One of the most high-risk workplaces is a construction site in the United States. General liability insurance is a must-have in protecting all professionals should they be involved in a work-related accident. IRM Insurance of Knoxville, TN can assist contractors with understanding a general liability insurance policy and how it protects their business from a financial nightmare.
What Does General Liability Insurance Cover?
General liability insurance is an excellent foundation for all contractors trying to protect their business. There are plenty of risks when being an active participant in the construction industry. The wording of your insurance policy should allow for additional coverage if the business expands.
The purpose of general liability insurance is to cover for work accidents and personal property damage. It’s rare, but employees, clients, and innocent bystanders could get injured from flying debris. General liability insurance will cover all medical expenses for the injured party.
Another major concern for general contractors is damaging a client’s personal property. But, accidents will happen due to operator or mechanical error. General liability coverage will protect a contractor from making out-of-pocket payments for the repairs.
Why a Contractor Needs General Liability Insurance?
Contractors learn quickly why they need general liability insurance. It’s to keep them from facing financial ruin from a work-related accident. Too often, construction businesses have folded because they failed to have the right general liability insurance coverage. A settlement for either property damage repairs or medical care for an injured third-party became too much of a financial burden for the business to survive. Plus, more clients are requiring contractors to show proof of general liability insurance before hiring them for home improvement work.
General liability insurance has become a must-have in protecting contractors from unexpected losses. IRM Insurance of Knoxville, TN is honored to assist those connected in the construction industry in getting the right coverage for their business. We will design a policy that protects your interest and meet your insurance needs. Schedule an appointment today!