If you are a general contractor or sub-contractor, one type of insurance coverage you cannot afford to do without is the contractor’s general liability. Not only will most jobs need your business to provide evidence of general liability insurance before allowing it in their homes but neglecting to protect their assets with this wide-ranging type of business insurance leaves you exposed to catastrophic liabilities in case injuries or accidents occur during a job.
Contractor’s general liability insurance includes some essential types of coverage which collectively insure customers, bystanders, sub-contractors against claims like bodily injury, advertising injury, property damage, bodily injury, products and completed operations.
In each case, the Poms & Associates risk consultants general liability includes legal and judgment expenses which result from claims being filed against the insured contractor. This usually includes all the earnings lost, the other party’s hospital expenses and all the pain and suffering which one might have endured.
Even though some of the types of claims mentioned are quite common on job sites, the requirement for others might not be quite evident for a contractor. For this reason, it might be useful to review each kind of claim using an example of a happening which could lead to this kind of claim being filed against a contractor.
Such a claim is protected by many of the contractors’ general liability policies, but it is most likely one of the rarest to be filed. Advertising injury is the damage that one sustains due to the other party’s use of libel or slander against the plaintiff. In case you are a contractor, one instance might be a sub-contractor submitting an insurance claim against a general contractor claiming that his earning and professional potential has been affected by damaging reviews which the general contractor has initiated publicly. For more facts and information about insurance, go to http://www.huffingtonpost.com/topic/insurance.
Some of the more common claims made against contractors are personal and bodily injury, and they happen anytime a third party like a bystander or customer is inadvertently injured due to the carelessness of the contractor. At times, personal injury claims might include emotional and psychological injury which result from deliberate and negligent acts by the defendant. Click here for more!
The most common claim seen on job sites is the property damage claims, and they are caused by loss or damage to property due to the activities of the insured party. Such actions could be either accidental or deliberate, and they are filed due to the injuries or damages which occur after the contractor has already finished the project.
Contractor’s general liability insurance is crucial for any contractor or subcontractor to avoid lawsuits and to save money.