General Contractor Insurance in Virginia
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Why do general contractors need insurance in Virginia?
Construction is one of the biggest industries that is found in The Old Dominion. It is estimated that around 65,900 sole traders work in the industry.
Construction sites can be dangerous places to work. A simple accident can create an expensive liability problem for small-sized companies. Contractor insurance in Virginia protects your business from mishaps, delays or other issues.
Contractor insurance is the abbreviated name for the coverages that a contractor may consider.
- General Liability
- Business Owner’s Policy
- Workers’ Compensation
Learn more about Virginia contractor’s insurance and learn how you can get the most suitable policy for your company through BizInsure.
Who may need contractor insurance in Virginia?
Contractors often purchase insurance policies to protect their personal and business finances. General Liability and other insurance policies can be a vital security net for your company.
Certain types of insurance may be required for certain customers (and this requirement is often written in business contracts.
Choose your occupation to learn more about the options for insurance that are available, and then request with a quote to get a customized insurance quote.
What are the typical contractors insurance policies in Virginia?
There are a variety of contractor insurance that Virginia tradespeople typically consider. These policies will help you deal with the risks that are common to general contractors working on their jobs.
General Liability insurance
On the construction site, anything can happen. Your business could suffer from an innocent action, like leaving your equipment in the wrong spot.
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.
Virginia contractors can safeguard their bank accounts by purchasing General Liability insurance. This insurance pays your legal costs should someone alleges your actions injured or damaged their property. It can also pay to fix the situation (up to the limits of the policy) through the payment of medical bills repairs, costs for repair or replacement expenses.
Business Owner’s Policy
If you’re in the construction business it isn’t always smoothly. Incomplete projects, damaged tools, or other issues can make it difficult to finish your job as promised.
A Business Owner’s Policy (BOP) is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.BOPs are customizable to include options to cover your specific business needs. It can be a practical and cost-effective way to protect yourself from the many dangers that general contractors are exposed to.
Workers’ Compensation Insurance
You are accountable for the health and well-being of your employees as they work.
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.
In Virginia, Workers’ Compensation insurance is required for businesses with more than two employees.
What does contractors insurance cover in Virginia?
Contractor insurance can cover your business against many types of risks. Based on the type of coverage you select, you may be protected for situations such as:
- Claim for injury and property damage to third parties (General Liability)
- Unexpected business interruptions(Business Owner’s Policy)
- Equipment breakdown (Business Owner’s Policy)
- Employee workplace accidents and illnesses (Workers’ Compensation)
Virginia general contractor insurance cost
The cost of business insurance varies because insurers look at many factors to determine the cost of each cost. Costs to your business can differ based on variables like:
- What kind of insurance do you need?
- Your annual income (size of business)
- What is the maximum number of people that the policy able to cover?
- Your claim history
- Your choice of the coverage amount
How BizInsure helps contractors thrive in VA
BizInsure can help you safeguard your company.
You can get multiple estimates in less than 10 minutes and select the most appropriate coverage that fits your budget and requirements. With policy documents sent straight to your email, you’re covered immediately.
Do you need assistance? Our licensed agents are available to assist you at any point along the way.
Compare multiple quotes and choose A-rated coverage for your Virginia general contractor business.
Learn more about insurance for general contractors in the states where you work.
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