Contractors Liability Insurance is a type of Business Insurance that is designed to provide coverage to contractors from its work errors. While construction business is the most essential and in-demand job as of today, next to the advanced technology industry. Generally, this line of business often deals with a high probability of risks and losses due to their service's manner.
The most common example of contractual jobs includes carpentry, painting, plumbing, and construction —whereas, the chance of accidents is high while conducting its services. In the United States, it is very common for contracting businesses to make sure that the contractors they are hiring carry Contractors Liability insurance and a certificate of insurance —prior to signing an agreement. For the reason that once the contractor caused an accident resulting from their work, the client could be responsible for all the charges brought by the contractor’s liabilities.
As a contractor, you have the responsibility to supervise your working process and to keep it safe for your employees and clients. However, even though you take all the precautionary measures, the possibility of accidents is still high. Bodily Injury coverage could help pay for the cost of emergency services and hospital care of another person's injury and other necessary associated costs up to the funeral expenses.
Additionally, it could also help the insured contractor from legal fees, including attorney fees and other necessary settlements — if the injured party decides to sue the contractor. However, coverage would only be applicable if the injury of the other person results from the contractor's ongoing work and finished work. Bodily injury to the contractors' employees is not covered, so make sure to procure Workers' Compensation insurance for coverage.
Additionally, some providers could also give compensation for the lost income and wages of the injured third party person. So make sure to contact our licensed insurance agents if the coverage is available. In case the injured third party person demands you to pay for their lost wages due to the injury, and they won't be able to come to their work.
Contractors Liability Insurance covers the contractor's property damage liability on occasion wherein the contractor causes damages to its client's property. For example, a roofer contractor uses a stair to climb up to its client's roof. On the off chance, the ladder slid down and caused damages to the painting of the house. Any necessary cost for repairs is applicable for coverage but within the insured's policy limits.
There are instances that a business could make wrong decisions while advertising its companies. Some could accidentally copy other business's advertising campaign while others could copy it's competitor's slogan. With these instances, contractors liability insurance could kick in. Advertising injuries could cover the business against copyright infringement, libel (written), slander (spoken) damages filed by other companies against the insured.
Business Owners’ Policy is a package policy that consists of Commercial Property Insurance and Commercial General Liability Insurance. This type of policy is often required by law in almost all the states in the United States, including California and Florida.
Generally, the cost of the Business Owners Policy depends on the risk of the business. This risk includes the location of the business property and the nature of the business being.
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Business General Liability insurance is a type of commercial insurance that is also required by law to some states in the United States. Business General Liability Insurance Los Angeles covers the legal responsibility of the insured from the bodily injury of a third party person. Also, it could provide coverage to the property damages of the other person, if the business is held liable for the losses.
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