General Contractor Liability Insurance protects your company from a third party lawsuit due to bodily image, property damage, advertisement damage, and all costs associated with the incident.
The success of any small business is the ability to work hard, stand out from the rest, and provide highest quality to your clients. No matter how well your business is ran it can all change in an instant with an accident that can wipe out your profits possibly destroying your company.
In today’s world even a small accident can cause a large settlement that is why General Contractor Liability Insurance is an important component to the risk management of your company. As a small business owner you can purchase General Liability Insurance for Contractors one of two different ways. You can purchase coverage by itself or as part of a business owner’s policy bundle. You are able to save money when you bundle insurance plans but make sure to speak with a certified broker to determine the best options for your unique needs.
When you are shopping for Contractors Liability Insurance you need to make sure you have adequate coverage limits in case a large claim is filed. If the settlement is larger than your General Liability Insurance for Contractors coverage then your company is liable to pay for the difference.
Does Your Company Need General Contractor Liability Insurance?
Every day Small Businesses are at risk from accidents and lawsuits from third parties. Because of that daily threat every small business needs to have Contractor Liability Insurance to protect themselves and their company. With Liability Insurance you receive an layer of protection from accidents that occur during operation of your business. Contractors Liability Insurance will even protect you from employees that cause accidents. For example, if an employee is driving a company car and causes an accident, Contractor Liability Insurance protects your company.
What Does Contractors Liability Insurance Cover?
Bodily Injury
General Contractors Liability Insurance will cover you if a customer or non-customer is injury during business operations, on your property, or for complete operations. Contractors Liability Insurance will not cover your employees. Employees are normally covered under Workers Compensation Insurance.
Damage of Property
This covers damage that could occur to a third party from the instances above.
Advertising Injury
An advertising injury occurs when you put out false claims about another company and cause competitor lose.
Personal Injury
Personal Injury is acts of slander, invasion of privacy, trademark infringement, false arrest or wrongful eviction.
What Does General Contractors Liability Insurance Pay For?
Contractors Liability Insurance will cover medical expenses that occur during the course of the accident, starting from when first aid is administered. Other medical expenses that Liability Insurance will cover is operations, x-rays, dental, doctors visit reimbursement, devices, and other medical services.
Other than the medical expenses General Liability Insurance for Contractors will cover all expenses resulting from the lawsuit, within your coverage limits. The costs that are covered include legal cost, and the settlement from litigation. If your expenses are over your coverage limits then you or your company are liable for the differences.
For an immediate answer to a General Contractor Insurance question, give us a call at 1-800-329-2040.