When you own a business, you become responsible for every aspect that goes with it. This includes taking care of your employees and staff and ensuring the equipment you use is maintained and protected.
Still, regardless of how much you pay attention to these aspects, you can experience unforeseen circumstances that lead to significant consequences. For this reason, getting general liability insurance for contractors is crucial.
The guide below may help you understand more about General Liability Insurance and its importance for your organization.
What is General Liability Insurance?
General Liability Insurance helps protect a company from bodily harm or property damage caused by a third party. It is one of the most vital insurance policies any organization should have.
This type of coverage is helpful to your firm because accidents still happen no matter how careful you are. And you can be held accountable or get sued for such occurrences. General liability insurance transfers that liability to the insurer, protecting you and your company.
What does it cover?
General contractor insurance pays for some of the following expenses:
- Property damage
- Bodily injuries
- Copyright infringement
- Legal fees
- Reputational harm
How much does it cost?
The cost of General Liability can vary greatly depending on a number of criteria. Age, location, number of employees, building condition, and history of insurance claims can all impact the cost of your policy.
While liability insurance is not necessarily required by law, it is a considerable benefit. Without insurance, your company is subject to various financial liabilities that could leave it bankrupt.
Contact them at (760) 241-7900 or visit their website www.isu-armac.com/ for more information on their different insurance services.