2022 Insurance Pro Tip #8

Contractor General Liability Insurance protects contractors financially from amounts they are legally responsible to pay due to damages or medical payments because of bodily injury, property damage or personal/advertising injury to third parties occurring during the policy period caused by or relating to the contractor’s work.

One loose fitting left overnight can cause a lot of water damage and a major property damage claim for a plumbing company! We strongly recommended that Contractors maintain this coverage for their own protection and most contractors are required to provide proof of such coverage to get accepted for certain projects.

The cost of the policy is based on either your payroll or sales. Your agent can evaluate which policy is best for you based on the type of work you do and the amount of coverage you need. General Liability policies are subject to annual audits, and you will be required to provide documentation to verify your amounts in the form or payroll records, sales reports, and/or tax documents. Your agent can help you through this process along with the auditor assigned to you by your insurance carrier.

As your business grows you may be required to carry an Excess or Umbrella Liability policy and you may need special forms added that will protect you and your industry partners in the event of a large claim. Make sure your agent has the experience to provide you with the correct coverage in this highly competitive field.

You deserve to have the best coverage for the best pricing available for your industry! The value-added service you receive should include prompt service response with regular policy reviews to suggest ways to keep your insurance costs down and make sure that your growing business is covered correctly.

IF THIS IS NOT YOUR INSURANCE EXPERIENCE THEN MAKE THE SMART CHOICE AND GIVE US A CALL!!