Contractor General Liability Insurance Rates – Some businesses can charge as much as $11 per month, or $128 per year, but your exact cost depends on the location and operations of your business.
If you face a claim related to non-employee injuries (called personal injury) or property damage, your general liability insurance policy can help pay the costs.
Contractor General Liability Insurance Rates
If you are a retail business owner or work in professional services, your business insurance policy may cost less than a construction contractor. This is because risky businesses are more likely to file claims related to injuries and property damage
Contractor’s General Liability
Contractors use other people’s property, construct buildings and use expensive equipment They face more risks in day-to-day business operations than other professions
If you own a hair salon and employ seven employees, your insurance costs may be higher than if you were a hairdresser working alone.
A small business owner in New York City may pay more for insurance than a business owner in Wyoming
This is partly because different states have different laws and partly because insurance costs are sometimes higher in densely populated areas and there are also more property claims.
What Factors Determine Business Insurance Premiums?
For example, if you run a lawn care business and have previous insurance claims related to property damage, you may see your premiums increase at renewal time.
If you want more financial protection, you can choose a higher coverage limit Higher limits will almost always increase the amount of coverage you pay, but allow you to pay less out of pocket if a claim does occur.
For example, if you are an electrician with 25 years of experience and no claims, you may pay less than an electrician who has been in the business for two years and has experienced insurance claims.
Tip: When you get a quote for business insurance, be sure to provide accurate information about your business to ensure you get the right coverage and there are no delays in processing your claim.
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Insurance companies will consider all of the above factors to calculate your premium, such as how likely you are to make a claim and how many employees you have.
Getting cheap business insurance with NEXT is easy – and it’s reliable too We customize your coverage to fit your business needs and activities After you answer a few questions through our online instant quote process, we’ll share pricing options that are right for your business.
You can get comprehensive help in minutes, and licensed consultants are ready to help you if you need it
So how much is general liability insurance on average? Here are the average monthly premiums for various professional general liability insurance policies:
Texas General Liability Insurance
General liability policies have a per claim limit (also called a “per occurrence limit”) and an aggregate limit (the maximum amount of coverage during the policy period, usually one year).
For example, let’s say your general liability policy has a limit of $500,000 and no deductible. You have a claim for damage to a client’s home that costs $600,000 to settle This means you will have to pay $100,000 out of pocket
If you want more loss and accident protection, your policy will require higher coverage limits, which means you’ll pay more for the policy.
The amount of insurance for your business depends on your personal needs and your tolerance for financial risk
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Safety and training programs can help limit the likelihood of filing an insurance claim and increase the value of your policy.
For example, your ladder is not tall enough and when you go to the top step, it collapses. Fortunately, you were not injured, but the ladder went through the window Next, you can use scaffolding or a tall ladder
Lower limits can save you money, but if you don’t get enough coverage, you face more financial losses If you choose a higher deductible (the amount you pay before the policy takes effect) you may pay less for your policy.
In addition to the risks covered by general liability insurance, many businesses require more than one type of business insurance.
Ocips Vs. Ccips
If you purchase more than one type of business insurance through NEXT, you can save up to 10% Insurance packages usually include general liability and:
For example, if you add workers’ compensation coverage to your general liability policy, you can save 10% right away.
General liability insurance can also be combined with commercial property insurance as a business owner policy (BOP) for greater savings.
When you start an instant quote online with NEXT, get fast, customized and affordable options for your business in just minutes.
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We’ll ask basic questions about how you do business, which we’ll use to create a customized insurance quote.
You can adjust limits and add other recommended coverages If you decide to buy, you will be covered after payment and get the insurance certificate immediately
Getting insurance with the latter eliminates the need to speak with an agent But if you have any questions, our U.S.-based licensed insurance advisors are ready to help
The following are many benefits Get coverage in less than 10 minutes and you can save up to 25%* Unique, flexible coverage Easy monthly payments 100% online or talk to a US licensed advisor for an instant quote.
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*To the extent permitted by law, applicants are covered individually and not all applicants may be eligible. Individual rates and savings vary and are subject to change Discounts and offers are available where permitted by state laws and regulations and may vary by state. Some discounts apply only to certain coverages
**Price data provided here is based on active US NEXT customers who purchased general liability insurance within the last 12 months. This information should not be considered a substitute for obtaining a quote specific to your business This information was updated in July 2022 Construction companies and contractors can save money on business insurance by comparing quotes from different providers Your premium depends on the policy type, coverage limits, deductibles, and factors such as your business’s location and number of employees.
Our data comes from consumers purchasing a policy from the median price The median provides a better estimate of what your business can pay because it excludes unusually high and low premiums.
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You know your small business needs insurance, but where do you start? How to reduce costs?
Most small businesses start with a general liability policy You can combine your property coverage with liability coverage for a discount of $57 per month
Construction businesses and contractors pay an average of $80 a month or $960 a year for general liability insurance.
General liability insurance provides financial protection against general lawsuits against consumers This can cover costs if someone sues your business for personal injury, property damage or copyright infringement.
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Small businesses can often save money by bundling general liability coverage with business property coverage in a business owner’s policy (BOP).
General liability insurance costs depend on a variety of factors, such as the coverage limits you choose, the size of your business, foot traffic and any subcontractors or additional insurance endorsements.
General liability insurance costs depend on your client’s lawsuit Among construction businesses and contractors who carry general liability insurance, 20% pay less than $50 a month and 61% pay less than $100 a month.
Businesses that interact with many customers and have a high risk of accidents will generally pay more for general liability insurance.
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For example, carpenters may pay more for general liability insurance than locksmiths and other less risky professionals. The average monthly fee for a roofer is $267, while the average monthly fee for a locksmith is $42.
Other factors that affect premiums are business revenue, building maintenance, years of operation and location As you can see, costs vary widely between carriers
The policy limit is the maximum your insurance company will pay for a covered claim The per occurrence limit is the maximum the insurance company will pay for a single occurrence while the total limit is the amount the insurance company will pay for any claim during the policy period (usually one year). The higher the limit, the higher the cost, but also the better the coverage
Most contractors and construction businesses (97%) choose general liability insurance policies with limits of $1 million per occurrence and $2 million in total. As your small business grows, you may need to expand your policy limits
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To learn how to save money on your policy, what coverage to choose, and more, visit the General Liability Insurance Cost Analysis page.
Construction businesses and contractors pay an average of $98 per month, or $1,173 per year, for a business owner’s policy. Most people choose a BOP with a time limit of $1 million and a total limit of $2 million.
BOP bundles general liability insurance with commercial property insurance at discounted rates It provides financial security