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General Contractors Insurance in Alabama

As a contractor, you face many risks and exposures daily. Your business relies on providing clients with dependable products and services while maintaining stringent timelines. Furthermore, as part of the construction industry, your operations and worksites often include many dangerous tasks and inherent perils. Given these high risk levels and the potentially significant costs of even slight errors or delays, your firm must protect its financial interests by understanding and maintaining an adequate insurance portfolio. 

Do Contractors Need Liability Insurance? 

Bearing liability for another party’s losses can incur devastating losses on your business. These risks must be top of mind for your business, as even a single accident or mistake could cause significant losses for which you may be held responsible. With that in mind, your insurance portfolio should include ample financial protection to offset liability, such as the following coverages: 

• General liability insurance—If an incident caused by your operations or occurring on your property affects a third party, such as a guest, passerby or neighbor, your insurance can compensate them and insulate you from losses. 
• Professional liability insurance—This coverage, also known as errors and omissions insurance, can help pay for losses if a client alleges that your firm provided products or services that were insufficient, incomplete, late or otherwise failed to fulfill your obligations. 
• Commercial auto insurance—Accidents involving your company’s motor vehicles can have substantial financial consequences. If your business is at fault for another party’s vehicle-related losses, the liability portion of commercial auto insurance can provide critical financial aid. 
• Cyber liability insurance—If your business stores sensitive or private information, this coverage can help pay for losses if you experience a data breach or other cyber incident. 
• Commercial umbrella insurance—This type of insurance acts as a secondary form of coverage if the liability limits of other policies are exhausted.  

Are Subcontractors Covered Under Contractors Insurance? 

Many of your projects may include enlisting the services of subcontractors who specialize in certain parts of larger projects. However, your firm should be aware that your insurance policies may not cover those not on your payroll. In fact, many insurers specifically exclude subcontractors from certain coverages. As such, you need to check the insurance status of all subcontractors before hiring them. 

How Much Does Contractors Insurance Cost? 

Like most types of insurance, the cost of a suitable contractors insurance portfolio may vary significantly. Insurance companies must comprehensively analyze your operations and circumstances to assess risk levels and coverage needs. In most cases, this will include an analysis of the following: 

• Contracting services offered (e.g. residential and/or commercial)
• Business property and equipment
• Revenue
• Workforce size
• Prior claims
• Portfolio details (e.g., coverages needed, policy limits, deductibles) 

Get the Right Coverage 

We’re here to help. With over 20 years of experience serving individuals, families and businesses throughout northern Alabama, the dedicated staff at Jean Deese Insurance Agency are ready to help your firm assess its coverage needs and assemble an ideal contractors insurance portfolio. Contact us today to get started.