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Why Contractors Need General Liability Insurance

General Contractors
In: Home Improvement

If you work in the construction industry, you know you face a high risk of third-party injury claims. Medical expenses and property damage are the most common types of claims a contractor may face. While some contractors can prevent these accidents by being more careful on the Jobsite, a lack of liability insurance can leave you open to costly lawsuits. Pacific United Insurance can help you get the right liability coverage for your construction business in Texas.

Cost of general liability insurance in Texas

There are many factors that determine the cost of general liability insurance for contractors in Texas. These factors can range from the size of the business to its annual revenue. Even companies with the same annual revenue can have vastly different Hiscox limits. These limits determine how much the insurance company will pay for any single claim and for claims during the entire period of the policy. The higher the Hiscox limit, the more expensive the general liability insurance policy will be.

The cost of general liability insurance for contractors in Texas varies by the size of the company, the number of employees, and the history of the business. Small business owners typically pay between $300 and $600 a year for their insurance. Higher-risk industries, such as contracting, cost more than smaller businesses. However, if a business is only doing IT consulting or providing service to other small businesses, general liability insurance for contractors in Texas will be considerably less.

Benefits of general liability insurance for contractors

A general liability insurance policy for contractors in Texas protects a business from claims that result from accidents, injuries, or property damage. This type of coverage is important for contractors because it can cover the costs of lawsuits filed against those found if they are negligent. It can also protect a business from lawsuits related to advertising, fire, explosions, or other problems relating to the work that they perform. General liability insurance for contractors in Texas costs slightly more than the national average for most business types.

The benefits of general liability insurance for contractors in Texas are many. For example, it provides coverage for claims that result from completed products, even if the contractor did not know of the risks involved or did not detect a defect. The policy will also cover legal costs, as well as cover immediate medical expenses for injured parties. Having general liability insurance for contractors in Texas is essential for business owners in this state. Getting a quote for your insurance is easy with companies like GSM insurers.

Cost of general liability insurance in Texas for artisan contractors

The cost of general liability insurance in Texas for artisan contracting companies is lower than that for larger businesses. However, some states require employers to get worker’s compensation insurance for their employees, so this may be an important consideration in evaluating your business risks. If you’re an artisan contractor in Texas, consider the following tips to reduce your costs and protect your business. First, you need to consider where you’re doing business. Many artisan contractors are in the “pain state.”

 

The type of insurance you need is crucial for your business. Since general liability insurance coverage differs by industry, it’s important to compare policies to ensure you have the proper coverage. Because each type of insurance has its own risks, artisan contractors should choose the coverage. A general liability insurance policy, which covers damage to other people’s property, may not cover injuries that occur on the job site. Artists’ insurance protects the business owner and employees from damages caused by unforeseen circumstances. It will cover advertising and medical payments if there’s an accident.

 

Cost of general liability insurance for general contractors in Texas

 

The cost of general liability insurance for a Texas general contractor is higher than the national average for most business insurance policies. General liability insurance costs $1,761 per year on average, and surety bonds are only $50. Insureon’s industry-leading technology makes it easy for contractors to compare policies and choose the one that is right for them. Here are some tips for choosing a general contractor’s liability insurance policy.

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You should get multiple quotes before deciding on a policy. There are many insurance companies that offer general liability insurance, and you should always compare quotes from each one. You should also get quotes from digital brokers. Remember to keep shopping until you’ve found the best policy. Also, remember to implement safety measures and implement safety training. And don’t forget to use safety programs offered by the insurance company. If you have questions, ask an insurance agent.

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