– General Liability Does NOT Mean Total Liability Protection
As a contractor, you have purchased the necessary insurance to legally operate your business. However, if you are relying on general liability to cover your company’s overall risk and liability, you may be leaving critical gaps in your coverage. General liability insurance does not equate to total liability protection. Discuss your insurance needs with a knowledgeable insurance broker in Mississippi to make sure your company is fully protected.
What Coverage Could You Be Missing?
Some aspects your general liability coverage may not include are:
- Contractor Pollution Liability – This is a contractor-based policy that offers third-party coverage as a result of pollution conditions arising from operations.
- Directors and Officers Liability – If a director or officer of your company is accused of wrongdoing and causing financial injury, your general liability coverage may not be adequate.
- Employment Practices Liability – This type of coverage encompasses areas such as harassment, discrimination and retaliation claims related to employment and generally is not part of a basic contractor liability policy.
- Expected or Intended Incidents and Liabilities – This could include situations such as workplace violence and it is a level of specialized coverage.
- Cyber Risk Liability – If you store data online or even on local computers, then you could be at risk for a data breach. If sensitive information is stolen in that data breach, your company is liable for the damage, and this is typically not covered under a general liability policy.
- Faulty Workmanship – Faulty workmanship endorsements are purchased separately from your general liability insurance coverage. This covers you against client claims of faulty workmanship, faulty products or defective materials in your work.
Not all companies need these layers of protection, which is why it is important that you speak with a qualified insurance broker to discuss your company’s specific liabilities.
What Type of Insurance for Contractors is Necessary to Protect Your Business
Whether you are a general contractor, plumber or you own a construction company, it is important to understand all of the risks associated with operating your business. The only way to do that is to have a thorough risk assessment performed by an insurance specialist. To reassess your coverage and find out what gaps may be existing in your general liability insurance policy, contact The Nowell Agency today.
Request a quote for your contractor insurance. Give us a call at a location near you.