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General Liability Insurance for Contractors

General Liability Insurance for Contractors
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What Is General Liability Insurance for Contractors?

Before we can move on to what liability insurance for contractors covers, you'll need to understand what it is and why it's necessary for your business. As a contractor, you incur a large amount of risk, particularly if you don't have any insurance coverage. 

For example, if a client gets hurt as a result of your crews' work, you will be held responsible for covering the cost of any medical care they incur as a result. Or, if you own a storefront and one of your clients gets hurt on the premises, you will once again be held responsible.

If you forego having liability insurance, you will be expected to cover these costs out of your own pocket.

This is where having dedicated contractor insurance can be especially helpful. In the event of an accident, if you're covered, your insurance policy will cover some or all of the cost which will minimize your financial risk and burden.

How Does Construction Liability Insurance Protect Me?

Contractor liability insurance will benefit your business and provide protection in the following areas:

It Protects Your Business and Employees at Once

When you have liability insurance, you can carry on with daily tasks at work with the peace of mind that you, your business, and your employees will be protected. A general liability policy will protect your business from claims brought against it, as well as protect you and your employees from claims brought against you. 

It Provides Coverage for the Unexpected

Even when you're a very careful business owner, accidents will still happen from time to time. Having a general liability insurance policy on deck will ensure that you are prepared for any unexpected expenses and that they won't affect your business long term. 

It Protects Your Assets

If someone files a claim against you stating that you have damaged their property or caused them physical harm (and you don't have general liability coverage), you'll have to pay all damages out of pocket.

When you're just starting out, you may not be making enough money to cover these expenses, which could significantly impact your bottom line.


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