In order to be successful in the contracting world, you need to take your general liability insurance seriously. After all, it’s not just your business that you’re protecting, but your employees and the clients you work with on a daily basis. Here are five reasons why you need general liability insurance if you’re a contractor.
- What is a contractor’s general liability insurance?
- The benefits of contractor’s general liability insurance
- Do I need the contractor’s general liability insurance?
- How much does a contractor’s general liability insurance cost?
- Is there an alternative to contracting with a lot of money in case something goes wrong?
- How can I get more information on contractors’ general liability insurance?
What is a contractor’s general liability insurance?
GLI protects a business against many of the risks involved in contracting. General liability coverage may protect you from claims of bodily injury, property damage, personal injury, advertising injury, and other general liabilities that arise during the course of your work. A contractor’s GLI is one way to protect your business against the unknown and unexpected. General liability insurance for contractors can be purchased on a per-event or yearly basis with limits ranging from $1 million to $10 million.
The benefits of contractor’s general liability insurance
Contractors are not always required to carry GLI, but it is recommended. General liability insurance will cover the contractor when they are acting within their scope of work and doing something that they have been contracted to do. A contractor’s GLI can be used to protect your business from third-party claims such as injuries on the job site or property damage caused by the contractor. With business being unpredictable, it is a good idea to protect yourself with general liability insurance for contractors.
Do I need the contractor’s general liability insurance?
Contractors often don’t think about GLI until they need it. But in the event of a lawsuit, you’ll be glad you have it! GLI for contractors covers injury to another person, property damage, or an act of omission on your part. This can include things like a faulty ladder that tips over and injures someone or water from your leaking pipe that damages someone else’s property. So if you are performing work for another company and they are not providing general liability insurance for contractors as part of your contract, then you should obtain your own coverage so that you are covered.
How much does a contractor’s general liability insurance cost?
Is there an alternative to contracting with a lot of money in case something goes wrong?
How can I get more information on contractors’ general liability insurance?
An insurance policy for contractors will cover both the business and personal property of a contractor if an accident occurs on their job site. Contractors who work from home may also be covered by this type of insurance. The limit for this type of insurance is typical $1,000,000 or $2,000,000 depending on the company you choose. When choosing a company to provide contractor’s GLI for contractors it is important to make sure they have been in business for at least five years and are licensed in your state.