General Contractor GL Insurance: What You Need to Know
As a general contractor, you know that one of the most important aspects of your business is protecting yourself and your clients from potential liabilities. One way to do this is by carrying general liability (GL) insurance. But what exactly does general contractor GL insurance cover? Here’s what you need to know.
What is General Contractor GL Insurance?
General contractor GL insurance is a type of liability insurance that provides coverage for accidents, injuries, and property damage that may occur during a construction project. This type of insurance is designed to protect contractors from lawsuits and claims made against them by clients, subcontractors, and others involved in the project.
What Does General Contractor GL Insurance Cover?
General contractor GL insurance covers a wide range of potential liabilities, including:
1. Bodily Injury: If someone is injured on the job site, such as a client, subcontractor, or member of the public, general contractor GL insurance can cover the costs of medical expenses and any resulting legal fees.
2. Property Damage: If any property is damaged as a result of the construction project, general contractor GL insurance can help cover the costs of repairs or replacement.
3. Completed Operations: If there are any issues with the completed project, such as faulty workmanship or completed work that causes damage, general contractor GL insurance can provide coverage for any resulting legal claims.
4. Personal and Advertising Injury: If a contractor is accused of libel, slander, or other forms of personal injury or damage due to advertising efforts, general contractor GL insurance can help cover legal defense fees and settlements.
5. Medical Payments: If someone is injured on the job site, general contractor GL insurance can provide coverage for medical expenses regardless of fault.
Why is General Contractor GL Insurance Important?
As a general contractor, you are exposed to a variety of risks that could lead to costly lawsuits and claims. Without the right insurance coverage, you could be held personally responsible for these costs. General contractor GL insurance provides a safety net that protects you and your business from the financial impact of accidents, injuries, and property damage.
How Much Does General Contractor GL Insurance Cost?
The cost of general contractor GL insurance varies depending on the size of your business, the type of work you do, and other factors. Typically, the cost of GL insurance ranges from a few hundred to a few thousand dollars per year.
In conclusion, general contractor GL insurance is a crucial investment for any contractor who wants to protect their business from potential liabilities. By understanding what GL insurance covers and why it’s important, contractors can make informed decisions about their insurance needs and maintain peace of mind during any construction project.