General contractors work long days to meet demanding timelines, often with unstable working conditions in challenging settings. With so much risk on the line, business owners need to make sure they’re protected against losses and liabilities that could ruin all their hard work.
General contractor insurance shields you, your business, and your employees from financial hardships — things like injuries, property damage, and other losses while on the job site. Eber & Associates are the experts in helping contractors evaluate their insurance coverage needs so you won’t be left empty-handed.
Let’s take a closer look at what general contractor insurance covers and how to determine if your business is fully protected.
Understanding General Contractor Insurance
Construction work environments can be unpredictable and more dangerous than the average work setting, which is why contractors and construction businesses need general liability insurance to cover the costs related to property damage or personal injury while on a worksite.
Here are a few of the core coverages typically included in with general contractor insurance:
General Liability
General liability covers a wide variety of needs, including bodily injury, property damage, personal injury, product liability, or advertising harm.
Workers’ Compensation
Workers’ compensation provides coverage when someone is hurt on the job. It covers medical expenses, a portion of the wages lost, and funeral expenses, if needed. This also protects business owners from any lawsuits that can arise from on-the-job accidents.
Commercial Auto
Commercial auto insurance covers all aspects of regular auto insurance while providing additional protection for your fleet vehicles and any personal vehicles you use for work.
Do You Need Additional Coverage?
In addition to the three main types of insurance mentioned above, contractors may be exposed to other risks and potential losses. With a few additional insurance options, your business can be fully protected.
Here are a few areas that often get overlooked by new business owners that could be a mistake if not considered:
Equipment Breakdown
With a commercial property insurance policy, you can protect yourself from the expenses associated with replacing any property that may be lost or damaged and the loss of income associated with a temporary shutdown.
Professional Liability
Employment practices liability insurance protects your business from any financial losses that can result from an employee-related legal action. These lawsuits can include allegations of discrimination, harassment, wrongful termination, and other employment-related issues.
Cyber Liability
Cyberattacks are increasingly common as technology advances. These criminal acts include data breaches, phishing, ransomware, denial of service attacks, social engineering, and more. Cyber liability insurance protects your business from these risks.
Assessing Your Insurance Coverage
Knowing what insurance coverage your business has and assessing your current policy for any gaps is your first step to evaluating your risk. Each day on the job you work hard and put yourself in unpredictable situations. Minimizing your risk is good for your team and your company. When your business grows, so should your coverage. Staying on top of the new industry standards and regulations can be the cutting edge you need to get to the next level.
Eber & Associates: Your Small Business Insurance Expert
Construction requires dedication and hard work. At Eber & Associates, our team understands what you need, and we want to help you protect you and your business with the right insurance coverage.
Our experienced insurance brokers will explain your policy options, assess your unique business risks, and create a customized insurance plan that offers air-tight protection and affordability. Let us do the work for you as we work with all the insurance companies on your behalf, so you get the best coverage at the best price.
You work on getting the job done, and we’ll make sure you’re protected. Contact Eber & Associates today for a free quote and consultation to evaluate your current coverage.
