What is Contractors Liability Insurance?
Contractors Liability Insurance coverage is a version of Commercial General Liability insurance tailored to meet the specific needs of the Contractor risk. It includes bodily injury and property damage coverage for claims arising out of the current operations of the contractor, as well as completed operations after the contractor has finished the job.
- This policy usually includes claims arising out of the acts of sub-contractors who are working on behalf of the Contractor.
- It does not include “Professional Liability” losses such as construction errors or losses arising from the design and/or engineering of a building or structure.
When it comes to construction and other contract work, we are talking about some of the most diverse work in different occupations possible. We know that when there is that much diversity your everyday job, you are more likely to run into quite a few more risks than someone who sits at a desk all day. Some construction stores or businesses and even some contractors do actually have storefronts. There is the potential of a customer to come in and possibly sustain an injury on your premises. But, most contractors do things like installing drywall or cabinets in someone’s home. When it comes to a contractor being in a client’s house you could be liable for the products, even if they cause harm inadvertently.
Having adequate contractors liability insurance in place to safeguard your contracting and construction business against the always growing risks of a potential lawsuit from an accident, injury, or even an illness is extremely important. Especially when you look how fast people sue in today’s litigious world.
How Contractors Liability Insurance Helps Offer Peace Of Mind
For anyone that is in the business of being a contractor or in the construction business, having general liability insurance gives you peace of mind. This peace of mind gives you and other contractors and their business the knowledge that they will have the necessary funds to continue daily operations. This is a protection for the contractor if they are ever faced with an extremely costly claim. You as the contractor and having general liability insurance covers the legal fees that can occur if legal fees ever pop up and could usually cause a bankruptcy to a small contractor. When it comes to the cost of paying attorneys, witness fees, other court expenses, and many more things that can arise from a lawsuit. God forbid, but if a lawsuit does ever happen the general liability insurance for your construction or contracting business can often mean the difference between closing your business and staying on your feet.
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