Comprehensive General Contractors Insurance in California
What is General Contractors Insurance?
General Contractors Insurance secures you against claims, common calamities, vandalism, and other mishaps. Construction jobs can be the most significant venture in your life. Thus, you have to protect yourself from any issues that might emerge after the work gets off ground. Hence, if you have a contracting business, accidents can happen within a flicker of an eye.
Misused equipment could get you or your employee on a negligence claim. Moreover, General Contractors’ Insurance provides coverage that makes contracting business owners become ahead of risks. Eventually, it reduces the loss of cost and keeps ventures running smoothly.
Why General Contractors Insurance is Necessary
Each general contractor needs to be ready for the worst that could happen. Roofing, framing, and plumbing are examples of tasks that general contractors need to accomplish with their subcontractors. With all these tasks, you could end up paying lots of money out of pocket when an accident occurs. Protect your business by having General Contractors’ policies that could save you from a substantial financial loss.
Your Certificate of Insurance will serve as evidence of your insurance coverage and help you whenever you face legal claims. To know more about your General Contractor Insurance policies, contact us, and we’ll work with you immediately. Our insurance agents could help you shop for insurance quotes that best fit your needs.
General Contractors Insurance Coverage Costs
General Contractor Insurance coverage is more costly than other insurance. Moreover, General Liability costs higher because you are liable for your subcontractors. Contractor activities can be hazardous.
Few components influence risk rates to incorporate the estimated number of buildings under construction and the contractors’ salary. Additionally, Builders’ Risk Insurance differs depending on how long the project will go. There are some policies made available for specific types of work.
Types of General Contractors Insurance Policies
General Liability Insurance also called Business Liability Insurance or Commercial General Liability Insurance protects your firm from third-party damage claims. As an appliance technician, you will surely be spending most of your time on customer sites. That is why it would be smart to carry General Liability Insurance so it can protect you when the unfortunate happens. There are several types of coverage that General Liability Insurance offers for appliance repair businesses. These coverages include:
Commercial Property Insurance
General contractors may use company vehicles to transport to a job site. Suppose an accident happens while on the road, Moreover, commercial auto covers the repairs of the vehicle’s damages.
Builders' Risk Insurance
It secures projects where the project or insured field is built. Builder’s Risk is otherwise known as the Course of Construction. Also, it covers not only the project but also the materials that contractors use for the building.
Professional Liability Insurance
Professional Liability Insurance, also known as Errors and Omissions Coverage, helps employees who committed errors that affected the clients. In cases where clients file cases because of employees’ errors, Professional Liability will cover the employees’ legal costs. However, it does not cover intentional or dishonest acts.
Inland Marine Insurance
Inland Marine Insurance protects materials or equipment when you ship them from one job site to another. It is also known as Contractors’ Tools and Equipment Insurance. Once a tool leaves your worksite, it’s no longer protected by property insurance but under inland marine insurance.
General Liability Insurance
It covers you in the event of an injury or when somebody files a claim against you. A single mishap can end up in lawsuits or and huge expenses that you cannot bear. In the end, it could put you out of business. General Liability Insurance typically covers the following:
- Lawsuits filed against you
- Medical expenses from bodily injuries
- Property damages
- Libel and Slander
Workers' Compensation Insurance
This type of insurance provides financial assistance for employees’ medical fees and services. It also compensates for the lost wages of employees while on recovery.
For example, if one of the employees fell while installing pipes, your company can save funds from your employee’s medical expenses through the help of Workers’ Compensation Insurance. Moreover, it compensates for your employee’s income if he is unable to work.
Commercial Property Insurance
Commercial Property Insurance covers your properties from damages caused by various perils such as fire, windstorm, vandalism, etc. Here are some of the properties that Commercial Property Insurance commonly covers:
- Equipment
- Furniture
- Building
- Fences
- Third-party damages
Overall, with adequate insurance policies you can protect your appliance repair business from unexpected risks. As you fix washing machines, dryers, refrigerators and more, it is just wise to have tailor-made policies that can shield your firm from potential losses, lawsuits and medical fees. Insure your business with affordable policies made available for appliance technicians. Work with our licensed insurance agents who can help you save money by comparing quotes from different insurance companies. Get an Appliance Repair Quote Today
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