What type of coverage do you need?

General Liability Insurance for Construction Contractors

Construction contractors often engage in work with lots of risk. Some pour concrete foundations for homes, some install drywall, kitchen cabinets, framing, or even exterior roofs. These jobs require a plethora of knowledge as well as hands on experience to ensure quality, safety, and loss prevention. Have you ever thought about the detrimental effect of your final product failing?

Final products causing harm, mishaps during installation, and/or repair can cost homeowners thousands. These are just a few of the MANY risk associated with being a construction contractor.

 Business owners rely on General Liability Insurance to address these risks. This type of specific protection can prove invaluable in helping your business survive an otherwise extensive setback. In some cases, this protection prevents a fatal blow to your business.

 Let’s review how General Liability Insurance can protect your business from losses both within and outside the realm of your total control.

How does General Liability (GL) Insurance Protect Construction Contractors?

 In short, I will summarize a few ways this coverage will protect you as a construction contractor. They are the following:

  • Survival Plan – Accidents are unpredictable and happen to even the most careful business owners. GL will ensure protection for these unexpected incidences without jeopardizing your ability to stay in business. You won’t loose large amounts of cash flow because of an accident in which your business is liable. GL will save the day!
  • Operational Protection – This coverage allows you to carry out daily operations with the peace of mind in knowing you are protected. Completed Operations coverage on your GL policy protects your business from claims brought against the operation of the company.
  • Asset Protection – This will provide protection of your company assets should a third party contend that your business caused bodily harm and/or property damage. Without GL, those expenses would be paid out of pocket. Ultimately, draining assets until the allegation was settled.

This list is exhaustive and could continue for days on end… However, I have chosen to give you the core of the matter. A few key factors determine what specific types of coverages you need within the scope of General Liability.

Each scenario must be viewed independently to ensure accurate protection.  A few things you will need to have ready when you inquire about GL insurance are:

·      Basic info about your business – Location, # of employees, gross revenue, payroll, etc.

·      Who hires you? – Are you a General Contractor? Sub Contractor? Etc.

·      What do you do? – Specific details regarding the work performed on the job.

·      Who is your client? – Residential GC’s? Commercial Property Managers? Individuals? Etc.

General Liability Insurance offers direct peace of mind to you as a business owner. It can be the key contract that keeps your business afloat while weathering the storm. Whereas in its absence, you could face never opening your doors again, never getting another bid, your reputation tarnished by unpaid damages, and the loss of the assets you have worked so hard to accumulate. All of this damage…. Because you didn’t have the most important contract of all… A General Liability Policy.

Your business is important…... Protect it!

Have questions? One of our commercial agents would be glad to assist you. Speak with them about your operation and they will walk you through the best available options. Call Today! 936-703-5096

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