General contractors’ insurance: everything you need to know
General contractor insuranceis essential for anyone in the construction industry. There are many reasons why every contractor needs insurance, One of the reasons is to protect you and your business from liability in the event of an accident or injury on the job. There are a few different types of coverage you should consider, and we’ll go over everything you need to know to get the best policy for your business.
When to buy insurance for general contractors?
As a general contractor, you are responsible for ensuring that your projects are properly insured. But when should you buy insurance? The answer depends on the project. If you are working on a small project, you may not need to purchase insurance. However, if you are working on a large project, you will need to purchase insurance. There are a few things to keep in mind when deciding whether to purchase insurance.
First, you need to consider the value of the project. If the project is worth a lot of money, you will need to purchase insurance. Second, you need to consider the risk involved in the project. If the project is a high risk, you will need to purchase insurance. If you are unsure whether you need to purchase insurance, you should consult with an insurance agent. They will be able to help you determine whether you need to purchase insurance.
The different types of construction insurance that can benefit general contractors
As a general contractor, one of the best ways to protect your business is to have the right insurance in place. There are a few different types of construction insurance that can benefit general contractors. The first is general liability insurance, which can protect you from third-party claims of property damage and bodily injury. The second is workers' compensation insurance, which can protect you from claims by employees who are injured on the job. The third is builder's risk insurance, which can protect your construction project from risks.
General Liability Insurance is one of the most common insurance coverages that you will encounter if you’re in the construction industry basically because it is also a requirement for acquiring a general contractors license. This insurance coverage gives you the peace of mind that your business assets are protected against risks or unforeseen events. If a third party alleges property damage, injury, or bodily harm, you won’t have to worry about your construction business assets being depleted by medical bills, court costs, settlements, or judgments.
Workers’ Compensation Insurance protects your employees and your company from work-related accidents, illnesses, and even death. In every business, employees are always classified as an asset to the company because they are essential for its success that’s why preparing for unexpected incidents is a big assurance to the employees that they are protected. Workers’ compensation doesn’t just benefit your employee, it also protects you from financial losses in the event an employee injury becomes a lawsuit. It is also required by almost every state that you can get your employees the care they need to get back to work while protecting your business from headaches and costly lawsuits.
Builders’ Risk Insurance covers your building project from covered losses such as fire, severe weather, or theft while under construction, before the certificate of occupancy.
There are many types of construction insurance available, and the insurance you need will depend on the type of construction work you are doing. Here at Pascal Burke Insurance Brokerage, we specialized in giving you the best coverage that fits your business needs. We are specialists in an array of policies for small businesses and specialty contractors. For a hassle-free transaction about your insurance policy reach us at BuildersArtisans.com or call us at (877)-893-7629.