You need affordable insurance to get better jobs/projects!
Bidding for jobs/projects? Your clients want to know you have insurance, because it gives you credibility in the eyes of your customer. It may also give you a leg up on your competition.
General Liability insurance includes:
- Bodily Injury and Property Damage Liability to Others
- Products – Completed Operations
- Personal and Advertising Injury
- Medical Payments
- Damage to Premises Rented to You
Bodily Injury and Property Damage Liability to Third Parties
General liability covers business-related incidents that result in bodily injury to a third-party. This can include a customer slipping and falling on your job site, or an employee accidentally dropping a toolbox on someone’s foot. Of course, this coverage only applies to non-employee injuries.
Additionally, general liability protects any third-party property damage resulting from your business operations. For example, a landscaper’s policy may cover a stone that kicks up from their lawn mower and breaks a client’s window.
Products Completed Operations
Imagine you own a company that builds homes. You built a two-story home with a staircase to the second floor. If someone were viewing the home for a potential purchase, and while walking up the stairs, grabbed the railing and it gave way, causing them to fall and break their hip, you would be responsible for the faulty construction.
You would be entirely liable for the resulting bodily injury. Since the house was fully built, this would be considered a completed operation, and you would have coverage for the damages resulting from this claim.
Personal and Advertising Injury
A general liability coverage, combined in standard commercial general liability (CGL) policies with personal injury (PI) coverage, that insures the following offenses in connection with the insured’s advertising of its goods or services: libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas.
Medical Payments
Medical Payments to Others (CGL, Coverage C) Medical Payments to Others is part C of the Commercial General Liability (CGL) policy related to commercial insurance. It is a type of no-fault coverage for bodily injury. … It is designed primarily to protect the insured and insurer against lawsuits for negligence. It does not cover employees or sub-contractors.
Damage to Premises Rented to You
One of the limits of liability prescribed by the standard commercial general liability (CGL) policy; it applies to damage by fire to premises rented to the insured and to damage regardless of cause to premises (including contents) occupied by the insured for 7 days or less.
Summary
Contractors insurance is coverage that can protect your business from devastating financial debts that can result from work-related property damage or bodily injury to others. It’s important to protect your livelihood with adequate coverage in case your business is threatened. A single accident could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches your level of exposure. Some employers or clients might also require you to carry a certain amount of general liability before you can work for them.
Generally, the higher your risk, the more coverage you’ll need. Additionally, certain employers or clients may require you carry specific limits of general liability coverage before they allow you to work with them. Contracts commonly require a $1 million per occurrence (not claims-made) policy. This means your insurance company will pay up to $1 million for a single incident that’s covered under your general liability policy. Additional coverage options may be available depending on the insurance company.
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