Insurance is protection, contractors need protection, therefore General Liability Insurance for contractors is a necessity. It sounds simplistic but it’s the core of the topic. Contractors’ insurance is often neglected or insufficient, at great costs for the business.
What is General Liability Insurance for Contractors ?
General Liability Insurance for Contractors is a policy that covers them and their employees in case of legal claims by third parties due to actual or alleged bodily injuries, loss of life or limb and property damages. Accidents can and do happen in the contractor business. Anytime you are working for clients at their house or office, you face the risks of somebody being injured or of inadvertently damaging their property.
By carrying a General Liability Insurance, contractors protect their business assets. It covers court costs occur or settlements (up to the limits of the policy), and allows the business to keep going afterwards. General Liability Insurance for contractors also provides them and their employees with the security to know they have protection, as a company and as individuals, in case something happens.
What does General Liability Insurance for Contractors cover ?
To enter specifics, General Liability Insurance for contractors covers legal costs such as attorney fees, court costs, witness fees and settlement. In case bodily injury was sustained, the policy covers medical expenses and compensation if awarded by the court. The medical and illness-related expenses coverage does not apply to the contractor’s employees, only to third parties. No matter how careful one is, damages can occur to property.
If the client files claim for property damage, or for inability to use their property, General Liability Insurance for contractors protects them in case of a lawsuit. The policy protects contractors while out on the job, but also if something happens on their business premises: if someone falls, trips or slips, medical expenses are covered. This topic only scratches the surface of the General Liability Insurance for contractors. You want to talk to an experienced insurance broker who can explain the degrees of coverage and the nuances.
One size does not fit all, the right insurance depends on the size of your business, your experience in the field and your location. In any case, you need to protect yourself and your business. Hotwire Insurance Services, a full-service independent agency, works for you and not insurance companies and does not charge broker’s fee. They address all your needs and tailor a custom insurance solution. Hotwire Insurance Services local agents can answer all your insurance requests.