When it comes to construction and contracting, there are too many moving parts to guarantee a series of 100% smooth transactions from start to finish. You need to be able to rely on your general liability insurance to save you from one big headache after another.
This is the type of insurance where the contractors benefit from the lawsuit coverage offered. When it comes to injuries due to accidents and work-related mishaps, you will be covered by this insurance. Let’s take a look at how a contractor’s general liability insurance saves you time, effort, and money by protecting you and your business.
Your Assets Are Protected
No matter what injuries and damages were sustained alleged against your business, all of your assets will be protected. This means that none of your assets will be called into question whenever making payments to the third party. If you are in the process of completing a project, this can be quite a troubling matter without insurance.
Coverage From Different Claims
Below are the different claims that may be filed against your business depending on the situation that has happened.
Property Damage Claims
With general liability insurance, your business will be protected when a third party alleges that your business damaged their property. An example of this is when you’re working at a project and said property was damaged on-site. This will end up in a lawsuit that costs a lot which you might not be prepared for.
Personal and Advertising Injury Claims
A great way to cover yourself from slander, libel, copyright infringement, and privacy invasion is through general liability insurance. Nowadays, anyone can advertise through social media at a few clicks of a button. This will ensure that you are protected when you post your ads on sites like Facebook and Twitter.
Bodily Injury Claims
Another common claim that may be filed is a bodily injury claim. With general liability insurance, your business will be protected from accidents and lawsuits regarding this. This could range from a client getting injured in your offices while previewing your projects or your own employees suffering injuries while on the job.
Completed Products Claim
If a project has been regarded as completed, you will be covered for any mishaps that may happen right after such as the installation of furniture in areas where there may have been unfinished work from a contractor before.
Expectations And Guaranteed Professionalism
As your business grows, you will encounter clients that will have certain requirements before even entertaining the idea of working with you. One such requirement could be you having general liability insurance. Proof of liability coverage has to be submitted before you’re tasked on working on a project they have.
If you are hired by a general contractor for a project that will have your business working with others, then you will need to carry your own insurance. As a subcontractor, you may even be required to match the details on the insurance that the other subcontractors have.
Let our experts tell you how a general liability insurance can save you from big headaches. Contact us today and let us find the best deals for you!