General Contractor Insurance is designed to protect the interests of contractors and their clients. Despite the high level of risk that contractors assume, a wide range of liability coverage is available to them.
Whether you are a contractor looking to acquire a general insurance policy or considering adding a subcontractor to your existing coverage, it is essential to understand the different kinds of coverage and their limitations.
What You Need to Know About General Contractor Insurance
The types of contractor insurance you choose will depend on your business and the size of the project. You may need general liability insurance, workers’ compensation insurance, or even umbrella insurance.
- General Liability –this insurance type covers general claims, including bodily injury and property damage caused by your job or faulty product manufactured or provided by your company
- Workers’ Compensation – Workers’ compensation covers medical bills, lost earnings, and rehabilitation costs for employees who are injured or become ill while working. It also provides death benefits to the families of employees murdered on the job.
- Umbrella Insurance – Also known as personal liability insurance, umbrella insurance provides additional liability coverage beyond the limitations of your existing car, home, or other insurance. It pays out if you are at fault for injuries or property damage, and your other plans do not cover the costs.
How Much Does General Contractor Insurance Cost?
The overall cost will depend on various factors, such as:
- Service offered
- Revenue
- Location
- Coverage needed
- Business equipment and property
- Number of employees
The better you understand your requirement for general contractors’ insurance, the easier it will be to save money on your policy now and in the future. If you are ready, get insured with ISU Armac!
We are a California-based insurance agency committed to providing our customers with tailored solutions for their business insurance needs. Check out our website www.isu-armac.com/ to know more.