Contractor Liability Insurance is insurance that protects your business from third party bodily injury, property damage, advertisement damage, and all costs associated with the incident.
The success of your business is always built on your ability to innovate, work hard, and provide for your clients. No matter how well your business is running, it can all come crashing down with one accident that can wipe out your profits or even destroying your company.
Even minor accidents in today’s world can result in large settlements that are why Contractors Liability Insurance is an important part to protecting your business. Your business can purchase Contractor Liability Insurance by itself or as part of a business owner’s policy bundle. You can always save money by bundling your insurance coverage, so make sure to ask your broker what policies you are missing out on.
When shopping for Contractors Liability Insurance coverage it is essential that the coverage limits are adequate in the event that a large claim is filed. A large settlement that is over the amount of Contractor Liability Insurance could hammer a small business financially or even put you out of business.
Does Your Company Need Contractor Liability Insurance?
Every small business needs to have Contractor Liability Insurance to protect themselves and their company. Liability Insurance gives your company an overall layer of protection against third party accidents that may occur during the operation of your business. Contractors Liability Insurance protects you if one of your employees has an accident in a company car, or if an employee has an accident while working for you, or if a customer or non-customer gets hurt on your property.
What Does Contractors Liability Insurance Cover?
Bodily Injury
This will cover if someone is hurt from an accident that is caused by your business operations, on your property, or for completed operations. This can cover you if someone sustains and injury from your product or accidents at your place of operations.
Damage of Property
This covers damage that could occur to a third party from the instances above.
Advertising Injury
This will include lawsuits that allege that an advertisement that your put out made false claims or caused competitor loss. An example is when you make a false statement about a competitor that causes them financial loss.
Personal Injury
This will include lawsuits for damages caused to another business or an individual. The causes could cover acts of slander, invasion of privacy, trademark infringement, false arrest or wrongful eviction.
What Does Contractor Liability Insurance Pay For?
Contractors Liability Insurance will cover all medical expenses occur during the accident starting from the first aid administered at the time of the accident. Other medical expenses that Liability Insurance will cover is surgical operations, x-rays, dental services, doctors visit reimbursement, medical devices, and hospital, nursing, and funeral services. Contractors Liability Insurance does not cover employees covered under Workers Compensation Insurance.
Aside from obvious medical expenses being paid Contractors Liability Insurance will cover all aspects of a lawsuit that may be filled due to an accident. This will cover your company’s legal costs, and the settlements from the litigation. There are often limits on Contractor Liability Insurance. If your settlement, legal fees, and other expense exceed your Liability Insurance limits, then your company is required to pay the difference.
For an immediate answer to a Contractor Insurance question, give us a call at 1-800-253-7040.