It’s difficult for businesses or general contractors to work without general insurance. General liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether one, two, or three million dollars, determines the cost of general liability insurance. The rates also factor in the type of work undertaken, gross receipts and total payroll expenses.
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If, for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
For this type of insurance, you will be required to make a down payment and follow it up with installments, so it’s best to compare quotes prior to selecting a provider.
Contact us for more information, or request API’s free, no-obligation comparative quote from multiple insurance carriers to get the best possible rate.