General Contractor Insurance in Georgia
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Why do general contractors need insurance in Georgia?
Construction is one of the largest industries in The Peach State. More than 115,000 people working in construction are sole traders, and many of those are registered as general contractors. Contractor insurance for Georgia tradespeople helps protect many of these small-scale businesses.
Construction sites can be a risky industry to work in. An incident of a minor nature can result in a huge risk for your small company, regardless of whether you’re involved in commercial or residential construction projects. Insurance for contractors can safeguard your Georgia company from accidents and delays.
Contractor insurance is a variety of types of insurance that a General Contractor may consider.
- General Liability
- Business Owner’s Policy
- Workers’ Compensation
Find out how BizInsure helps you find the right contractor insurance policy for your Georgia business.
Who needs contractor insurance in Georgia?
Many contractors have insurance policies in place to safeguard their personal and business financial assets. General Liability insurance and other types can provide safety that is essential for your business.
It is possible that certain kinds of coverage are required in order to conduct business with a specific client (a requirement which is often stipulated in contracts for business). Workers’ Compensation insurance in Georgia is required for most businesses that have three or more employees.
Click on your occupation to find out more about your insurance options. It is also possible to start with a customized quote.
What insurance do contractors need in Georgia?
Georgia tradespeople are often looking for different kinds of contractor insurance. These insurance policies can aid in reducing the risk that contractors could face.
General Liability Insurance
Everything can occur on a construction site. A simple mistake, such as placing your toolbox in the wrong spot–can cause a huge headache for your business in the event that someone gets injured as a result of the mistake you made.
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties.
Georgia General Liability insurance safeguards your finances by covering your legal costs and costs associated with repairing or remedying the situation.
Business Owners’ Policy
There are times when things don’t go according to plan when working in the construction field. Broken equipment, incomplete projects and other problems can make it difficult to meet the deadlines you set.
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.
A BOP can provide specific coverage options that are tailored to your company’s needs. This can be a convenient cost-effective way to protect yourself from the numerous dangers that contractors are exposed to.
Workers’ Compensation Insurance
If you rely on employees to help manage your business, it is your responsibility to look after their health and wellbeing while they are at work.
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace. Georgia law requires businesses with three or more employees to provide Workers’ Compensation insurance regardless of if they part-time or full-time workers.
What does contractor insurance cover in Georgia?
Contractors insurance will protect you against a range of different risks. Based on the kind of insurance you choose your business could be protected for:
- Coverage for Third-Party Injury and Property Damage Claims (General Liability)
- Unexpected interruptions of business (Business Owner’s Policy).
- Equipment breakdown
- Employee workplace injuries and illnesses (Workers’ Compensation)
How much does general contractor insurance cost in Georgia?
If you’re only beginning your own contracting business in Georgia, you might not know about the costs that are associated with insurance for contractors.
The cost of business insurance varies due to the fact that insurers take a variety of factors into consideration when determining a company’s premium. The cost of your business will depend on factors such as:
- Select the appropriate kind of insurance
- Size of your business (annual revenue)
- The total number of people who are covered by the insurance policy
- You claim history
- What coverage do you select?
How to get business insurance for contractors in Georgia?
BizInsure simplifies the process of protect your contracting business.
You can compare various estimates in just 10 minutes. Then, choose the one that is most suitable for your needs and budget. You will receive your policy documents immediately in your email.
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Compare multiple quotes for Georgia general contractors today to find the most affordable coverage.
Learn more about insurance for general contractors in the states where you work.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers