Things To Know About General Contractor Insurance
General contractor insurance is essential for protecting businesses from financial losses due to accidents, property damage, or legal claims. Central Carolina Insurance Agency offers general contractor insurance in Mooresville, Huntersville, Davidson, NC, Kannapolis, Concord, NC, Enochville, NC and surrounding areas.
These are key aspects to consider:
- Types of Coverage
General Liability Insurance – Covers third-party injuries, property damage, and legal fees.
Workers’ Compensation – Required in most states, it covers medical expenses and lost wages for injured employees.
Commercial Auto Insurance – Protects company vehicles used for business purposes.
Builder’s Risk Insurance – Covers damage to buildings under construction.
Professional Liability Insurance – Also known as Errors & Omissions insurance, it protects against claims of negligence or mistakes in work.
Equipment and Tool Coverage – Covers loss or damage to tools and machinery.
- Legal and Contractual Requirements
Many states require general contractors to carry specific types of insurance before obtaining a license.
Clients and project owners often demand proof of insurance before signing contracts.
- Cost Factors
Premiums depend on business size, project types, claims history, and coverage limits.
High-risk projects, such as skyscrapers or bridges, typically require higher premiums.
- Benefits of Coverage
Shields businesses from costly lawsuits and medical claims.
Enhances credibility and trust with clients and subcontractors.
Ensures compliance with legal and contractual obligations.
- How to Choose a Policy
Compare policies from different providers.
Assess coverage needs based on project types and business risks.
Ensure policy limits align with potential risks.
Having the right insurance protects both the business and its stakeholders, ensuring long-term success and security.
Want to discuss this further? We’re available by phone or email.
