Contractor liability insurance is required for general contractors to perform work. Contractor's can often bid jobs without having liability insurance, but will need to get insured before starting the job. This insurance is meant to protect operators and owners from various liability exposures such as accidents on the job and other exposures. Here's how to get properly insured:
You will then need to find a company that offers this type of insurance for contractors. There are different places online that will give a breakdown of coverage and cost for the various insurance companies. You can also call some local insurance agents to discuss the options. It is always a good idea to shop around and get multiple quotes to find the best deals on insurance.
Next you need to evaluate the type of contractor work you will be doing. Your coverage will partly depend on this since a job that has more risk involved will need higher contractor liability insurance coverage.
You will then likely need to pay a down payment on the contractor liability insurance and then make consecutive monthly payments. The costs of this type of insurance vary for contractors and can be ordered from various different places.
Before getting contractor liability insurance, you need to decide the amount of liability you want to be covered with such as 1 million, 2 million, or higher. There may be a minimum that is required and oftentimes, it seems that contractors and insurance owners are requiring a minimum of at least 2 million in coverage.
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