What Is General Liability Insurance For Contractors
John Brown is CEO and founder of Chicago based Farmer Brown Insurance Agency / Contractors Liability Insurance. Primarily focused on commercial insurance policies, Farmer Brown offers competitive quotes for a variety of insurance plans tailored to contractors. Brown has more than 23 years of experience working in this field of specialized insurance. He has multiple offices around the world, sharing his expert knowledge with professional agents who offer same-day certificated and instant quotes.
Commercial general liability insurance | III
Rates do not constitute an offer of coverage and are subject to change at any time. Rates may fall outside average ranges shown here due to exceptional risk factors. Not all insurance carriers utilize the same underwriting criteria to determine the premium of a policy. Additional underwriting criteria that may or may not be utilized includes credit score, policy age, experience and number of years the insured has not made any claims. There are many additional coverages, deductibles, fees, taxes and exclusions that can be added to a policy which can affect the premium rate. The policy coverage limits can also affect the price. A common misconception held by contractors is there is a large difference in price between a policy with a $1 million vs. a $2 million aggregate limit. Typically the variance in price is only around $15. 00. Most third parties that require a contractor to have a general liability policy are looking for a $2 million aggregate coverage limit to get on the job. For this reason, we advise all contractors to carry $2 million in aggregate coverage.
The following is not exhaustive, but key types of insurance to consider include: Directors and Officers liability Directors and officers liability insurance protects past, present and future directors and officers of for-profit or nonprofit companies from damages resulting from alleged or actual wrongful acts they may have committed in their positions. The policy provides protection in the event of any actual or alleged error, misstatement, omission, misleading statement or breach of duty. In addition, some policies extend the same coverage to employees. Liquor liability Liquor liability insurance is business coverage that protects your business against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring himself or others. If your business manufactures, sells, serves or facilitates the use or purchase of alcohol, then your business will likely need this coverage. Liquor liability coverage may be sold as an add-on to a commercial liability policy or as a stand-alone policy.
Then, if any new projects are contemplated it is vital that the General contractor carefully review the indemnity agreements within any new construction projects and convey those requirements to our brokers so that they can evaluate how the new project insurance requirements will be met. In addition, surety / bonding are required. And although not part of a general liability insurance policy we can assist you with quality bond rates and services. Contact us now General Liability Insurance for Artisan Contractors Artisan Contractors or Specialty Contractors need general liability insurance to protect their assets and to satisfy the requirements of the general contractors or the home owners. Our artisan & specialty contractor general liability policies are the most competitive in the industry. The insurance quoting process for the Artisan is primarily divided in to two major categories. Artisans that provide 100% of their services to one class of operations Artisans that provide a variety of services in different classes of operations An example of an Artisan that provides 100% of their services in one class of operations is a "landscaper. "
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As mentioned above, if you fall into the lower risk category, you may want to consider a Business Owner's Policy (BOP) which combines general liability and property insurance at a cost-effective rate. Confused about where to start? Take a look at SBA's Five Tips for Buying Business Insurance which includes tips on assessing your risk, shopping around, BOPs, and maintenance of your policy. How General Liability Insurance Works As with many insurance plans, your general liability policy will outline the maximum amount the insurance company will pay against a liability claim. So, if your small business gets sued for $250, 000 for medical costs associated with an injury caused by a work site hazard, plus an additional $100, 000 in legal fees, but your coverage maxes out at $300, 000, then you are responsible for paying the difference of $50, 000. If you are on the higher end of the risk scale and already have general liability insurance, you can also opt for excess insurance or umbrella insurance that increases your coverage limits.