Posted on May 17, 2014
In the construction industry there are many people who perform side work or handy man type of services that might not feel they work enough to financially justify having a commercial general liability policy. Perhaps they only complete one or two jobs a year and question the need for having any insurance at all. But the truth is that general liability insurance is a coverage needed by just about every business today.
Liability coverage fully protects companies, whether big or small, from the potential risk of lawsuits associated with a broad range of issues such as accidents, injuries or property damage. It is not available as a single job purchase. Instead, it is purchased on an annual basis to cover work completed during the policy period.
Working on someone?s home or commercial project can be a risky endeavor if something goes wrong, and some states even require that those performing minimal construction work have liability insurance. Many states also require liability coverage just to obtain or renew a contractor?s license so general liability coverage will be needed regardless of the number of projects worked on in one year.
Many insurance companies do offer minimum premium policies for contractor liability in the range of $500+ per year. That would provide minimum coverage even if a company doesn?t work on a project or is just bidding on jobs in a given year while also making the insurance available and ready to go should a job be awarded.
Additionally, more homeowners and businesses are becoming aware of the liability posed to themselves and their businesses by hiring unlicensed and uninsured handymen and contractors. So do not take a chance with your skills and assets by working on jobs without the appropriate coverage to protect you, your business and your clients. Contact your insurance broker today to help you evaluate your coverage needs and find the best liability insurance protection that will also meet your budget at the same time.