contractor insurance

Virginia Beach General Liability Insurance

Contractor General Liability Insurance is vital for the development of any project but is often overlooked in favor of the contractor’s own general liability coverage. Read this blog to learn about just why having a Virginia Beach, VA General Liability Insurance is vital to your project

What is Contractor General Liability Insurance in Virginia Beach, VA?

Contractor General Liability Insurance protects businesses from lawsuits resulting from general contractor activities, such as construction or demolition. coverage typically includes business interruption and property damage. This type of insurance is particularly important for contractors who work on or near public property or infrastructure, such as airports, dams, and bridges.

Typical coverage includes business interruption and property damage. Coverage can also include claims against subcontractors, suppliers, and employee misconduct.

benefits of contractor general liability insurance in Virginia Beach, VA

Benefits of contracting with a qualified provider include peace of mind that you are covered for potential liabilities. Coverage can help protect your business from costly lawsuits, and may also provide financial assistance in case of losses.

Does My Company Need Contractor Liability Insurance?

Your company probably doesn’t need contractor liability insurance, but you should at least get a policy that covers your business and any employees who work on your behalf. Contractor liability insurance will protect you if someone files a lawsuit against you because of something your employee did while working for you.

Some variables to consider when deciding if contractor liability insurance is necessary for your business include:
-How many contractors do you have working for you?
-How much money are they likely to make?
-Are you affiliated with any other companies whose employees could potentially blame you in a lawsuit?
-What kind of reputation do you want to build with potential clients and employees?

If the answer to any of these questions is “yes,” then contractor liability insurance is definitely something you need in your policy mix. There are several types of policies available, so be sure to speak with an agent about what would work best for your business.

Do I Need to Take a Course or Class to be Certified and Qualify for Contractor Liability Insurance Policies?

No, you do not need to take a course or class to be certified and qualify for contractor liability insurance policies. The Virginia General Assembly enacted the Virginia Contractors’ Liability Act in 1974, making Virginia the first state in the nation to pass such a statute. Under this Act, anyone wishing to provide contract services in the state must be licensed by the Department of Commerce and trade. For license requirements, please see our website or call our office at (877) 893-7629. Once licensed, contractors must maintain $2 million general liability insurance coverage. This policy must provide coverage for any claims made against the contractor resulting from personal injury or property damage arising out of the performance of contractual services. In order to ensure that your business is adequately protected, we also advise you to obtain uninsured/underinsured motorist coverage. This protection will reimburse you for losses that occur when someone else’s negligence causes your car to be damaged or stolen while you are driving it on job site premises.

How Do Contractors and the Workplace Get Hurt Virginia Beach, VA?

In the United States, Contractors are generally considered to be self-employed. This means that they are not covered by most workers’ compensation programs and must carry their own insurance. The general rule is that a contractor is automatically CGL insured if they have been in business for at least one year unless the contract specifically excludes coverage.

There are a few exceptions where contractors may be excluded from coverage. These exclusions can depend on the state law in which the contractor operates, as well as any specific provisions in the contract itself. A common exception is when a contractor is specifically excluded from coverage based on a particular job site location or type of work involved.

If you are thinking about becoming a contractor and would like to know what kind of insurance you should consider carrying, there are several resources available to you. The National Association of Home Builders (NAHB) provides comprehensive information on CGL coverage for contractors, including an online resource that can help you determine your CGL needs based on your business type and scope of activity. Another resource that might be useful is the website provided by the Virginia Accident Commission (VAC), which offers free short course lectures entitled “The Business of Contracting” featuring construction industry experts. Finally, if you have questions about contracting specific to your state or locality, contact your state’s contracting regulatory body or local office of the Occupational Safety and Health Administration (OSHA).

How Will Incidents Affect Your Company’s Cash Flow?

1. Contractor General Liability Insurance will help protect your company from financial losses in the event of an incident.

2. By having this insurance, you can feel confident that you won’t have to pay out of pocket for damages or injuries that occur as a result of a lawsuit.

3. Plus, if something does happen and your company is sued, having contractor general liability insurance in place will give you the resources you need to fight the claim and protect your business reputation.

Why Contact MetaInsVerse Compliance Specialists, Today?

There are a few reasons why you might want to contact MetaInsVerse Compliance Specialists. Perhaps you have been contacted by the government or another organization with inquiries about your compliance with certain regulations.MetaInsVerse can help identify and correct any issues that may arise so that you can avoid penalties and maintain your reputation. We also offer to consult services to help businesses stay up-to-date on all the latest regulatory changes and best practices for compliance. Furthermore, MetaInsVerse’s consultants regularly participate in joint training sessions with other industry professionals, which means we have access to the latest tips and techniques for avoiding problems. Contact us today to get started on ensuring that your business is compliant with all the applicable regulations.