General liability insurance covers third-party bodily injury and damage to property resulting from your business operations. It also protects your business from expensive legal costs if involved in a lawsuit. Also, having this coverage may make you eligible for new contracts and projects.
In this blog, you learn about the coverage benefits and cost of general liability insurance and how you can benefit the most from this coverage.
All contractors, independent or otherwise, need liability coverage. Lack of coverage for liability costs may cripple your business financially.
Among contractors, those who can benefit the most are:
Some contracting businesses are at a higher risk of liability charges than others, such as:
The risk of certain tradesmen or independent contractors causing injury or damage is considered high, and they should buy liability coverage. They include:
Your general liability insurance offers coverage for a wide range of third-party liability charges you may face for damage or loss caused by your business.
It covers the medical bills if your client, vendor, or visitor sustains injuries at your site. If they sue you for their injuries, your legal costs and settlement cost, if applicable, can also be covered.
It covers third-party property damage, including your client’s property, that you may accidentally damage during business operations. If you are sued, your liability coverage can cover the repair and replacement costs and legal expenses.
It covers personal injury resulting from libel, slander, and invasion of privacy, among others, and advertising liability arising from claims such as copyright infringement and misappropriation of business ideas and operation style.
It covers third-party property damage and injuries, and legal and settlement costs if sued for projects already completed.
For better protection of your business, you can buy additional coverages to your general liability insurance basic coverage such as:
It covers loss or damage to your tools and equipment.
It covers the associated costs post a data breach in your system.
Contractors, on average, pay nearly $69 per month and $825 per year for general liability insurance coverage. However, the rates may vary from one business to another depending on your:
Besides general liability insurance, the other coverages that you may include in your contractors insurance for added protection are:
For more information on how general liability insurance can benefit your business, contact our team today. At CF&P Insurance, we can get you comprehensive contractor insurance with adequate liability coverage.
