Information About General Liability Insurance For Contractors

Information About General Liability Insurance For Contractors

General liability insurance is a type of business insurance coverage that was created to protect business owners from a variety of claims that are made by third parties. These may include but are not limited to bodily injury, personal injury, property damage, and other events that happen to occur based on the general operation of your company. Every business, whether privately owned or publicly traded, should partake in general liability insurance in order to protect their assets. This statement holds especially true for contactors due to the fact that there are a great deal of risks related to the industry.

Protect What You Have Worked So Hard To Build

If you own a business than it is extremely important to protect what you have worked so hard to build. Even a single accident that leads to a lawsuit can deplete your assets to the point where the business is no longer able to function. With the correct amount of general liability insurance in place you do not need to worry about that happening. It is crucial to invest in the proper amount of general liability insurance coverage that is based on your amount of exposure. It is by far the best method of protecting your business from the unexpected.

You will certainly be able to live with the peace of mind of knowing that no matter what occurs, your livelihood will remain intact. Most project owners require the general contractor to carry a general liability insurance policy in order to bid on the job. In turn many of those general contractors require their sub-contractors to carry a policy as well.

Factors That Determine The Cost Of Your General Liability Policy

At this point you may be curious as to how much a general liability insurance policy will cost for your business. The investment is actually impacted by several mitigating factors. Your business type, and location are taken into account.  The level of risk that your company is exposed to also factors into the equation, as well as the number of employees that are on the payroll. For example, a mid-size construction business that manufactures, delivers, and installs heating, ventilation, and air conditioning equipment will typically have a higher chance of being sued than a small sized contracting business that only installs the HVAC equipment.

Many construction companies and contracting businesses have storefronts or showrooms. When the general public is allowed to visit your place of business than there is always the chance that someone will sustain an injury while at the premises. Something as simple as a wet spot on the floor can cause a person to slip and fall. If this occurs than your general liability insurance policy will cover the financial damage that the accident causes your business when that visitor decides to sue in a court of law. We happen to live an extremely litigious society.

More personal injury cases are filed than ever before, and you certainly do not want to end up on the wrong end of that situation without the proper insurance policy in place.

In conclusion, if a third party makes an allegation that your company caused them bodily harm, an injury, or property damage and you do not have general liability insurance coverage than your business assets can be seized in order to pay the judgment. Do not leave your contracting business vulnerable to a crippling lawsuit.

For more information about general liability insurance, other types of business insurance, or personal insurance please contact Zawada Insurance Agency today and one of our licensed, experienced, and dedicated agents will answer any and all questions that you may have. We will also help you to calculate the great deal of risks that are associated with your business in order to create the best general liability policy available. We look forward to working with you.