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.