There is risk in any industry, but more so for contractors than others. A single accident could lead to a settlement or damages your business may not be able to afford. To protect your business, it is imperative that you have adequate general liability insurance to meet your level of exposure. Additionally, you must have general liability coverage to be eligible to perform work for certain clients.

For most businesses, general liability insurance is bundled with other coverage in a business owner’s policy (BOP). However, as a contractor, you may not need or want all the coverage typically included in a BOP. If that is the case, you may be eligible for a contractor’s general liability insurance without a BOP at a better rate.

How General Liability Insurance Protects Contractors

Contractors can benefit from general liability insurance in several ways:

• It protects your business assets: In a lawsuit for injury, bodily harm, or property damage, your business assets could be seized to pay the judgment if you do not have sufficient general liability coverage.
• It helps ensure the survival of your business: General liability insurance can cover court costs and settlements up to the policy limits to help your business survive in case a judgment is obtained against you.
• It provides security for your business and employees: This coverage provides protection against claims brought against the company, as well as against your individual employees.

Cost of Contractor’s General Liability Insurance

Several factors affect the rates contractors pay for general liability insurance, including the size of the policy, the state in which the business is located, and the company’s track record with regard to accidents, claims, and lawsuits. Contact Klinger Insurance Group in Germantown, Maryland, for professional assistance from a local agent to help you discover the best general liability coverage at the most affordable rates.