What is General Contractor’s Insurance?
Being a Building Contractor is a rewarding occupation. As with any type of business you need to have insurance coverage to protect your business. You need to remember besides your home your business is your largest asset. Not only that, it is the way you make the money to pay your bills and support your family. Do you really want to risk all that you worked so hard for by not having the proper General Contractor’s Insurance you need. If you keep reading there will be a few industry insider tips in the sections below that will give you new insights and also ways to save money.
General Contractor’s Insurance starts at a bare minimum with an affordable General Liability Insurance policy. Every Building contractor should have this type of insurance. If your business has employees you are usually required by law to have Worker’s Compensation Insurance coverage as well. Failure to have Worker’s Compensation Insurance can lead to large out of pocket expenses if an employee is injured on the job. It can also lead to large fines and extreme cases criminal prosecution.
Other more specialized types of insurance coverage General Contracts may wish to obtain are Commercial Auto policies that cover vehicles used in the course of the business. Inland Marine Insurance for General Contractor’s to cover the loss of tools and equipment. Finally, Umbrella Insurance or Excess Insurance offers protection from catastrophic losses exceeding underlying General Liability Insurance.
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What is General Contractor’s Insurance?
This type of insurance covers injury to others (both physical and monetary) in the event of an accident. In most cases, this is necessary to provide prior to starting work on a construction project.
Most states require general contractor’s insurance prior to starting a work project. In the best-case scenario, you get slapped with a fine, and your company loses its credibility if you’re caught without contractor’s insurance.
But what about the worst case scenario? You could be left paying for injuries or damage out of pocket, running of the risk of ruining your business entirely.
General and Professional Liability Insurance For Contractors
The insurance types listed above are defined in a generalized way, but we know that there are things to ensure which aren’t listed above.
All Farmer Brown general contractor insurance packages include:
- Bodily injury liability
- Property damage liability
- Personal injury liability
- Advertising injury liability
- Medical payments
As well as these, they also cover damages:
- Compensatory damage
- General damages
- Punitive damages
Our specialized general contractor’s insurance packages include:
- Drywall insurance
- Electrical Contractor’s Insurance
- Painting Contractor’s Insurance
- Plumbing Contractor’s Insurance
- Roofing Contractor’s Insurance
Cheapest General Liability Insurance Small Business
- It’s Easy. Farmer Brown offers a quick, painless online form that takes minutes to fill out and gives you a free quote in no time at all. For most queries, a licensed insurance agent can discuss the right option for you in 24 business hours.
- It’s Personal. Don’t settle for a plan that doesn’t fit with your needs. Our quotes and offers are designed to give you the best general contractor’s insurance for your unique business needs.
- It’s Affordable. We get it – insurance can be hard to manage. But our promise to our contractors is that we will provide you with the most affordable options for the best products. We’ve got you covered.
- Help is Just a Click (Or a Dial) Away. We offer easy online application options so that you can get covered as quickly as possible. When it comes to getting the help you need, we don’t mess around. If you have any questions at any point in your application process, you can contact us.
General Contractor Insurance Near Me
Taking the first step into purchasing contractor’s insurance is always a hard one. Everyone wants to ensure that their money is well-spent, and it is hard to do that if you don’t understand why you are purchasing it. The truth is, however, that whether you thought you needed contractor’s insurance or not, it is important that you do have it. Here’s what each type of contractor’s insurance covers, and why you might need that particular type if you’re a construction or contracting business.
|Builder’s Risk Insurance||Covers tools and worksites in the event of unforeseen damage like theft, vandalism, or weather events|
|Business Owner Policies||A package that combines multiple types of contractor’s insurances into one policy. Many small businesses take advantage of this great deal.|
|Commercial Auto Insurance||This covers any damage done to contractor vehicles on or offsite when an employee is driving that vehicle.|
|General Liability Insurance||This is what covers your business when a client or other third-party claims you’ve caused property and/or personal damages.|
|Inland Marine Insurance||When your company’s property is being transported from site to site, this is the insurance that covers it in the event of theft or damage|
|Property Insurance||This covers property damage during the construction of a site|
|Professional Liability Insurance||This covers you against claims arguing that poor or neglectful workmanship caused financial harm to a client.|
|Umbrella Policy||This covers excess damage that is not included in other policies, usually up to $1,000,000.|
|Workman’s Compensation||Workman’s compensation is the law in nearly every state, so it’s very important that your policy includes some form of worker’s comp in it. This ensures that your employees and anyone involved with construction are covered in the event of a personal injury on the job.|
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