As a contractor, you know that having the right insurance is crucial to protecting your business. But with so many different types of insurance out there, it can be hard to know which one is right for you.
That’s why we’ve put together a list of the top 10 general liability insurance policies for contractors in the USA. Whether you’re looking for coverage for your employees, your equipment, or your business as a whole, we’ve got you covered.
Introduction
As a contractor, you’re always on the lookout for ways to save money and improve your bottom line. But one area you can’t skimp on is insurance.
For example, if you cause an accident that injures someone or damages property, you could be sued for hundreds of thousands of dollars – even if the case is ultimately settled out of court. And if you don’t have the right coverage, your business could be forced to close its doors for good.
The good news is that there are a number of excellent insurance companies that offer policies specifically tailored for contractors. In this article, we’ll profile the 10 best options and help you choose the policy that’s right for your business.
What is General Liability Insurance?
General Liability Insurance is insurance that covers potentially damaging events, such as bodily injury or property damage, that result from your business activities. It can also protect you from certain legal claims, such as personal injury or advertising injury Claims not related to bodily injury or property damage are not covered by a General Liability policy.
For Contractors, a General Liability policy is important because it can cover the cost of repairing or replacing someone else’s property if you accidentally damage it while working. It can also cover the cost of medical treatment for someone who is injured while on your property.
If you are a Contractor, you will likely need to purchase General Liability Insurance as part of your business insurance package. In some cases, it may be included in a Business Owners Policy (BOP).
Who Needs General Liability Insurance?
If you are a business owner or contractor, you need to protect yourself from liability claims that could put your business at risk. General liability insurance is one of the best ways to do this.
This type of insurance covers your business against claims arising from injuries or damage that occurs as a result of your business operations. It can also cover you for advertising and product liability claims.
General liability insurance is not required by law, but if you have any employees, most states will require you to have workers’ compensation insurance. Many businesses also require their contractors to carry general liability insurance in order to work with them.
Some businesses may feel that they do not need general liability insurance because they are careful and have never had an accident. However, even the most careful businesses can be sued for something that goes wrong. If you are ever sued, having general liability insurance can protect your business and personal assets from being seized to pay for damages.
In order to get the best protection for your business, it is important to work with an experienced insurance agent who can help you find the right policy for your company.
What Does General Liability Insurance Cover?
As a contractor, you’re always on the go and always working with clients, suppliers, and other third parties. No matter how careful you are, accidents happen. That’s why it’s so important to have the right General Liability Insurance in place.
General Liability Insurance (GL) is designed to protect your business from claims arising out of bodily injury, property damage, personal injury, and advertising injury.
In other words, if you or one of your employees causes damage to someone else’s property or injures someone while you are working, your GL policy will help pay for the resulting legal costs, up to the policy limits.
If you are sued for false advertising or accused of plagiarism, your GL policy can also help cover the resulting legal defense costs.
It’s important to note that GL insurance does not cover professional errors or negligence — for that, you would need Professional Liability Insurance.
Choosing the right GL policy limit is essential to protecting your business from potential losses. The average cost of a GL claim is $30,000, but some claims can cost much more — even upwards of $1 million.
To make sure you have adequate coverage in place, speak with an insurance agent about your specific needs and risk profile.
How Much Does General Liability Insurance Cost?
General liability insurance rates for contractors can vary greatly depending on the size of your business and the type of work you do. Rates can range from a few hundred dollars per year for a small home-based business to tens of thousands of dollars per year for a large commercial contractor. The best way to get an accurate estimate of what your insurance will cost is to get quotes from several different insurance companies.
How to Get General Liability Insurance
If you are a contractor, you may be wondering how to get general liability insurance. General liability insurance is a type of insurance that protects you from financial damages that may occur as a result of your business activities. This type of insurance can be beneficial for contractors because it can help to protect them from lawsuits that may arise from their work.
There are a few different ways that you can get general liability insurance. One way to get this type of insurance is to purchase it from an insurance company. There are many different insurance companies that offer general liability insurance, so you will need to shop around and compare rates before you choose an insurer.
Another way to get general liability insurance is to purchase it through a professional liability policy. A professional liability policy is a type of insurance policy that is specifically designed for businesses such as contractors. These policies typically provide coverage for claims that arise from your professional activities, such as negligence or malpractice.
You can also get general liability insurance through a business owners policy (BOP). A BOP is a type of insurance policy that combines general liability coverage with other types of coverage, such as property damage and business interruption. This type of policy can be beneficial for contractors because it can provide them with comprehensive protection against a variety of risks.
If you are looking for general liability insurance, there are several things that you should keep in mind. First, you need to make sure that you understand the coverages that are available and how they work. Second, you need to compare the rates offered by different insurers so that you can get the best deal possible. Finally, you should consider purchasing a BOP if you want comprehensive coverage for your business.
The Bottom Line
To help you find the best general liability insurance for contractors, we researched and analyzed dozens of options. We recommend The Hartford as the best overall liability insurance company for contractors because it offers broad coverage, competitive rates, solid customer service, and a number of valuable extras.
If you’re a contractor, you need general liability insurance to protect your business from the cost of claims related to property damage, personal injury, or advertising injuries (such as libel or slander). General liability insurance can also help you cover the cost of your legal defense if you’re sued.
FAQ’s
Q: Do I need General Liability Insurance as a Contractor?
A: Contractors can be held liable for any bodily injury or property damage that they cause while working. General liability insurance can help protect your business from these claims, as well as any related legal fees.
Q: How much General Liability Insurance do I need as a Contractor?
A: The amount of coverage you need will depend on the size and scope of your business. You should speak with your insurance agent to determine how much coverage is right for you.
Q: What does General Liability Insurance cover?
A: General liability insurance can help protect your business from claims related to bodily injury, property damage, personal injury, and more.
