General Liability Insurance for Contractors

General contractors oversee every aspect of a building construction project — everything from plumbing and electrical wiring to drywall and HVAC system installation. When you factor in the high cost of construction in New York, contractors in the five boroughs and on Long Island can face an enormous liability exposure. What's more, most contractors must furnish proof of general liability insurance coverage before bidding on any construction job — and maintain it throughout the project.

What Is General Liability Insurance for General Contractors?

Contractor general liability insurance covers the costs of lawsuits filed against your business due to property damage and injuries resulting from your negligence. The insurance will pay for any damages awarded by a jury or reached via a settlement agreement with the injured party (up to the limits of the policy). It will also cover legal fees such as attorney costs, court filings, obtaining medical records, etc. associated with your case.

What Types of Events Does Construction Liability Insurance Cover?

There are many potential situations where general liability insurance for contractors can benefit your company. For instance, if a passerby trips over a ladder or slips and falls on a wet spot caused by a spill or leak at your jobsite, your policy will pay for any associated medical costs and litigation. Or, if a worker crashes into an adjacent building while operating heavy equipment, your liability coverage will pay for the damages.

Consider Adding Completed Operations Insurance Coverage

You can also include completed operations insurance coverage as part of your general liability plan. This coverage pays for liability issues that may arise after you've finished a construction project. For example, suppose you installed an HVAC system that doesn't function properly and causes condensation to build over time. The moisture eventually causes the wooden floorboards in the building to rot. Completed operations insurance will pay to repair the damage if it occurs within the timeframe specified in the policy.

What Are the Benefits of General Liability Insurance for Contractors?

Carrying a sufficient amount of construction liability insurance can prevent financial ruin resulting from a large settlement or a successful lawsuit against your company — few construction entities have the resources to cover an adverse judgment totaling hundreds of thousands or millions of dollars. It also demonstrates that you're a responsible business owner, which can help you land more projects. Finally, you'll have the peace of mind of knowing you've taken the appropriate steps to safeguard your business's assets and protect its reputation.

Why Choose Kokkoris Insurance Services for Your Construction Liability Insurance Needs in New York?

As a leading commercial insurance broker for over 25 years, Astoria-based Kokkoris Insurance Services has the experience and expertise to help you select the right contractor general liability insurance plan for your needs and budget. You'll also appreciate our customer-focused business approach — our dedicated team will work hard to earn and keep your business.

Contact us for a no-obligation coverage assessment and a free quote today.

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