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Pen and FormsThe hard work, sacrifice and effort that goes into transforming an idea or a vision into a working business enterprise can only be fully appreciated by the owner. After setting up that business, keeping its vision alive and secure is the contractor’s duty. As such, comprehensive understanding of insurance and more specifically, general liability insurance and E&O insurance is crucial to keeping any business safe and secure. Typically, contractors must get insurance before starting their first jobs. Premiums are paid on a regular basis either monthly and yearly.

General Liability Insurance

General liability insurance is essential for all types of contractors big or small. This type of insurance covers unexpected costs resulting from unpredictable incidents. It is analogous to the malpractice insurance  doctors and lawyers use to cover themselves and their practice against loss resulting from errors.

Contractors risk losses from accidents involving or caused by an employee.  Injuries to clients and bystanders can lead to lawsuits. Having general liabilities insurance protects businesses from this type of liability as well as from legal costs.


Errors and Omissions Insurance (E&O)

Errors and omissions insurance protects professionals against claims made by clients for inadequate work or negligent actions. E&O cover normally covers legal costs and any settlement amount up to the agreed limit on the insurance contract.


Product Liability Insurance

Companies that manufacture or distribute products need product liability insurance. This type of insurance protects you against financial loss as a result of a product defect that causes injury or bodily harm. The premium paid varies based on the type of product. For example, the rate charged for a bulk product is far less than that for a product that the company only produces a few of.


Commercial Property Insurance

Commercial property insurance covers a wide variety of events such as fire, smoke, wind, civil disobedience  and vandalism. The definition of property is broad and includes lost income, buildings, computers and even money.

There are two types of this insurance. All-risk covers a wide range of incidents and perils; exceptions are noted on the policy. Peril specific policies cover losses only from specific events. Fire insurance, for example, only covers loss due to fire.


Home-Based Business Insurance

Although common sense seems to suggest that home-based businesses are covered by homeowner’s insurance, this is not the case. Some business owners may be able to add riders onto their homeowner’s insurance policy to cover business property. However, they may need to purchase additional types of insurance to cover other business losses.


Commercial Car Insurance

Whenever a business uses vehicles for commercial purposes, it needs to have commercial auto insurance. According to The Conservator, this type of policy will protect the business and cover vehicle damage and medical expenses related to car accidents that occur while the vehicles are being used for business purposes.

Contact us to get a Lawrenceville general liability quote.


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Contractor Liability Insurance said...
Great article. I think a contractor needs to protect themselves since they are independent contractors..Thanks!!

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