GENERAL LIABILITY INSURANCE FOR CONTRACTORS

As a contractor, the risks of injury or property damage are high in your line of work. Accidents and danger of injuries always exists on construction sites. For these reasons, you may need to have Contractor General Liability Insurance to protect you from any liability that might happen. Otherwise, you will be financially responsible for any damage done to the client’s property or the site.

What is Contractor General Liability Insurance?

Contractor General Liability Insurance protects contractors financially from amounts they become obligated to pay due to damages or medical payments because of bodily injury, property damage or personal/advertising injury to third parties occurring during the policy period caused by or relating to the contractor’s work.  It is strongly recommended that Contractors maintain this coverage for their own protection and because contractors are often required to provide proof of such coverage to get accepted for a project.

What does it cover?

The activities covered under the policy may be included in a list found in the policy contract or may be specific to the contractor that has purchased the policy. Many policies will also include a list of activities that are excluded from coverage.

Contractors can purchase a standing professional liability insurance policy that covers all work that the contractor performs, but can also buy a policy that covers specific projects with finite time frames.

How to get Contractor Liability Insurance?

If you consider getting Contractors Liability Insurance, the following can help you:

• Evaluate your risks. Think about the common and industry-specific risks that your business faces. What types of lawsuits, disasters, accidents or hazards might impact your company?
• Determine your coverage needs. Your insurance coverage should protect you from the risks that you’ve already identified. Consider the different policies that will best suit your business needs.
• Choose how to shop. When you’re looking for contractors’ business insurance, you can contact providers directly, work with a broker or use an online marketplace. If you have more complex needs and want dedicated assistance, an insurance broker can help you get quotes and compare options. On the other hand, if you’d rather expedite the process and handle it on your own, you might prefer one of the other two methods.
• Compare providers. It is recommended to get quotes from multiple providers before making a decision. You’ll want to consider factors such as coverage, policy limits, cost and reviews to help you determine which provider is right for your business.
• Buy your policies. After purchasing policies, you’ll want to make sure that you know how to make payments, file a claim and manage your account.

Contracting and construction work can be full of risks, from accidents that cause injury to others to mishaps that may damage others’ property. You might need General Liability Insurance to protect you and your business. Make sure you are protected. ONYX Insurance is here to assist you on your needs.

Contact or email ONYX Insurance now!