7 FAQs About Cheap General Liability Insurance For Contractors - Farmer Brown Insurance Agency - Contractor Talk

7 FAQs About Cheap General Liability Insurance For Contractors

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Old 08-10-2020, 03:25 AM   #1
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7 FAQs About Cheap General Liability Insurance For Contractors

7 FAQs about Cheap General Liability Insurance for Contractors

A General Liability insurance policy is designed to protect contractors from any third-party, property and injury damage costs. General contractors work as small business owners, and as such, they are liable for unforeseen accidents, which can result in heavy financial losses.

With a General Liability insurance policy, you are protected in these situations. However, insurance itself can be quite expensive, and some contractors are looking at more competitively priced options.

In this article, we’re going to answer some of the questions revolving around cheap General Liability insurance for contractors.

1. What am I giving up by going for a cheaper option?

Shopping around and browsing through the policies of multiple providers means that you can often find almost the same deal for a better price. Cheap insurance doesn't have to mean less coverage.

2. What if the cheaper option does not cover everything I need?

General Liability insurance only covers third-party injuries and damages. However, you can tailor your policy to include optional and extra coverage. This allows you to build a policy that is specific to your operations, and get all the coverage you need. By tailoring your policy, will be saving money because you will not be paying for coverage that you do not.

3. What are my extra coverage options?

You can generally opt-in for several extra coverage packages, which may include coverage for directors and officers, omissions and errors, intentional damage, theft, auto damage, and criminal prosecution. A lot of these options can be very useful if you have employees or work with subcontractors.

4. What other benefits are there to having General Liability insurance?

Besides being protected against many financial hazards, a General Liability insurance also has other benefits.
  • First, it will help you get more clients, especially if they require liability coverage before starting a project.
  • It will also help you attain a business permit and give you more credibility.
  • Thirdly, it will give you peace of mind, reducing day-to-day work-related stress.
5. How are insurance rates determined?

There are several factors that are taken into consideration when insurance rates are determined. These factors include your location, your company’s revenue, the work that you do, and your number of employees.

6. Does my claims history influence my rates?

Yes. Insurance companies will prefer clients that have fewer claims over clients that have numerous claims over a certain period. As such, a higher number of claims will mean that you will have to pay higher rates.

7. How do I find the best company offering cheap General Liability insurance for contractors?

The best way to find an insurer that fits your needs in terms of coverage and budget is to shop around.
  • Get recommendations from other contractors.
  • Do your research into the insurance companies: look through their offers, and make sure that they are competitively priced and that they have variety when it comes to policies.
A good insurance company will allow you to tailor your policy and save money on your coverage. There’s no need to spend an arm and a leg on high-priced insurance in order to have the best coverage for your business.

For advice on what should be included in your General Liability Insurance, ask Farmer Brown at (888) 973-0016

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