General Contractor Insurance Cost and Coverage - Desktop General Contractor Insurance Cost and Coverage

General Contractor Insurance Costs and Coverage

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How Much Does General Contractor Insurance Cost?

Each general contractor is different, and as a result, each general contractor’s insurance cost will be different. Given the variety of types of jobs you take on, that probably won’t come as a surprise.  The cost of general contractor liability insurance for your business will be based on a variety of factors, including the types of work you do, how many employees you have, and where you work.

Costs can be quite different between businesses. Your general contractor insurance rates will differ than those of a friend or neighbor, whose business might be quite different. Even so, here are a few general contractor liability insurance costs that are constant for our customers. First of all, you’ll never have a huge payment, since we allow you to pay for your general contractor insurance monthly, rather than annually. You also won’t need to worry about a huge deductible, since all general liability policies for general contractors have a $0 deductible. There’s no fee for the certificates of insurance you might be asked to present, even if you need to add an additional insured. Most importantly, you can choose your level of coverage based on your needs.

All our policies were designed with you in mind, and were built to help you and your business grow with confidence. Below you’ll find the details of what general contractors insurance costs our customers, and you can check our general contractor insurance coverage to see if it makes sense for you. It’s important to remember that costs can vary, and the best way to get a sense of what your insurance will cost is to fill out our quick and easy online application. When you’re ready, get your personal general contractor insurance quote, and buy your policy online.

How Much Does General Liability for General Contractors Insurance Cost?

General liability insurance usually costs our customers between $750-$982 annually, or $62-$83 per month.

There are certain general contractor insurance costs that general liability insurance can protect against. These include:

  • Injuries to people who are not you or your employees
  • Damage to property where you’re working, even after you’re done
  • Personal injury or slander, if you’re accused of saying or writing something about someone else

General liability coverage is certainly one of the most critical types of general contractor insurance coverage, as it makes sure your business is covered, even if something you didn’t anticipate happens. It can include legal expenses, medical costs and more.

Most of our customers pay: $750-$982 annually, or between $62-$82 per month
Per occurrence limit: $300,000-$1,000,000, depending on your policy
Aggregate policy limit: $300,000-$2,000,000, depending on your policy
Deductible: $0

How Much is General Contractor Insurance for Professional Liability?

Professional liability insurance is connected to the work you do and your role as a general contractor.

While general liability covers accidents that could happen to any business, such as someone tripping and getting injured or causing damage to property, professional liability is far more specific. If you didn’t install a floor properly and it needs to be redone, didn’t properly install a light fixture which needs to be replaced or failed to properly secure cabinets in a kitchen you renovated, you could be facing a professional liability claim. These claims are usually smaller than general liability claims, and our professional liability general contractor insurance rates reflect that fact. All general contractor policies also include products completed coverage, so you’re covered even after you’re done.

Professional liability coverage is included in the Pro and Pro Plus plans we offer. It’s not available separately, and can only be purchased as part of a larger policy.

Most of our customers pay: An additional 4-8% for this coverage, which is reflected in the total policy cost
Per occurrence limit: $0-$20,000, depending on your policy
Aggregate policy limit: $0-$50,000, depending on your policy
Deductible: $500

Choose the Plan that’s Right for You

starting from $62.50 per month

Basic

General Liability

$300,000 aggregate limit
$0 deductible

Professional Liability

Not included

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Pro

General Liability

$1,000,000 aggregate limit
$0 deductible

Professional Liability

$25,000 aggregate limit
$500 deductible

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Pro Plus

General Liability

$2,000,000 aggregate limit
$0 deductible

Professional Liability

$50,000 aggregate limit
$500 deductible

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What’s Covered by General Contractor Insurance?

Bodily injury

Bodily injury

Someone trips over your tools while coming to check out your work, and breaks their leg.
Advertising harm

Advertising harm

You're hired to complete an addition on a home and you're very happy with your work! You post photos of the final product online to advertise for your company, and the client sues you for invasion of privacy.
Libel, slander and defamation

Libel, slander and defamation

An employee writes negative claims about a client on Facebook and the client sees them and sues you.
Property damage

Property damage

Sparks fly off the power tool you're using and start a fire that damages your client's home.
Medical payments

Medical payments

A client breaks their foot after tripping over a tool you left at the worksite and sues you for the associated medical costs.
Court and legal fees

Court and legal fees

You need an attorney to defend against a lawsuit even though you did nothing wrong.

General Contractor Claims We've Covered:

Our customer was hired to paint the client's home. For his work he needed to remove the storm windows on the property. He had placed the windows back on the hangars after completing his work for the day, but it wasn't fully secured and a strong wind blew them out of the hinges and damaged them.
Insured was painting the inside of a house and got paint on the client's Ethan Allen couch.
The insured has been working on a bathroom remodel for the claimant. Both the insured and claimant filed the claim independently. Both mentioned that the wrong color grout was used in the tile work. The claimant believes that the work needs to be redone because he thinks the tile was placed incorrectly and also thinks that the drainage system was installed incorrectly. The claimant has had the work examined by other contractors.
Claim scenarios are shown for illustrative purposes only. Coverage is dependent on policy terms and conditions and the actual facts and circumstances giving rise to a claim.

Why Choose Next Insurance for Your General Contractor Business?

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