Hollywood General Liability Insurance
Think you are protected from professional liability. Well, there is no such thing as perfection and when it comes to construction, everyone makes mistakes. With contractor general liability insurance Hollywood protection is always there when you need it most.
What is Contractor General Liability Insurance Hollywood, Florida?
In order to protect themselves and their business from potential liabilities, contractors in Hollywood, FL should consider contracting for contractor general liability insurance. This type of insurance will cover the contractor and any of their employees if they are sued for any reason arising out of their work on behalf of the client.
The cost of contractor general liability insurance typically varies depending on the coverage that is desired and the underlying risks associated with the contractor’s specific industry or project. However, in most cases, it will be relatively affordable to secure coverage. In addition, proper protection can help reduce risk factors for potential lawsuits, which can save both time and money in the long run.
The Shortfall Of Contractors General Liability Insurance Hollywood, Florida
The Contractor General Liability Insurance provides protection for contractors and subcontractors, their employees, and customers against financial losses arising out of claims of personal injury or property damage. The policy typically covers general liability, workers’ compensation, automobile insurance, and professional indemnity. Shortfalls in contractor general liability insurance policies can lead to costly lawsuits and increased business vulnerability.
A recent study by the Massachusetts Institute of Technology found that inadequate policies were a major contributor to contractor bankruptcies between 2003 and 2007. In fact, nearly two-thirds (65%) of all bankruptcies among construction companies during this time period were attributed to insufficient insurance coverage. The study also found that 73% of small construction firms – those with fewer than 50 employees – had absent or inadequate contractor general liability insurance coverage.
If you are a contractor in Hollywood, FL, and need adequate contractor general liability insurance protection, please contact our office at (877) 893-7629 for a free evaluation. We can help you find the right policy option that fits your needs and protect your business from potential financial losses.
To Be Good at Your Business Starting Off and Grow a Successful Team
1. You will need contractor liability insurance to protect your business from possible financial consequences if someone is injured while working on your property.
2. Make sure you have enough coverage to cover the full range of risks involved in contracting, including personal injury and property damage.
3. Choose a reputable insurer that is well-versed in contractor liability insurance policies and practices. Thorough research will help you find the best policy for your business.
4. Establish a process for transparent communication with clients and subcontractors about potential risks, as well as plans for addressing them should they arise. This will help ensure that everyone is aware of their responsibilities and obligations when it comes to safety on your property.
Important Duty of Every Company Owner to Ensure their Business Has the Right Liability Insurance Type on File
When it comes to Contractor General Liability Insurance Hollywood, every company owner should have it on file in order to cover any potential financial losses that could occur due to a lawsuit. Depending on the business and its geographic location, different types of liability insurance may be necessary in order to protect your business.
One important duty of every company owner is to make sure their business has the right liability insurance type on file. This can vary depending on the size or type of business. Some common types of coverage include general liability, property damage, automobile liability, workers’ compensation coverage, and more.
It’s important for businesses to have a solid understanding of their liability insurance needs so they can select the appropriate policy for their business. This allows them to avoid possible financial losses if a lawsuit arises. Contact an insurance broker today to get started with your customized policy and protection plan for your business.
Coverage Types Hollywood General Liability Policy
When contracting with a business, it’s important to consider what type of insurance they are required to have in place. One common policy is general liability insurance Hollywood, which protects the business against any legal claims that may arise from its contracted workers. Types of claims that can be covered under this policy include negligence, sexual harassment, and other workplace hazards.
A complimentary policy supplement may also protect your business in specific circumstances such as specific types of equipment being used or if accidents happen on your property. In order to find out if your contractor is required to carry general liability insurance, contact Pascal Burke.
Get A Quote Contractor Insurance Hollywood
When it comes to contractor general liability insurance, you might be wondering what types of coverage are the most popular. According to the 2017 State of Defense Report, contracts totaling $5 billion were awarded through the Federal Government in 2016. This makes contracting a lucrative business with a high risk associated with it, which is why contractors require comprehensive insurance protection. Here are some of the most common coverage types that contractors typically take out:
Property damage liability: This type of coverage will reimburse you for any losses incurred as a result of someone else’s negligence or intentional acts on your property. For example, if you have a construction site and someone throws a rock through your window, your policy would cover the cost of repairing the damage.
Auto liability: If someone is injured when they’re driving their car on your property and you’re responsible for the accident, your policy would cover their medical expenses and damages to their vehicle.
Workers’ compensation: In states that have workers’ compensation laws, this type of coverage will pay for workers’ injuries while they’re working on your behalf. You won’t be responsible for their negligence or personal injuries after they leave your site, but you’ll still need this type of insurance in case something happens during their time at work.
Cargo liability: This covers accidents that happen while your trucks or trailers are carrying materials or equipment on public roadways. Including things like collisions with pedestrians or cars.
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