Summary: Three Ways General Liability Insurance Protects Your Contracting Business

448 Words1 Page

3 Ways General Liability Insurance Protects Your Contracting Business

When you have your own contracting business, it's critical to have the right type and amount of insurance. A single claim could be enough to bankrupt your company if you don't have insurance. One type of insurance you need is general liability. This protects you, your company, and your employees against a number of claims. Here are some things general liability insurance typically covers.

1. Bodily Injury

Your commercial general liability policy covers bodily injury to non-employees. When an employee is hurt on the job, he or she is covered by workers compensation insurance. General liability covers things like a client that trips and falls on your property and needs medical …show more content…

An unhappy customer might try to sue for slander or reputation damage if a dispute escalates. A competitor might come after you for copyright infringement if your ad is like theirs. You might even run into problems with using music or photos in online videos that you don't have the rights to use. Personal damage coverage protects you if you're sued for these problems.

3. Property Damage

This coverage pays for property damage that you're responsible for. This could be accidental damage that happens in the course of your working on someone's house. Since accidents happen to the best of your crew, unexpected damage is always a possibility. By having this coverage, you can pay for repairs to a customer's home or property that you damaged. A similar type of coverage is for completed products.

Completed products coverage is similar but it applies specifically to the area of the home where you were working. For instance, if you install new countertops and they fall apart and damage the floor or hurt someone, then the completed products portion of the policy could pay for the

Open Document