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What is the most important piece of Liability Insurance advice for contractors? It’s predicted that 2 out of 5 small businesses will face a liability claim by 2030. Thus, it should probably be: everyone needs Liability Insurance.

Construction is dangerous. Moreover, you operate heavy machinery and dismantle massive structures. You may take precautions, but an accident can happen to anyone. In this instance, the best you can do is prepare your business in case of an error. So, you’re prepared?

Here is some of the best Liability Insurance advice for contractors, to help you secure a policy for your business.

1: Check what your policy covers

 General Liability Insurance pays for damages for which your company is responsible. Legal fees, medical bills and repairs can run into ridiculous numbers, even for a small slip-up.

In construction, most losses are from third-party injury claims and third-party property damage. Furthermore, General Liability covers reputational harm and advertising injury, too.

Best practice is: hire well and provide demonstrable safety training, minimizing damages in the first place. Hence, General Liability is a strong safety net.

 2: Know how much risk you face

Each contractor has different exposures depending on things like location and personnel. However, one truth is universal: risk is high. What’s your scale? Which machinery do you operate? Thus, also consider the type of work you do. For example, roofers and contractors with specialized trades face higher risk and need more coverage.

If it seems complicated, don’t worry. Farmer Brown’s knowledgeable professionals licensed in all 50 states, and have expertise in markets across the US. Moreover, we provide the best Liability Insurance advice for contractors available. We’ll find you the coverage you really need.

3: Don’t go without coverage

New businesses may be tempted to delay buying cover. But this creates more problems than it solves. For contractors, lack of Liability Insurance coverage means blacklisted by other businesses. It makes sense – in construction, liability claims easily reach millions. Other companies can’t be sure you can pay for damages.

Which is the main point: Liability claims are devastating. Without coverage your business could be in real trouble. The US Census Bureau estimated that $1.3 trillion in 2018 alone went into private and public construction projects. Big money is spent, and there are damages and lawsuits to match.

It’s simpler and cheaper than you might think to set up an effective General Liability policy. See for yourself.  At Farmer Brown we offer free, no-obligation quotes.

4: Think about all your insurance needs

 Following top Liability Insurance advice for contractors is just one step. You should also be aware of the other policies that safeguard your company.

  • Builder’s Risk can cover the structure, tools and scaffolding from fire, rain, vandalism, theft and other non-liable damages.
  • Workers Compensation is a policy that pays for lost wages and medical bills if your workers get sick or hurt on-site.
  • Commercial Auto Insurance pays for any liable damages caused by your vehicles.

Liability Insurance advice for contractors at Farmer Brown

 The easiest way to secure great coverage is to speak to people who know about it. At Farmer Brown, we focus exclusively on contractors. We’ll tell you exactly what you need.

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

Our experts provide advice on contractors General Liability Insurance, as well as any policy your business might need. Call Farmer Brown on 888 973 0016.

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