General Contractor Liability Insurance
General contractor liability insurance is an insurance protection that protects general contractors and contracting companies from unexpected accidents and events. Having this protection ensures that your company is able to continue operating prosperously, even if it faces a liability lawsuit or gets a judgment levied against it. Without this coverage, your company could face bankruptcy when something happens.
Bodily Injury Coverage
General contractor general liability insurance includes provisions that reduce your risks when people get hurt. A seemingly simple accident, such as a ladder being knocked over by the wind at a work site, can cause injuries. Whether the harm is caused to your client or a visitor they have in their home, they may hold you responsible. If a bodily injury lawsuit gets filed against you, general liability insurance pays your reasonable legal defense costs. If you are found to be legally liable, the coverage also pays settlement amounts, medical bills and associated recovery costs.
Property Damage Coverage
General contractor liability insurance reduces the risks to your company when personal property bets damaged. If the wind blows over your ladder and causes it to tear the awning at a customer’s property, the customer will expect your company to pay for a replacement awning. Your general liability insurance can pay for this, so that your company is not forced to absorb those expenses directly.
Products And Completed Operations Coverage
Products and completed operations is a protective section of general contractor liability insurance that applies to products you have sold, and services you have previously rendered. If you are contracted to install ceiling fans for instance, and you recommend specific fan products, if the fans are found to be faulty in the future then the customer may blame you for the faulty products. If you are sued as a result, this area of your liability insurance helps protect you from the legal and financial fallout.
Personal And Advertising Injury
Personal injuries are often reputation related, and may include accusations of libel or slander. Advertising injuries can include accusations of misrepresentation, false adverting, or intellectual property rights violations. General contractor general liability insurance protects you when lawsuits of this nature are filed against you, and helps you weather the results if the court finds your company to be at fault.
Damage To Premises Rented To You
General contractors often lease or rent property for the purpose of doing business. Whether your company rents office space, retail locations or work shops, general contractor liability insurance provides protection against potential damages. The property owner may actually require proof that you carry this coverage before you can rent the premises, because it protects them from losses if your company causes damages.
Medical Expense Limit
Medical expense limit is a section of your liability insurance policy that gives you a measure of flexibility when someone is physically injured on your business premises or work location. If the injuries are minor, you may be able to offer a quick solution by paying for limited medical care and avoid going through a more costly legal process and settlement.
Limits Of Liability Insurance For General Contractors
General liability insurance comes with two types of limitations: Each occurrence and General aggregate. Each occurrence is the maximum payout amount that the policy provides per person. General aggregate is the maximum combined total that the policy pays, without regard to the number of claims made.