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liability insurance Archives - Contractors Insurance Agency

May 12
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What You Need to Know About Liability Insurance for Contractors

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As a contractor you need to have liability insurance for your business. Let’s go over the information you need to know so you can make an informed choice for the best insurance for you.

Liability insurance is put in place to protect your assets. In the case of an issue, you don’t want to be paying out of pocket for legal fees or anything else.

If you have an injury occur or a customer is unhappy, they can file a lawsuit against you and may win that suite. Another way you can be sued is if someone thinks that you advertised falsely about what you do in your business or how you can help someone.

General liability insurance covers the costs of attorneys, court filing fees, and settlements.

The cost of liability insurance depends on your business type, the way it operates and its location. It is also based o the number of employees you have and any insurance claims that have previously been filed against your business.

If you operate heavy machinery or are located in a dangerous area, you are considered a high risk business as well and the premium for your insurance will be higher.

Another factor when pricing your insurance is to take into account how much coverage you will need.

Be sure that you separate your business insurance and your personal insurance.

Know the AM Best and Standard & Poor’s ratings for prospective insurance you are considering. You should require they have a B rating or above.

Always read the fine print also and make sure you are aware of not only what is covered, but what isn’t covered.  Here at Contractor’s Insurance Agency, we are happy to help you sort through all the information, compare your options and choose the one that is best for you. Just reach out to us!

Oct 08
0

Why Your Contracting Business Needs Liability Insurance

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You have worked hard to build up your contractor business. You don’t want something that could have been avoided to be the downfall.  That is why you need liability insurance.

This insurance is referred to as commercial general liability insurance or contractor liability insurance. It is a policy that covers your business from the risk of personal injury claims, wrongful death, property damage, slip and fall on your business premises, and claims of infringement by other businesses.

The average price of a standard $1,000,000/$2,000,000 Liability Insurance policy for small contractors ranges from $37 to $60 per month.

Without liability coverage, your tools, bank accounts, vehicles, properties and more could be a part of a court battle in the case something happens.  You don’t want to become bankrupt or lose everything and have to start over when you could have easily put liability coverage in place.

Liability coverage is for the following:

Bodily injury claims – If someone visiting your site or working at it is injured, you can use the policy to cover their medical expenses, funeral expenses in the case of wrongful death, and compensation for pain inflicted and lost wages.

Completed products claims – You are protected against claims by clients who are injured by services and products that you already delivered.

Property damage claims – If someone claims that you damaged their property, they are eligible for compensation by your business if the court finds you responsible.

If we can help you put this valuable policy in place, or ensure you have the right coverage on your existing policy, please don’t hesitate to reach out.  Our Commercial Protection Leaders here at Contractors Insurance Agency are always here to help and keep you and your business protected.

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