General Contractor Liability Insurance Quote – Construction companies and contractors can save money on business insurance by combining quotes from different providers. Your monthly premium depends on the type of policy, coverage limits, deductibles, and factors such as your business location and number of employees.
Our numbers are derived from the average price of policies purchased by customers. The average gives a better estimate of what your business is likely to pay because it breaks down the highest and lowest premiums.
General Contractor Liability Insurance Quote
You know you need insurance for your small business, but where do you start? And how can you reduce costs?
Contractor General Liability Insurance
Most small businesses start with a general credit policy. You can combine property protection and liability insurance for a discount of $57 per month.
Construction businesses and contractors pay $80 a month, or $960 a year, for public liability insurance.
Public liability insurance provides financial protection to consumers against public liability. If someone sues your business for personal injury, property damage, or copyright infringement, they can recover their costs.
Small businesses often save money by combining general liability insurance and commercial property insurance into a business owner policy (BOP).
General Liability Insurance For Contractors: Coverage, Cost, Providers
The cost of general liability insurance depends on factors such as the coverage limits you choose, the size of your business, the amount of foot traffic, and any mini or excess insurance policies.
The cost of general liability insurance depends on your risk of a customer lawsuit. Among construction and contractor businesses that carry general liability insurance, 20% pay less than $50 a month and 61% pay less than $100 a month.
Businesses that deal with many customers and have a high risk of accidents usually pay more for general liability insurance.
For example, homeowners can expect to pay more for general liability insurance than locksmiths and other low-risk professionals. The average monthly price for a roofer is $267, while the average monthly price for a locksmith is $42.
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Other factors that affect your premium include business income, building maintenance, years of operation, and location. As you can see, the cost varies greatly among all specialists.
Policy limits are the maximum amount an insurance company will pay for covered claims. The per occurrence limit is the most the insurer will pay for a single incident, while the joint limit is the maximum you can pay for any claims during your policy, for a year. Higher limits cost more – and offer better coverage.
Most contractors and construction companies (97%) choose insurance policies with $1 million per occurrence and $2 million total limit. As your small business grows, you may want to increase your policy limits.
Learn how to save money on your policy, what coverage limits you can choose, and more on our liability insurance cost analysis page.
Florida Contractors Insurance
Construction and contractor businesses pay an average of $98 per month for a business owner’s policy, or $1,173 per year. Most choose a BOP with a limit of $1 million to $2 million.
BOP combines general liability coverage with commercial property insurance with a deductible. It provides financial protection against common customer liabilities, and also covers the costs of stolen, damaged or destroyed business property.
The cost of a business owner policy depends on factors such as the limits you choose, the size of your business, the amount of foot traffic, and the value of your business property and equipment.
Construction businesses and contractors pay $254 per month, or $3,054 per year, for workers’ compensation insurance.
Independent Contractor Liability Insurance: Cost & Quotes From $11/mo
Computer protection is a key building policy for workers, as workers face a high risk of injury. It helps cover medical expenses for work injuries that your personal health insurance may not cover. It also provides partial income lost during recovery in the form of disability benefits.
There is generally no limit to how much a workers comp policy can pay for employee benefits, although it depends on state laws.
The cost of workers’ compensation insurance depends on several factors, including the number of employees and the level of risk in their jobs.
Among construction businesses and contractors that provide workers’ compensation insurance, 42% pay less than $200 per month and 65% pay less than $400 per month.
Contractors General Liability Insurance In Ma
Most employees have a high risk of employee injury, so larger businesses tend to pay more for this type of insurance.
Construction businesses and contractors pay an average of $173 a month for commercial auto insurance, or $2,075 a year.
Most states require this coverage for business vehicles. Consider hiring and non-owner auto insurance (HNOA) instead for personal, leased, and leased vehicles used by your business.
A commercial auto policy provides financial protection in the event of an accident involving your business vehicle. It can pay for property damage, medical expenses, and legal fees.
Florida Builders Risk Insurance
The cost of commercial auto insurance depends on many factors, including the policy limits you choose, the types of coverage, the value of the vehicle, and the driving records of anyone allowed to drive.
Construction businesses and contractors pay $14 per month, or $169 per year, for contractors’ tools and equipment insurance.
A type of inland marine insurance, this policy covers the cost of lost, stolen or damaged equipment. Unlike regular home insurance, it protects your belongings wherever you bring them, in transit and on a construction site or other work site.
The cost of contractor equipment depends on the value of your equipment and the type of work you are doing.
General Contractor Insurance: Buy Affordable Coverage
Construction businesses pay an average of $74 a month for professional liability insurance, or $886 a year. This policy is sometimes required by state law, although it is often required in charters and contracts.
Professional liability insurance covers the costs of lawsuits from customers suing for errors, deadlines, or breach of contract. It is sometimes referred to as errors and omissions (E&O) insurance.
Building contractors who purchase this coverage often cover it with general liability insurance at a discount. The average cost of this package for customers is $112 per month.
The cost of professional liability insurance depends on many factors, including the type of business, your claims history, and the policy limits you choose.
How Much Does Builders Risk Insurance Cost?
Construction businesses and contractors pay an average of $81 per month for commercial umbrella insurance, or about $977 per year.
This policy increases the limits of your basic general liability, commercial automobile, or renter’s liability insurance. When the primary policy reaches its limit, commercial umbrella insurance covers you for expenses over that limit, up to the excess limit of your umbrella policy.
Construction businesses and contractors pay $105 per month, or $1,259 per year, for builder’s risk insurance. This policy is sometimes called a construction insurance policy.
A builder’s risk insurance policy provides protection to the building and materials during a construction project. It will help protect against fire, vandalism, and other types of permanent building damage.
Home Builders General Liability Insurance
Construction businesses pay an average of $8 per month in security deposits, or about $100 per year. A surety bond reimburses your client’s fees if you are unable to meet the terms of a contract or other agreement.
The value of a guarantee bond is a percentage of the net amount. It may be affected by the type of work you do and your credit score.
Works with the top providers in the US to find affordable insurance that fits your business. Apply for free quotes today with one simple online request. An insurance agent who deals with the unique risks of your job will help you find the right coverage and answer any questions. In general, you can receive an insurance document within 24 hours of submitting your application.
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Don’t take the risk of not having insurance. Watch our video “Clearing and Securing Contractor’s Liability.”
Liability insurance usually protects you from claims made by your client or a third party. This is for damages that may be caused by the contractor or their employees. This policy is essential when setting up your business contract.
In many jurisdictions, general contractors are required to carry general liability insurance in order to obtain a license or register as a general contractor.
It is difficult to calculate the true cost of General Contractors Insurance because no two General Contractors do the same type of work and the same job.
Liability Insurance For Contractors: Understanding The Basics
This policy covers claims made by their customers and/or third parties for damages that may have been caused by their contractors or employees.
Contractors generally understand the risks associated with the work they do and take serious steps to ensure their safety and reputation. They will often go above and beyond to protect their customers and third parties from suffering.
General contractors know that this is how they can differentiate themselves from their competitors and grow their business.