Why do contactors need contractors general Liability insurance?
If you own any kind of contracting business, even with the best of planning, things don’t always work out the way that you assume or plan for them too. Several risk factors include, human error, faults in materials that you use, even “acts of God or nature” could contribute to accidents and injuries on any job site at any time without warning. That’s why every contractor, large or small, needs solid, reliable insurance coverage tailored to their specific and changing needs. That is where our contractors general liability insurance brokers with over 25 years experience will benefit you. We have package plans for contractors that other business insurance agents have never heard of, nor do they have access too. Let us work for you to save you money today!
Contractors general liability insurance is defined as an insurance policy that offers protection against third party claims of property damage, injury or bodily harm, loss of life or limb, or negligence. Contractors Commercial Liability Insurance Policies offer blanket coverage which includes both “public” and “product” liability, meaning that coverage extends to direct or indirect actions of your business and also your employees which result in loss or damage, as well as products or structures manufactured by your business which cause loss or damage due to a fault in the product or workmanship.
State and local requirements for Contractors General Liability Insurance.
Contractors General Liability insurance coverage is a state requirement for most contractors even sole proprietors. Contractors with employees are required to obtain worker’s compensation insurance in addition to general liability coverage. The levels of coverage required depends on the state and locality of construction. Requirements for state and municipal or township contracts may be different than those contracts with private entities. Requirements The minimum coverage recommended for most state and municipal contractors and situations is two million dollars. The minimum coverage recommended for most contractors and situations in general starts around one million dollars. Although in most situations a contractor can bid on a job without proof of insurance, an original proof of insurance certificate is required before work may begin. With a standard $1 million – $2 million contractors general liability policy in place, contractors will be able to avoid delays at the beginning of a project. Once properly insured your ability to quote and perform jobs will be easier, well at least as far as insurance coverage goes.
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