Contractors General Liability Insurance California – What You Need to Know
Purchasing contractors general liability insurance in CA can be a complicated task, especially if you’re just getting started. In this article, we’ll look at the cost of these policies, the types of policies available, and the requirements to get this type of insurance. We’ll also look at how to buy contractors GL insurance online. Read on to find out how to get the coverage you need, without breaking the bank!
Cost of contractor’s general liability insurance in California
A California contractor can find a variety of different options for their liability insurance. The cost will depend on the type of industry you operate in and how many employees you have. The higher your risk, the higher the premium will be. If you’re an accounting service company, you may have a lower risk profile. You may choose to take out a limited policy with the same company, or you may choose to purchase more coverage based on your budget.
A one-million-dollar policy may cost $42 a month, or $251 per year. Other contractors choose to pay slightly more and purchase a policy with a $2 million limit. A $2 million general liability policy will run you $85 a month, or $1,020 a year. It all depends on the specific needs of your business. If you’re unsure, Insureon’s technology helps you compare policies and quotes from the top U.S. insurance providers. It will also provide you with real-life customer reviews.
Types of policies
Contractors’ general liability insurance policies come with a variety of exclusions and endorsements, making it vital to carefully review the terms of the policy before signing. While these exclusions and endorsements are often unavoidable, some are better avoided altogether. The following are examples of exclusions and endorsements you should always avoid. You may also want to negotiate on any exclusions and endorsements that you are unsure of.
General liability insurance is required before contractors begin working. This insurance policy covers them if any third party sues them for damages or injuries that occur as a result of faulty work. Commercial auto insurance covers the vehicles the contractors use for work, including any permanently attached tool boxes or ladder racks. Some policy packages combine contractors liability with coverage for business buildings and personal property. This way, you can get more coverage for your project and be assured of peace of mind.
Requirements for getting contractor’s general liability insurance in California
The general liability insurance you get as a contractor in California will protect you from liability lawsuits for bodily injury and property damage. The policy will cover medical expenses and judgments in case you’re found responsible for a third-party’s injury. In addition, it protects you financially from court costs, attorney fees, and other related expenses. It’s highly recommended that all contractors purchase this policy.
The type of insurance you buy depends on the scope of your business. Some companies require you to carry general liability insurance while others will only require it if your work includes a certain type of work. It can range from simple repairs to complex remodeling. In addition to general liability coverage, California law requires you to carry workers’ compensation insurance. If you are working with a property manager, you should consider obtaining this coverage. Not only will this protect you against third-party claims, but it can protect you from product liability lawsuits, too.
Buying contractor’s general liability insurance online
There are many benefits to buying contractor’s general liability insurance online in California. Not only does it protect you in the case of an accident, but it also makes it easy to share your policy certificate with others. You will also save money when you bundle your policies. The benefits are many, and you will be glad you purchased them. Here are a few of them:
Getting a quote from several providers is a great way to make sure you are getting the lowest cost policy. Getting multiple quotes allows you to compare costs, deductibles, and coverage limits from several companies to find the best policy. You can also read customer reviews of each provider and see which is right for you. In California, you can expect to pay between five and ten percent more for your general liability insurance than the national median.