General Liability Insurance
Having general insurance is crucial for businesses and general contractors to effectively operate. General liability insurance provides protection for operators and owners of companies against a wide range of potential claims. These claims can arise from various sources, including accidents related to the insured party’s operations, contractual liabilities, or products manufactured by the insured party.
The cost of general liability insurance is influenced by factors such as the selected liability limit, which could be one, two, or three million dollars. Additionally, the rates are determined based on the nature of the work performed, gross receipts, and total payroll expenses. Similar to auto insurance, general liability insurance typically requires an initial down payment followed by installments. It’s advisable to compare quotes from different providers before purchasing general liability insurance to ensure the best coverage and pricing.
As a business owner or general contractor, it’s your responsibility to ensure that the individuals working under you are covered by an insurance policy. In the event of an injury to a non-project-related person, their lawyer may target any party involved in the project. The more individuals involved, the higher the potential for a successful lawsuit. It’s crucial to have proper insurance coverage in place to mitigate such risks and protect all parties involved.
Simpli-Insured offers free, comparative quotes on General Liability Insurance from multiple insurance carriers so you can get the best possible rate.
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