General Liability Insurance Cost For Contractors

Contractors general liability insurance average costs contractors pay more for general liability insurance than many other types of businesses due to the risky nature of the work. General contractor liability insurance. This policy also known as errors and omissions insurance protects general contractors against client lawsuits claiming unsatisfactory negligent late or incomplete work.

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General Liability Insurance Cost General Liability Price

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Median cost per year.

General liability insurance cost for contractors. General liability insurance cost are about 550 annually 1 million basis. What are they getting for that price. A general liability insurance policy is just one part of construction insurance also known as contractor insurance. The average price of a standard 1 000 000 2 000 000 general liability insurance policy for electrical contracting businesses ranges from 47 to 69 per month based on location size payroll sales and experience.

Start with general liability insurance and add workers compensation insurance and commercial auto insurance if needed. Find here detailed information about general liability insurance cost. General liability insurance cost. The average price of a standard 1 000 000 2 000 000 contractor liability insurance policy for small contractors ranges from 37 to 59 per month based on location industry payroll sales and experience.

If you have some insurance requirements from a general contractor you would like to work with send them over. Just like how a drop cloth covers the entire floor of a work area a general liability insurance policy protects your bottom line by covering all kinds of expenses and legal fees from third party claims. Request a price quote in the morning and be insured with a certificate in hand before the end of the day. Getting contractors the best general liability insurance policy at a low cost is a specialty at contractors liability.

Although a general liability insurance policy helps protect your business from claims alleging property damage bodily injury and slander or libel consider other insurances to give your contracting business well rounded coverage. General contractors pay a median of less than 45 per month or 520 per year for professional liability insurance. Blanket additional insured coverage extends your existing liability insurance to other entities as required by some contracts with employers. Faulty plumbing or electrical work could lead to damages or a child could wander onto the construction site and be injured.

On average most contractors pay something between 700 and 1200 1 annually for contractors general liability insurance. General liability insurance is the best option for general contractors to cover your business your assets and yourself at a reasonable cost. In 2019 the national average monthly cost for general liability insurance through the progressive advantage business program was 53.