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General contractor insurance

General contractor insurance costs and coverage

How much does general contractor insurance cost?

General contractor business insurance can cost as little as $62 per month, but the exact price you need to pay will vary depending on your specific business circumstances and needs.

The amount you pay for insurance is determined by the kind of work you do, where you work and how many employees you have.

For example, if you are a fitness instructor who lives in Montana, your insurance is going to be less than a contractor who lives in New York.

Note: It’s important to provide the most accurate information about your business to make sure you get the coverage that is right for you, as well as to make sure that any claim you might make is processed as quickly as possible.

What are the coverage and pricing options for general contractor insurance?

We offer customized packages so you never have too much or too little coverage. You pay only for what you need.

By bundling together more than one kind of coverage you can save up to 10% on the overall cost of your insurance. General contractors like you typically have a combination of coverage in their insurance package, including:

  • General liability — if bodily injury or damage to someone else’s property occurs
  • Contractors’ E&O — if you’re accused of making a mistake that causes someone to lose money
  • Workers’ compensation — if you or an employee has an accident 
  • Commercial auto — if you frequently drive for work
  • Commercial property — you own your own building, lease property or work from home
  • Tools & equipment — if your tools are lost, damaged or stolen

After you answer a few basic questions with our online instant quote, you can review your options and choose the amount of coverage you want from our Basic, Pro and Pro+ packages. 

Continue reading to learn more about how much different types of business insurance cost and their coverage limits.

How much is general contractor General Liability insurance?

Most of our customers pay between $65 and $85 per month for general contractor general liability insurance.

It can protect your business from financial losses related to:

  • Customer injuries
  • Damage to someone’s property
  • Copyright infringement 

General liability insurance includes contractors’ professional liability, also known as errors and omissions, which helps with legal fees if you’re accused of making a mistake that causes someone to lose money.

It’s always a good idea for general contractors to have general liability coverage so you have a level of protection against unforeseen accidents and injuries. It’s also required in some states for your contractors license.

Most of our customers pay: $72 per month, or $865 annually for general liability insurance (we don’t charge any additional fees for monthly payments).

Per occurrence limit: $300,000 to $1 million, depending on your policy. 

“Per occurrence” refers to the most amount of money you’ll receive after a filed claim is approved. 

Aggregate policy limit: $300,000 to $2 million, depending on your policy. 

“Aggregate policy limit” refers to the amount of money your policy will cover (usually about a year). 

Deductible: $0

A “deductible” is the amount of money you’d have to pay out of pocket if you made a claim. 

Learn more about general liability insurance

 

How much is general contractor Workers’ Compensation insurance?

Workers’ compensation insurance helps to pay for medical bills and lost wages if an employee is injured on the job. You can also add business owner’s coverage to protect yourself. 

Workers’ compensation coverage makes it possible for injured employees to take the time they need to recover by helping to pay for medical expenses and lost wages.

Most of our customers pay: $62 to $120 per month for workers’ compensation.

Workers’ comp no limit (coverage and benefits paid out according to state laws)

Workers’ compensation covers any work-related employee injury, regardless of liability.

Employer Liability insurance (ELI): 

  • Bodily injury per accident: $100,000 to $1 million, depending on your policy
  • Bodily injury by disease (per employee): $100,000 to $1 million, depending on your policy
  • Bodily injury by disease (aggregate): $500,000 to $1 million, depending on your policy

Employer liability insurance (ELI) provides protection for instances in which the employer is liable for the injury to an employee. For example, an employee falls off scaffolding because the employer didn’t maintain the safety harness and the employee decides to sue for additional amounts.

Learn more about workers’ compensation insurance

 

How much is general contractor Commercial Auto insurance?

Most states require commercial auto insurance for business-owned vehicles to help pay for incidents related to your work vehicle. 

You might not have coverage from your personal car insurance if you get in an accident while driving for work.

Commercial auto coverage provides insurance for any drivers who are listed on your policy and your vehicle when it’s driven for personal or work use. It can help pay for expenses that result from injuries, property damage, collisions, underinsured motorists, rentals and towing.

Most of our customers pay: $60 to $125 per month, or $700 to $1,535 annually 

Per occurrence limit: $300,000 to $1 million, depending on your policy

Aggregate policy limit: $300,000 to $2 million, depending on your policy

Deductible: $0

Learn more about commercial auto insurance

How much is general contractor Commercial Property insurance?

Property insurance can help with replacement costs or repairs to your equipment, inventory and real estate (if you own it) if damage is caused by faulty sprinklers, frozen pipes, a power surge or other covered event. 

Most of our customers pay: $30 to $52 per month.

Deductible: $500

Since property insurance sets limits based on what you need in a specific situation, coverage is unique to every customer. For example, if the building you own burns down in a fire, it may cost $250,000 to rebuild whereas your neighbor’s building may only cost $100,000. 

Learn more about commercial property insurance

 

How much is general contractor Tools & Equipment insurance?

Tools and equipment coverage (sometimes referred to as Inland Marine insurance) makes sure your gear is protected wherever you take it. This coverage is available as an add-on to our general liability insurance for contractors and cleaning businesses.

Most of our customers pay: $24 per month, or $280 annually

Blanket equipment per occurrence limit: $3,000 to $10,000, depending on your policy

Blanket equipment per item limit: $3,000 to $5,000, depending on your policy

Blanket equipment deductible: $500

Blanket misc per occurrence limit: $600 to $1,000, depending on your policy

Blanket misc per item limit: $600 to $1,000, depending on your policy

Blanket misc deductible: $100

Learn more about tools and equipment insurance

 

How do I get a quote for general contractor business insurance? 

Start an instant quote with NEXT to see what business insurance best suits your needs. We’ll ask you some basic questions about your operations, which we’ll use to create a customized insurance quote.

Once you’ve received your quote you can adjust the limits before making a purchase. You’ll be covered as soon as you’ve bought the insurance you want, and you’ll have instant access to your certificate of insurance. The self-service tools also allow you to pay premiums, add an additional insured and file claims. 

Getting insurance through NEXT can be done entirely without talking to an agent. And if you do have questions, our licensed, U.S.-based insurance professionals are ready with the answers.

Start a free instant quote today.