As a general contractor on a job site you are primarily responsible for the work that is completed whether it is subcontracted or not. In the event that bodily injury or property damage occurs you, as the general contractor, can be named in the lawsuit. With the average lawyer charging more then $300 an hour - a comprehensive general liability policy can save your business significant financial hardship or worse.
My subcontractors have insurance so why do I need it?
Even if your subcontractors carry their own liability insurance it will not necessarily benefit you as the general contractor. The way lawsuits are filed every party is named & every party is required to file a response even if they are completely blameless. If you are in business long enough it is not a matter of "if" it is "when" will you get sued.
If you aren’t found guilty you are still responsible for your defence costs and a commercial liability policy can help offset these charges.
How much does it cost?
The overall cost of commercial general liability insurance varies greatly depending on the scope of operations and experience. A general contractor who specializes in a few single family dwellings a year and a general contractor who develops 100 storey apartment buildings will have different requirements. Generally speaking, the more you do the more you pay. The reason for this is simple – the more work you have the greater the chance something might go wrong. Depending on the scope and size of operations you can have policies starting as low as $750 annually.
Every contractor is unique and what is right for one business may not be appropriate for another. To learn more about what a commercial liability policy can do for you and your business please contact email@example.com or stop by our office for a no obligation review and quote of your business.