Contractor general liability insurance is required to protect against lawsuits that could come from a variety of sources. Members of the public may be injured on the work location or unintentional damage may be done to part of the site. Agents work with wholesale brokers to ensure that a client is protected from all risk factors.
It's the contractor's job to be sure that all members of a project, including subcontractors, are covered by general liability insurance. If a third party is injured on the work site, then a lawyer could find a way to target almost anyone involved with negligence or another complaint. Foregoing umbrella coverage puts a contractor at risk for a large financial hit in the event of a successful lawsuit.
Contractor General Liability Insurance Can Include Umbrella Options
While general liability insurance can protect contractors from many lawsuits, there may be some gaps in the plan. Agents negotiate with wholesale dealers to create umbrella plans to seal up these coverage holes. For example, a general plan may not include coverage for borrowed vehicles or watercraft that are used by the contractor. Umbrella programs can usually be written over existing coverage to provide situational risk management.
Adco General is a Colorado-based general agent and wholesale broker that provides all manner of solutions to contractor general liability insurance issues. Contact the company to find out about adjusting payment and installment options to best fit the financial needs of a client.
