What do you know about buying the cheapest General Liability Insurance for contractors? Is it worth buying, or is it too risky?
General Liability insurance for contractors Insurance coverage is an essential aspect of setting up and growing your business. Hence, this coverage is a legal requirement in many states. Apart from this, clients prefer to deal with contractors and vendors who have coverage for bodily harm, property damage, libel, slander, and defamation.
This article focuses on 3 essential facts about the cheapest general liability insurance for contractors.
Fact #1 Contractors Liability insurance is a legal requirement
In the US, Commercial General Liability Policies are where the General Liability Insurance for Contractors appears. Specific industries such as construction have stringent requirements for contractors to have general liability insurance. As a consequence, without it, clients are unlikely to sign a contract.
This coverage protects you against third-party claims for accidents and injuries suffered during the course of your work. Moreover, you have protection against allegations of wrong-doing, slander, or defamation.
Some contractors try to cut costs by not taking General Liability insurance coverage, or they attempt to get the cheapest general liability insurance for contractors. As a result, this allows you to pass on the savings to your clients.
However, the cheapest General Liability insurance for contractors may not give full coverage. Is this is not a risk worth taking? In consequence, a single big claim brought by a client can destroy the entire business.
Fact #2 No business is too small to require general liability coverage
Don’t make the mistake of thinking that small contractor businesses don’t face liability claims. They do – and with serious financial consequences.
Many small businesses and start-ups consider insurance to be something they’re compelled to buy, and that they would rather use those funds for something else. Treating insurance as a grudge purchase because it is thrust upon you by law or by clients can be counter-productive. You could end up buying the cheapest General Liability insurance for contractors available without considering all your options. This insurance could give your inadequate coverage.
The best policies are affordable and customized by an insurance company. You want your insurance consultant to give high levels of service and useful advice. They should tailor your policy to meet your business’s unique needs and budget.
Fact # 3 Your policy protects multiple projects
In the construction industry, general contractors typically work on multiple projects at once. This means that your insurance must go with you from site to site. It would be silly only to have third-party coverage on one construction site, but not on others. Also, imagine the extra admin and wasted time securing insurance for every project.
Get the cheapest General Liability insurance for contractors
A well-established, reputed, and trustworthy insurance agent can give you the right advice and assistance. Call Farmer Brown Insurance on (888) 973-0016 and find out more.