FAQ

How much does general contractor liability insurance cost

General contractor insurance is essential for any business and coverage should be applied for before any work begins. There are a lot of accidents that can happen out of your control and you may be liable for damages. the specific coverage your business requires will depend on the structure, work performed, equipment used, and more.

In this guide, we’ll provide information about the cost of general contractor insurance to help you make the best decision about your own policy.

we cover in this guide

  • How much does general contractor insurance cost?
  • what is general contractor insurance?
  • what does general contractor insurance cover?
  • benefits and risks
  • Who Needs General Contractor Insurance?
  • Types of Insurance General Contractors Need
  • buying tips
  • frequently asked questions
  • summary
  • how much does general contractor insurance cost?

    The cost of insurance for general contractors averages around $90 per month, or $1,090 per year for $1 million limit policies that provide protection against injury and third party damage. The price of the policy varies considerably depending on the following factors:

    • services offered
    • necessary coverage
    • commercial equipment and property
    • revenue
    • location
    • claims history
    • vehicles operated
    • number of employees
    • what is general contractor insurance?

      As a contractor, the tasks required to meet your project deadlines can expose your business and yourself to unique risks. By using potentially dangerous equipment and working in various homes and places of business, your work has the potential to cause injury to others and damage to property. Insurance is essential to cover these risks and can help pay for legal costs and damages. General contractors insurance protects your business, its assets, and your employees in the event of the unexpected that results in significant loss or liability.

      what does general contractor insurance cover?

      Basic contractor insurance policies typically cover general liabilities, including:

      • bodily injury: injury to an employee, customer, or third party in your business or on your customer’s property in the course of service. example: a customer tripping over equipment while you are on a job.
      • Medical Payments – Medical bills associated with injury claims. Example: A client requires surgery as a result of an injury that took place on a property she was working on.
      • Property Damage: Damage to the property of your client or a third party during the service. example: damaging the floor while working on cabinets.
      • advertising liability: If a business or third party suffers financial damage as a result of false advertising, they can be sued for libel, slander, or defamation. Example: Making a false statement about a competitor in a commercial.
      • Your specific coverage will depend on the package you choose and its stated limits. review your policy to understand your coverage and add specialized insurance to fill in the gaps.

        benefits and risks

        General Contractor Insurance offers several benefits to cover risks, including:

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