HandymanInsurance.com Offers Tips on Contractors Liability Insurance
Contractors Liability is a contract of insurance tailored specifically for those undertaking contracting work. Contractors Liability Insurance is actually a form of Commercial General Liability (CGL)insurance tailored for the construction contractors market.
1. Contractors liability coverage is a critical component to any Contractor’s insurance program.
2. Contractors General Liability Insurance is a liability insurance policy which is used specifically for coverage in the construction and building trades.
3. Contractors General Liability Insurance is mainly used by contractors who do a variety of work within a specific type of construction or remodeling such as home builders or road construction.
When applying for CGL type policy keep in mind rates and coverages vary from state to state. You need to remember generally the rates are determined based on your gross receipts. There is a reason for this according to the insurance companies as their thinking is the more you make, the more jobs you are doing, then the more exposure your create for yourself and the insurance company.