02 May General Liability Insurance
GENERAL LIABILITY INSURANCE
Normally, it is difficult for businesses or general contractors to work without general liability insurance. General liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance. The type of work undertaken, gross receipts and total payroll expenses also impact the premium. Like auto insurance, general liability insurance also requires a down payment followed up with installments of premium. Before buying general liability insurance, it is best to compare the quotes available in the market.
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. For example, if a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.