General Liability Insurance
Remodeling Contractor Liability Insurance
Remodeling contractor liability is configured to help your company both financially and legally if common problems come up. Since accidents happen unexpectedly, there is no way for your business to guarantee some things will never happen. People get hurt, property gets damaged, and sometimes nothing happens but your company is taken to court anyway. Court is expensive, and when you are found to be legally liable for an incident, the settlement and related expenses can quickly put you out of business.
Bodily Injury Coverage
Remodeling contractor general liability insurance provides bodily injury coverage in case a person gets hurt. When your company provides its services at varying locations, the risk of someone getting injured increases because you are unable to fully control the activities around you. When people get hurt near or at your work area, they are likely to blame your company and will expect you to pay for any medical care. Liability insurance can pay those bills so that you don’t have to, while also paying for legal expenses that you are likely to incur when providing for your defense.
Property Damage Coverage
Remodeling contractor liability insurance protects your company in the event that property gets damaged as well. If one of your employees tears drops an antique armoire and breaks it for instance, the customer will expect your company to pay for that loss. You may be ordered by the court to pair for repairs, pay to replace the unit entirely, or pay a settlement sum if the piece is irreplaceable.
Products And Completed Operations Coverage
Remodeling contractor general liability insurance provides protection from risks associated with work that you’ve completed in the past, and products you may have previously sold. If property ends up getting damaged and the customer feels that those damages were a direct result of either something your company did, or a product you sold to them, they may take legal actions against you. Your insurance policy protects you from those actions by providing legal expense and settlement assistance.
Personal And Advertising Injury
Remodeling contractor liability insurance limits the risks associated with personal injury and advertising injury allegations and lawsuits. Competitors may feel you caused them to lose business because of a statement one of your workers made publically for instance, or a graphic artist may accuse you of using their artwork in your advertising without paying for the proper license.
Damage To Premises Rented To You
When your company rents structures and property for the purpose of conducting business, the owner of that property may require proof of insurance. The premises section of your liability policy satisfies this requirement for property that is leased or rented to you. If your company is found to be at fault for causing a fire or for creating other types of damages, this section of your policy pays for the repairs and restitutions.
Medical Expense Limit
Remodeling contractor general liability insurance allows you to offer medical payments up to a certain amount when a person receives injuries that are minor. This offering usually helps you to avoid getting involved in an expensive lawsuit later.
Limits Of Liability Insurance For Remodeling Contractors
Remodeling contractor insurance places limits on the amount of benefits it will pay. There is a maximum amount that will be paid for each individual person on a claim, and there is a total combined, or aggregate amount, that will be paid combined.