General Contractor Liability Insurance Necessary Coverages

General contractor liability insurance is a necessary part of protecting a business from the ravages brought on by work related incidents. Such coverage meets the needs of accident and contractual liability, materials and products used during construction projects, and injuries sustained by employees of the company. It also provides peace of mind against devastating lawsuits that might arise due to company liability issues covering property damage and other types of injuries.GENERAL CONTRACTOR

If you are the owner of a construction company, you should acquire adequate general contractor liability insurance so that your interests are protected. There are several options of general contractor liability insurance available depending on the type and extent of your business. Let’s look at those options and what is covered.

Bodily Injury

Aside from standard medical expenses, this part of most liability insurance plans can also help cover losses resulting from these injuries and court appointed compensations for injuries to a third party are also covered.

Property Damage

Any damage caused, either directly or indirectly, by your company to a client’s or third party’s property is covered. This includes any accidents that may happen while transporting materials, equipment, and or tools to a job site.

Medical Payments

This portion of a policy covers minor medical expenses that are not allowable for full liability lawsuits. Making sure you have coverage in the event of any major medical expenses is critical for any business. Medical expenses can quickly add up and the prices can be astronomical at times and cripple a business, permanently.

Personal and Injury Advertising

If libel, slander, or slogan infringement occurs during advertising or other business processes, this section will cover your company.

Products and Completed Projects

This clause covers defective materials and or recalled products that have been used in a construction project which could lead to lawsuits. This will cover any projects and products completed since the policy was started, not ones completed prior to the start of the policy.

Premises Liability or Fire Legal Liability

If you rent or lease any properties for your business, this will help cover the costs, to a set amount, on the damage done by fire. This generally helps to cover any gaps in the policy that may not cover this type of event and can be the difference maker between bouncing back quickly after a fire or, closing up shop for good.

Latest

Social Media Influencers: Are They Boosting or Sabotaging Your Business?

In today's digital age, leveraging social media influencers has...

The Longevity of Small Businesses: The Secrets to Success

In the bustling tapestry of commerce, small businesses stand...

Faith in Business: Embracing Beliefs and Defying Cancel Culture

In today's dynamic business landscape, companies are finding innovative...

The Sweet Success of Hot Cakes: A Tasty Tale of Origin & Triumph

In the world of idioms, one phrase that has...
spot_img

Don't miss

Social Media Influencers: Are They Boosting or Sabotaging Your Business?

In today's digital age, leveraging social media influencers has...

The Longevity of Small Businesses: The Secrets to Success

In the bustling tapestry of commerce, small businesses stand...

Faith in Business: Embracing Beliefs and Defying Cancel Culture

In today's dynamic business landscape, companies are finding innovative...

The Sweet Success of Hot Cakes: A Tasty Tale of Origin & Triumph

In the world of idioms, one phrase that has...

Small Business Funding: Understanding Rejections and Securing Approval

In the dynamic landscape of small business endeavors, securing...

Social Media Influencers: Are They Boosting or Sabotaging Your Business?

In today's digital age, leveraging social media influencers has become a prevalent strategy for businesses seeking to enhance their online presence. However, like any...

The Longevity of Small Businesses: The Secrets to Success

In the bustling tapestry of commerce, small businesses stand as resilient monuments, often overshadowed by their larger counterparts. Yet, their endurance throughout history has...

Faith in Business: Embracing Beliefs and Defying Cancel Culture

In today's dynamic business landscape, companies are finding innovative ways to stand out and connect with consumers on a deeper level. One intriguing approach...