Insurance For General Contractors
If you use your own contractors to complete any client work read your policy details closely to ensure your needs are met.
Insurance for general contractors. Timelines change orders and contract administration add to your concerns. What are they getting for that price. On average most contractors pay something between 700 and 1200 1 annually for contractors general liability insurance. Because every business is different commercial insurance solutions for contractors can range from a standard policy to a more thorough mix of coverages.
Just like how a drop cloth covers the entire floor of a work area a general liability insurance policy protects your bottom line by covering all kinds of expenses and legal fees from third party claims. In most cases you will find that your policies don t cover your own subcontractors. General contractors insurance fifty three percent of contractors report that professional positions project supervisors estimators and engineers are difficult to fill 1. Independent contractor insurance can be defined as any type of insurance that provides protection for the general liability business operations or business property of an independent contractor.
General liability covers property damage the contractor is responsible for as well as any negligence in workmanship once the job is completed. General liability insurance may cover you against losses caused by your subcontractors. Worker s comp covers injuries to a general contractor s or subcontractor s employees if they are hurt while working on the job. What insurance options are available for your general contractor.
The type of contracting business you own such as masonry landscaping or new construction as well as its size and location will affect the types of insurance you may need. As a result we made it easier for customers to get the most affordable options on the market for on demand contractors insurance. Although a general liability insurance policy helps protect your business from claims alleging property damage bodily injury and slander or libel consider other insurances to give your contracting business well rounded coverage.
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