Contractor Liability Insurance Orlando FL – What You Need to Know
Are you in the market for contractor liability insurance Orlando FL? If so, you’ve come to the right place. Floridian Insurance Agency can provide you with free quotes from many carriers. With the ability to compare costs and coverage, you’ll be able to save money on your insurance coverage. Listed below are a few tips for getting contractor liability insurance. Read on to learn more. We’ll discuss coverage types, cost, and more.
General contractor liability insurance
Having general contractor liability insurance in Orlando, FL is an important step to protect your business from unforeseen costs. While it is optional to purchase this insurance policy, it can protect your company against the possibility of lawsuits. Many clients will not hire a general contractor unless they can verify that they carry this insurance. Not only does this protect your clients’ interests, but Florida law requires general contractors to have Commercial Auto Insurance and Workers’ Compensation Insurance.
The cost of general contractor liability insurance in Orlando, FL will vary. For instance, a “handyman” may pay around $500 per year for insurance. For a small licensed general contractor business, premiums may be a bit higher. In order to determine how much you need, you can look at your payroll, number of employees, and the type of construction you perform. You can apply online or contact an insurance agent in your area to discuss coverage options.
Errors and omissions coverage
The Errors and Omissions Coverage on Contractor Liability Insurance in Orlando FL is crucial for all contractors. In Florida, even the smallest error can hurt your business. It could affect your reputation, brand, and finances. You will not want to deal with this situation, which is why you should always consider taking out professional liability insurance to protect yourself. It’s not hard to find professional liability insurance in Florida, and you can receive free quotes today!
Errors and omissions (E&O) coverage on a contractor’s liability insurance policy protects your company against errors made by your employees. Incorrect wiring of an electrical circuit or improperly sealing a pipe could lead to a fire. You don’t want to face a lawsuit for these errors – you don’t want to lose your clients’ trust!
A claims-made policy, as the name suggests, is one that covers claims made during the policy term. In contrast, an occurrence policy covers claims made before the policy started, while claims-made policies cover the claim after the policy has ended. This type of insurance coverage is generally not accepted by third parties as valid General Liability coverage, so contractors should consider purchasing an occurrence policy instead. Moreover, claims-made policies have extended reporting periods.
When purchasing claims-made coverage for contractor liability insurance in Orlando or other Florida cities, it is advisable to consider the type of work you do. While many contractors choose this type of coverage, others do not. Those who perform work in construction sites will benefit from this type of coverage. These policies are often cheap, but they do have certain disadvantages. For example, they do not cover injuries caused by subcontractors.
Cost of coverage
When you look at contractor liability insurance in Orlando, Florida, you should consider what type of business you are running. While many white collar businesses can get away with paying a lower premium than those in the construction industry, others, like roofing companies, have higher risks. The zip code in Orlando can have a significant impact on the premium you pay. The cost of a policy may also be affected by its limits. Higher limits are more expensive.
For general contractors, the cost of a policy is $6,105 per year. Workers’ compensation insurance is $1,637 per year. Premiums will vary depending on the number of employees, annual revenue, and business operations. A good source for insurance quotes is Insureon, which has a free online application, and licensed agents in Florida. This insurance company will be happy to help you find the right policy.