Normally, it’s difficult for businesses or general contractors to work without general insurance. General liability insurance is intended to guard company owners and operators against claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it’s one, two, or three million dollars, determines the cost of general liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it’s best to compare available quotes.
It’s the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If, for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
Forest Insurance offers free, comparative quotes on general liability insurance from multiple insurance carriers—helping you secure better coverage at the best possible rate.
Want to see what a better insurance experience looks like? Connect with an agent to find out.