Every contractor requires general contractors insurance. In fact, this type of insurance is necessary for them because it provides them the necessary protection for their business and profession. When you are a general contractor, you are basically in charge of orchestrating the whole construction and production process of the project. Aside from having your own crew that are tasked to doing most of the construction work, you also need to hire subcontractors to do specialty work.
Of course, being in charge does not mean you can oversee the whole construction work. And even if you are able to oversee the whole process of construction, there is no means of being able to stop accidents from happening. While you can prevent accidents from happening by employing safety measures, it does not always guarantee that accidents will not happen. When accidents happen, expenses occur. If you do not have insurance, you will have to should all the cost of expenses arising from such accidents. Whether this is property damage, bodily injuries, or any negligence that results in losses for the client, you will shoulder all the costs of these if you do not have insurance.
When getting general contractors insurance, you need to focus more on the policy regarding liability. When you have general contractors’ liability insurance, you will be covered from contractual liabilities, accidents, and lawsuits. This is the very reason why every contractor should have this form of insurance if they provide this type of service because it protects their best interest which is of course their financial interest. The best part of this is that it can also further save you money as the insurance company can provide you with a lawyer should you get sued. Even if you have people subcontracting for you, something which requires them to also have insurance, it is still necessary to be properly equipped with general contractors insurance.
The overall cost of general contractors insurance will depend greatly on the risk level of the construction project. This includes the overall expenditure, type of work being done, the gross receipt, and the amount of coverage you are looking to get. Keep in mind that having the best coverage possible provides you with the best protection. Of course, it is important to keep in mind to not get coverage that you do not really need. After all, you would not want to pay for coverage you do not need.
There are a good number of insurance companies that provide this type of insurance. If you want to make the most out of your money and be able to get the insurance company that provides you with the best deal on general contractors insurance, you may want to shop around first so you can compare their pricing.