cover the cost of a lawsuit arising from your completed building operations.
  • Medical expenses. If a nonemployee suffers an injury on your business premises or as a result of your building operations, your policy can cover the medical costs. These costs include ambulance, ER, surgical, and funeral costs. Your insurer can reimburse the injured party for their medical bills without him/her taking legal action. Claims are, therefore, settled quickly, which reduces the chances of them filing a lawsuit.


When Is A Claim Covered?


Now, for any best buy contractors liability insurance to cover a claim, the property damage or injury must:


  • Be due to an occurrence. The Insurance Services Office (ISO)  general liability policy defines an occurrence as “an accident, including continuous or repeated exposure to substantially the same general harmful conditions.” Property damage or injuries caused intentionally are, therefore, excluded from coverage.
  • Occur or happen within the policy period. Depending on whether you have an occurrence policy or claims made policy, you’ll only receive coverage for: property damage or bodily|advertising|personal injury that occurred within your policy period or claims made within your policy period. The best contractors liability insurance to buy will depend on your business needs.
  • Occur in the coverage territory. Generally, coverage is limited to injuries or property damage in the United States, its territories and possessions, and Canada.


For all your liability solutions, including best buy contractors liability insurance, contact Contractors Liability today on 866-225-1950. Lawsuits can get very expensive, pretty fast as well as be emotionally draining. Let us help.


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