What is Contractors Liability Insurance?
Contractors Liability Insurance is a form of insurance that provides coverage to businesses in the construction industry for liability related to the contractor’s work. This insurance is vital for protecting against claims of property damage, bodily injury, and other risks that can arise during construction projects.
Examples of Coverage
- Bodily Injury Claims: If a third party is injured at the construction site, this insurance can cover medical expenses and legal fees.
- Property Damage: Covers the cost of repairs or replacement if the contractor’s work causes damage to a property.
- Legal Defense Costs: In case of a lawsuit, it covers legal fees and court costs.
Key Features of Contractors Liability Insurance
|Includes bodily injury, property damage, and legal defense.
|Sets maximum limits for payouts on covered claims.
|Defines the duration for which the policy is effective.
|Details what types of risks are not covered.
|Optional coverages for specific needs, like tools and equipment.
Contractors Liability Insurance is essential for construction businesses, safeguarding against various liabilities that can arise from their work. It ensures financial protection and peace of mind for both contractors and their clients. Contact us today for a free quote.
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Frequently Asked Questions
What does contractor liability insurance cover?
Contractor liability insurance covers risks associated with business operations, such as third-party property damage, bodily injury, medical expenses, and legal defense costs.
What happens if a contractor does not have liability insurance?
If a contractor does not have liability insurance, they are exposed to potential legal and financial risks for any property damage or bodily injury caused by their business operations.