What kind of insurance should a general contractor have?

As part of ongoing risk management for your business, it is recommended that confirmation of the following insurance types is obtained from all contractors on an annual basis: Workers Compensation Insurance and/or Personal Accident Insurance. Liability Insurance. Professional Indemnity Insurance (if applicable)

How much is general liability insurance for construction?

General liability insurance costs for contractors and construction businesses. Contractors and construction businesses pay a median premium of less than $70 per month, or $825 per year, for general liability insurance.

What does a general contractor’s insurance cover?

Contractor General Liability insurance protects general contractors against lawsuits or claims arising from property damage and bodily injury that may occur on a construction job. The insurance covers claims and judgment or settlement costs that may occur during the project, as well as after the project is completed.

What is general contractor insurance?

Commercial general liability insurance may cover you against claims for injury or property damage to others arising from your contractor or construction activities.

What kind of insurance is needed in construction?

If you work in construction, general liability insurance is required in order to get a contractor’s license in most states. Builders risk insurance: You can think of this as construction site insurance.

What are the types of construction insurance?

Types of insurance on construction projects. This note focuses on five common types of insurance, often considered when parties carry out a construction or engineering project: All risks insurance. Professional indemnity insurance. Product liability insurance. Public liability insurance. Latent defects insurance.

What is construction All Risks Insurance?

A construction all risk insurance is a comprehensive insurance policy that covers various civil engineering projects, like buildings, water tanks, sewage treatment plans, flyovers, airports, etc. Unless it is specifically excluded in the insurance document, this policy also covers losses or damages…

Do general contractors need professional liability insurance?

Since coverage for professional liability is excluded under most contractors’ general liability insurance policies, contractors performing these services require professional liability insurance to protect their balance sheets.

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