General liability insurance is one of the most important ways business owners can protect themselves from lawsuits and other risks. This form of contractors insurance covers all the concerns you face in your everyday work—from property damage to personal injury.
This type of insurance policy is not only important from a business standpoint, but it's also often required by construction boards and licensing. In this article, we'll cover the different types of liability insurance.
What is Contractor General Liability Insurance?
General liability insurance is essential for businesses. It protects businesses against lawsuits and claims that could bankrupt them or cause complicated legal issues.
Without liability insurance, companies would have to pay out of pocket for issues like injuries, property damage, or even reputational damage. Litigation and time in court can have a major impact on any company, let alone a small business.
This type of insurance is designed to cover bodily injury, property damage, and any kind of libel or slander. It covers many scenarios and protects companies from expensive lawsuits.
The business owner's policy can easily be altered to uniquely suit the company's needs.
Types of General Liability Insurance
There are several types of general liability insurance for contractors. This type of insurance is focused on protecting your company when it becomes responsible for damages and having this kind of protection is a valuable asset to any company.
Insurance policies aim to make your life simpler so you can focus on contracting work and expanding your business. When you don't have to worry about lawsuits around every corner, you can focus on improving your company.
Property Damage
During the course of construction work, it's possible to damage a client's property. If you break a window, for example, you can submit a claim to have the broken glass covered by your policy. This also extends to more extensive damage, up to the amount of your policy limit.
If you work with heavy equipment, it's likely that you could cause more extensive, expensive damage. That means you might want a policy with more coverage.
Personal Injury
If a client gets injured on the job site as a result of your work, that can be a nerve-wracking experience, but insurance companies can help you navigate this situation.
If someone trips on a wire or otherwise gets hurt because of your construction work, you won't have to brace yourself to pay out of your pocket for medical fees. Instead, you can trust your insurance company to investigate the situation and examine the validity of the claim.
Reputational Injury
Reputation injury involves libel, slander, or other misrepresentation. In order for an individual to have a claim to this kind of injury, they must be able to prove that they suffered some kind of injury from the statement.
That might include a loss of income or significant damage to your reputation and public standing.
There are also other types of liability insurance like professional liability insurance that cover any errors or omissions by your company. Everyone makes mistakes sometimes, but this policy ensures that minor mistakes won't bankrupt your business.
Workers Compensation
Worker's compensation ensures that your employees get the healthcare they need if they're injured on the job. That includes not just medical bills but also disability payments and compensation for lost wages.
Liability insurance isn't always required by law, but it is worth the cost for the vast majority of companies. If you're confused about the many policies available, get in touch with an insurance agent who can help clarify things.
Choose a Reliable Insurance Provider
When you find an insurance provider willing to work with you, it's easier than ever to customize your plan and get coverage for exactly what you need.
To learn more about our coverage options and speak to an insurance agent. We offer competitive rates that will protect your business and keep your operations running smoothly.To request a quote for contractors insurance, fill out our online form or contact us at 888-306-7887 at Stampede Insurance Services today!
