Call Us (504) 556-0809 ☰ ˟
Logo
Español
New Orleans: (504) 556-0809 River Parish: (985) 331-9077
  • Home
  • Coverage
    • Automobile
    • BOP (Business Owners Policy)
    • Business & Commercial
    • Commercial Auto
    • Contractors
    • Cyber Liability
    • Dental
    • Flood
    • General Liability
    • Health
    • Homeowners
    • Life
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
    • Windstorm
    • Workers Compensation
  • Get A Quote
    • Automobile
    • Business
    • Flood
    • Health
    • Homeowners
    • Life
    • Recreational Vehicle
    • Renters
    • Windstorm
  • Customer Service
  • Blog
  • Make A Payment
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Homeowners Insurance in Louisiana: How to Save on Soaring Costs
  • About Us
    • About Dave Millet Insurance Agency
    • Our Locations
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More

Contractors

We browse through a wide variety of coverages and find the right one for you.

Learn More

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More

Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > How Much is General Contractors Insurance?
TUESDAY, AUGUST 18, 2020

How Much is General Contractors Insurance?

Contractor with sleeves rolled up stands over work table measuring some wood there is an open ladder next to him and a yellow hard hat and hammer on the table in front of him

Whether you’re a freelance contractor or employ subcontractors, you will need general contractors insurance in order to protect yourself and your assets.

The cost of general liability insurance for contractors depend on a variety of factors. Common influences include:

Coverage Limits

Most general contractors insurance covers bodily injury, property damage, product liability and personal or advertising injury. These policies generally provide coverage of $1 million to $5 million. The more coverage you have, the more you will pay in insurance premiums. It’s important to consider your risks as a contractor to make sure you have the right amount of coverage. Lower limits to save money isn’t always the best option, as low limits leave you open to expensive lawsuits.

Location

The cost of general contractor's insurance varies state to state and even zip code to zip code. This is due to many factors that are out of the contractor’s control, such as the cost of living and history of claims in the area.

Claims History

Like with any other insurance policy, filing a claim on your contractors insurance policy may raise your rates. Once an insurance provider has to pay compensation, they raise rates in order to offset the risks of you filing another claim. Contactors that have a long history of claims may even have trouble finding a general contractors insurance policy.

Nature and Exposure of the Business

Contractors who are involved in many aspects of business—such as delivering, manufacturing and installing equipment or products—face a higher risk of general liability claims and thus pay more for general contractors insurance. The size of the business also matters. Contractors who have subcontractors, work on high profile projects or cover a large area of clients are likely to pay more for general contractors insurance.

Having more employees (in this case, subcontractors) will generally raise your rates due to the added risk of multiple employees.

Credit Score

Your credit score could affect the cost of your general contractors insurance. Low credit scores typically result in high insurance premiums.

Most contractors may pay around $42 a month for general contractors insurance, depending on the factors above. Some contractors may choose to combine certain coverages, such as with a business owners policy (BOP). A BOP allows you to combine general liability and commercial property insurance into a single adjustable insurance policy for your small business.

Also read: When Does a Freelancer Need Contractors Insurance?

Get A Quote

 

Posted 6:01 PM

Tags: contractors insurance, business insurance, commercial insurance, dave millet insurance agency
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2015
  • 2014

  • home insurance(22)
  • dave millet insurance agency(17)
  • insurance(15)
  • louisiana(10)
  • contractors insurance(10)
  • metairie(9)
  • business insurance(8)
  • workers compensation insurance(6)
  • homeowners insurance(5)
  • commercial insurance(4)
  • general liability insurance(4)
  • dave millet insurance(3)
  • commercial auto insurance(3)
  • laplace(2)
  • boat insurance(2)
  • renters insurance(2)
  • auto insurance(2)
  • homeowners(2)
  • auto(2)
  • new orleans(2)
  • home(1)
  • short term disability(1)
  • metarie(1)
  • pests(1)
  • holiday(1)
  • car maintenance(1)
  • office safety(1)
  • vehicles(1)
  • laplace la insurance(1)
  • general liability(1)
  • maintenance(1)
  • fire safety equipment(1)
  • disability insurance(1)
  • tires(1)
  • tenant insurance(1)
  • employee(1)
  • car insurance(1)
  • coolant(1)
  • rv insurance(1)
  • long term disability(1)
  • windstorm(1)
  • bad weather(1)
  • business owners(1)
  • builders(1)
  • motorcycle insurance(1)
  • commercial(1)
  • disaster preparedness(1)
  • houma(1)
  • home inventory(1)
  • la(1)

View Mobile Version

Contact Us Today!
New Orleans

(504) 556-0809


River Parish

(985) 331-9077

Contact Us
Facebook Twitter LinkedIn Google Maps

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

New Orleans: 2305 Veterans Memorial Blvd, Suite F | Metairie, LA 70002
River Parish: 13385 Highway 90 | Boutte, LA 70039
P: (504) 556-0809 | P: (985) 331-9077 | F: (985) 331-9844
© Copyright 2021. All rights reserved. | Powered by Insurance Website Builder