General Contractor Insurance
You encounter risks just by walking onto a client’s property. Some are inherent to your work and depend on the type of job you’re doing. Others are unpredictable accidents. One of your employee’s tools are next to him on the floor, your client trips and falls over them, and then your client makes a claim against you. Accidents happen, no matter the steps we take to prevent them. With general contractor insurance, you can prepare for these risks and protect your business from any claims.
Since a general contractor can manage anything from a simple renovation to the construction of a skyscraper, it’s important that you define your business and tailor your insurance to avoid excess expenditures.
As we tailor your insurance coverage, we’ll consider:
- What different kinds of work do you do? Some professions are considered inherently more dangerous that others. An electrician will pay more that an interior painter from the git-go. Since general contractors cover a lot of territory, this can vary a lot inherently.
- How risky is the work that you do? The riskier the job, the more your insurance coverage is going to cost.
- How often do you work? The more time you spend working and the more projects you have, the more you are doing work that needs to be insured. So the more you work, the more your premium will be.
- Do you have employees? The more people on a site, the more that can go wrong, so your insurance premium is going to be higher. Plus, employees means paying for workers’ comp.
Jones will provide you with general liability coverage, but you will also need to have workers’ comp if you have employees. In addition, you may want to consider commercial auto insurance, builder’s risk insurance, contractor’s equipment insurance and/or business umbrella insurance.
Your main cost of insurance is your premium. With most insurers you would pay one set price annually for all of the coverage combined in your business owner’s policy (BOP) if you get covered for everything through one insurance provider. Payments are split up over 12 monthly payments and your premiums could be anywhere from $380 (only general liability) to $5,000 (combined insurances) annually.
With Jones, your general liability insurance can be purchased on a Pay-As-You-Go basis, so instead of paying all year for a policy you may only need for a few contracts, you’ll pay as little as two bucks a day for the period of the job. Since it’s per contract, you also won’t end up paying too much for simple jobs, just because you sometimes handle more complicated or risky contract. You can also pay it all at once, so that you don’t have to worry about insurance coverage while you’re trying to get a job done.
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