What is General Liability construction insurance?
Contractors General Liability Insurance protects contractors financially from amounts they become obligated to pay due to damages or medical payments because of bodily injury, property damage or personal/advertising injury to third parties occurring during the policy period caused by or relating to the contractor’s …
How much is general liability insurance for construction?
General liability insurance costs for contractors and construction businesses. Contractors and construction businesses pay a median premium of less than $70 per month, or $825 per year, for general liability insurance.
What insurance do I need as a general contractor?
As part of ongoing risk management for your business, it is recommended that confirmation of the following insurance types is obtained from all contractors on an annual basis: Workers Compensation Insurance and/or Personal Accident Insurance. Liability Insurance. Professional Indemnity Insurance (if applicable)
What is an example of general liability insurance?
For example, say a customer trips and falls while shopping in your gift shop. They then sue you for the medical costs associated with their injury. Your general liability insurance can help cover these costs. … Your general liability insurance can help cover the costs associated.
Why does a contractor need general liability insurance?
General liability insurance is essential for independent contractors because: It protects you and your business. Independent contractors have the same legal obligations and liability exposures as larger firms. They can be sued for damaging client property, causing bodily harm, or advertising injury.
What do general liability policies cover?
With general liability coverage, your business is protected if you’re found legally liable for injuries or property damage caused by your product, accidents on your premises, your operation or at your customer’s location.
Do contractors charge for insurance?
General contractors pay a median premium of about $90 per month, or $1,090 per year, for general liability insurance. … General contractors can often save money by bundling general liability insurance with commercial property insurance in a business owner’s policy.
How much insurance should a contractor carry?
The cost of Alberta contractor insurance ranges anywhere between $300 and $1691 per year, which equates to about $25 to $140 a month. The price of your insurance may be more or less all depending on your line of work, where you operate, and how much coverage you have.
What is the difference between commercial general liability and general liability?
General liability insurance helps protect you from claims that your business caused bodily injury or property damage. It can also protect you if someone sues you for advertising injury. Commercial property insurance covers your business’ physical location and equipment, whether you own or lease it.
What is general contractor insurance for?
General contractor insurance helps pay for lawsuits and losses resulting from crew injuries, property damage, stolen equipment, and more.
Does general liability insurance cover subcontractors?
General liability insurance generally does not protect independent contractors or subcontractors. This means your insurance likely does not cover independent contractor mistakes or protect your customers from them. It also likely does not cover accidents or other damage they cause.