Artisan contractors play a crucial role in the construction and home improvement industry. Whether you’re a carpenter, electrician, plumber or any other skilled trade professional, your work can significantly impact the safety and functionality of a property. However, your work also exposes you to various risks on and off the job site. That’s where general liability insurance comes into play.
What Is General Liability Insurance?
General liability insurance is a policy that can provide financial protection to a business against third-party claims for bodily injury, property damage, or personal and advertising injury. This insurance is a fundamental tool for artisan contractors to mitigate the risks associated with their work.
Why Is General Liability Insurance Important for Artisan Contractors?
General liability insurance is essential for the following reasons:
- Protection against liability claims—As an artisan contractor, you regularly work on someone else’s property. If a third party, such as a client or a passerby, is injured or their property is damaged due to your work, they may file a lawsuit against you. General liability insurance can help cover the costs associated with such claims, including legal fees, settlements or judgments.
- Professionalism and trust—Having general liability insurance demonstrates professionalism and responsibility. Many clients and project owners require contractors to have this insurance to protect their interests and investments. Having it shows your commitment to fulfilling your obligations and addressing potential mishaps.
- Peace of mind—Knowing that you are protected by insurance can provide peace of mind, allowing you to focus on your work without worrying about potential financial disasters resulting from unforeseen accidents or claims.
What Does General Liability Insurance Typically Cover for Artisan Contractors?
General liability insurance policies for artisan contractors usually cover the following:
- Bodily injury—This can include coverage for medical expenses, legal fees and settlements if a third party is injured on your job site or due to your work.
- Property damage—If you or your employees accidentally damage someone else’s property while working on a project, your insurance can help cover the repair or replacement costs.
- Personal and advertising injury—This coverage protects you in cases of libel, slander or copyright infringement in your advertising and marketing materials.
- Products and completed operations—This aspect of the policy covers claims related to products you sell or work you’ve completed.
- Legal expenses—General liability insurance can typically cover legal fees in the event of a lawsuit.
- Medical payments—This coverage pays for medical expenses of third parties injured on your job site or due to your work, regardless of who is at fault.
How to Get General Liability Insurance
Contact Granite Risk Advisors to help determine the appropriate coverage limits and policy endorsements that align with your artisan contractor business.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.