General Contractor Insurance Houston – Why You Need It
General liability protection is essential for contractors, and Houston contractor insurance offers general liability protection for both your business and brand name. This insurance protects you from lawsuits and can protect you from financial ruin. It also helps you protect your brand name and finances if your customers file lawsuits against you. Read on to learn more about how this type of coverage can benefit your business. Here are some of the main benefits of Houston contractor insurance. Listed below are some of them.
While the general contractor’s job may be relatively risk free, it’s still important to have the right kind of protection. General liability contractor insurance in Houston TX is a great way to protect your brand name and your finances in case of lawsuits. Here are some of the reasons why you should consider purchasing this coverage. Let’s explore each one of them in more detail. Read on to find out why. Here are some of the main benefits of having this type of insurance.
Errors and omissions
If your company is undergoing a major project, consider obtaining errors and omissions in contractor insurance Houston. This coverage protects you from liability lawsuits. It covers the costs of attorney fees, court costs, and settlement amounts, should a client file a claim. While you can’t be at every site all the time, mistakes do happen. If you’re not prepared for them, the stress of litigation can be draining for any business.
If you’re looking to insure your new construction project, you’ll want to ensure that you’ve included builders risk insurance in your owner-contractor contract. The contract should clearly state who will purchase the policy, the “name insured,” and any special terms the owner would like to include. Many insurance providers are happy to work with you to tailor your policy, so that it covers everything you need it to. The following is a list of the most important things to include in your contract.
Cost of general liability insurance
For small businesses, cost-effective commercial insurance in Houston is essential. While it may seem expensive, the cost of a bodily injury claim can be as high as $20,000, and reputational damage claims are much more common. These claims can arise during the course of normal business operations. Texas Insurance Agency can help you get the coverage you need. With their help, you can compare low-cost policies and protect your livelihood.
Cost of errors and omissions insurance
Most businesses in Texas should have errors and omissions insurance, or E&O insurance, to cover the costs associated with lawsuits. The absence of this coverage will leave you liable for any claims that may arise. There are some professions that require E&O coverage, but some others don’t. Regardless of your industry, you should check to see if it’s required in your state.