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How to Get a Good Price on Contractor General Liability Insurance

If you are going it alone and have any type of contracting business; general liability insurance is a must. You need to be covered in the event that any injury or damage to property occurs. For example, if you are a Plumbing contractor and you or one of your staff makes a mistake causing your latest jobsite to flood; there will be huge related expenses. If anyone slips on the job, or gets involved in a traffic incident on their way to or from work; general liability insurance has you covered. Feel confident knowing that if something unfortunate occurs to you, your crew or any passerby within the vicinity of your workforce; adequate coverage will protect your business.

Be Honest When Applying for Quotes

As with most types of insurance, there are numerous risk factors involved in determining the final price you will pay per year. Being honest is necessary or your coverage will be void in the event of a claim. If you do electrical work as part of your general contracting, be sure to mention it. If you only operate on a residential capacity and never touch commercial jobs, mention that too. Your age and the average age of your employees will all come into play as well. Location is a factor that is often beyond our control. Be prepared to pay more or less based on your State location alone.

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Look at All Coverage Options

Is $500,000 for personal bodily injury enough for you to cover potential medical bills? Is $100,000 for property coverage adequate? If you are specialize in an industrial or commercial setting, take into account the heavy equipment that is on site with you and your employees. If anyone causes accidental damage will you have enough coverage for compensation? There is no right answer as every contractor has their own unique work circumstances.

Shopping Around

Many contractors are in a rush to secure their general liability insurance to bid on or accept their first job. Having your GLI in place ahead of time is a common prerequisite for most companies. While it can be tempting to secure the first insurance company who responds to your quote request, be sure to read through a few first. You want to ensure that you are not overpaying for coverage and equally not leaving yourself vulnerable by trying to save a few hundred dollars a year. Read the fine print and ask lots of questions to feel confident about your decision.

Reputable Insurance Companies

There are so many privatized insurance options available. It is important to experience great customer service right from the beginning. In the event of a claim, you want to make sure you are dealing with experienced individuals who have your best interests at heart. If you are playing phone or email tag with a company, ask yourself how badly do they want your business? Will they return your call promptly in the event of an emergency inquiry or a claim? Set yourself up for success by working with an experienced broker who can deliver you a variety of quotes from the top insurance companies specializing in your general contracting needs.

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