General Contractor Insurance in Florida

Why do contractors need insurance in Florida?

Construction sites can often be dangerous places to work. Small businesses could be facing a liability issue in the event of a minor accident, regardless of whether it’s in a commercial or residential project. Insurance for contractors is essential for Florida companies to safeguard their hard-earned work from injuries, delay, accidents and other issues that are common to the industry.

Contractor insurance is the shorthand term used to describe the insurances that contractors often consider, including:

• General Liability
• Business Owner’s Policy
• Workers’ Compensation

Find out how BizInsure helps you find contractor insurance for your Florida business.

What types of insurance do general contractors need in Florida?

Florida tradespeople consider several types of insurance for contractors. These insurance policies can help you reduce the risks that contractors may face.

General Liability insurance

On a construction site, anything can happen. Even an innocent mistake, like placing your tools on the wrong side of the road could result in your company suffering when someone is injured.

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties. General Liability insurance for Florida contractors protects your bank accounts by paying your legal expenses and the cost to repair or remedy the situation.

Business Owner’s Policy

There are times when things don’t go according to plan when working in the construction field. You may not be able to complete your project in time if there are interruptions in the work, or if tools break.

A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.

BOPs can be customized to fit the needs of your company. This can be a convenient, affordable way to cover yourself from the numerous risks that contractors are exposed to.

Workers’ Compensation insurance

You are responsible for the health and well-being of your employees while they are working.

Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

Florida law requires most businesses, including those in the construction industry, to carry Workers’ Compensation insurance for their employees. Employers with one or more employees, including business owners who are corporate officers or LLC members, must have Workers’ Compensation coverage.