The Importance of General Liability Insurance in TX
Construction sites contain many potential hazards, such as machinery malfunctions, electrical accidents, and fall risks. Because of this, general contractors shoulder a great deal of responsibility. Not only is the work itself high-risk, but there’s considerable liability in defective products, accidents, injuries, and lawsuits.
All these potential legal and medical expenses can quickly deplete your business assets. Contractor liability insurance in Texas is necessary to protect against all these circumstances that can result in liability claims and defect lawsuits.
Also, each industry comes with special considerations and concerns that are unique to their services. With Pacific United General Liability Insurance, you can rest assured that you’re covered for all these possibilities, regardless of your industry. Our experienced agents are experts in handling the unique concerns of Texas general contractors, as well as providing customized solutions for your individual business needs.
It’s also important to understand the coverage best-suited to your work. Contractors need a policy that protects them from ongoing and completed projects, subcontractors, and the possibility of injuries on your premises. The trusted agents at Pacific United Insurance are experienced in advising contractors, so they’re prepared to guide you through this process.
We’re also concerned about your bottom line, so we are prepared to offer advice about coverage and competitive rates. As a result, you save money and have peace of mind, knowing that you’re protected from any issues that may arise.
Despite your best efforts and intentions, things can occasionally go wrong. When things go wrong in the construction industry, however, they often have expensive and catastrophic consequences.
General liability insurance protects you from the significant financial burden, but that’s not the only reason for coverage.
Whether your business handles small, midsize, or large construction projects, these are some of the benefits of having general liability insurance:
• Bodily Injury Claims-No matter how careful you are, accidents happy, especially in open worksites where inexperienced people may unknowingly enter or pedestrians may stumble or trip over equipment and debris. If someone is injured on your business premises, general liability insurance covers injury-related expenses for third parties.
• Property Damage-Property damage typically covers damage to another person’s property as a result of fire, lightning, or explosions. If someone claims your business or service damaged their property, the ensuing legal battle can be expensive and time-consuming. General liability insurance protects your contracting business from lawsuits related to property damage.
• Completed Products Claims-If someone is injured as a result of your completed services or products, your contracting company is liable, regardless of your knowledge of any potential risks or defects. With general liability coverage, however, your legal expenses are covered.
• Immediate Medical Expenses-If someone is injured on your property or worksite, Immediate Medical Expense Claims covers the cost of their medical attention. This protects you from the possible risk of a lawsuit from not responding to the incident immediately.
• Contractor Errors and Omissions-Though not necessary in every industry, contractor errors and omissions insurance cover claims related to timeliness, budget, and negligent work. It’s important to note that this is not usually included in general liability insurance, but is a useful addition to cover policy gaps in certain industries.
• Advertising Injury-Libel, slander, invasion of privacy, and copyright infringement are all potential risks to handling your marketing and advertising for your contracting business. These errors are usually accidental and incredibly easy to make, especially with the viral nature of the internet. General liability insurance also covers you if you face a lawsuit for any of these errors, which can be costly.
The financial protection provided by general liability insurance typically covers legal-court costs, witness fees, attorney’s fees, police report costs, lost wages from court appearances, judgments and settlements, and medical expenses.
Who is protected by a Texas Contractor insurance?
• Joint venture or partnership-all partners, members, and spouses are protected in the event of a lawsuit
• Corporation-all executive officers, stockholders, and directors are protected in the event of a lawsuit
• Subsidiaries-liability coverage extends to subsidiaries where you own at least 50 percent of the stock
• Vendors-if you have a written agreement to indemnify a person or organization would be protected against claims of property damage or bodily injury as a result of selling or distributing your products
• Legal associations-volunteers and any other individuals legally associated with your business are protected against liability from the work done for you
General liability insurance is often required for general contractors, contractors, and subcontractors. Also, clients may want some proof of coverage before hiring you for a project. They want to ensure that they are covered if your work or service cause any injuries.
One of the biggest risks in the construction industry is third-party injuries, and some of the most expensive claims for a contractor involve construction defects, property damage, medical expenses, and worksite accidents. Improving safety on your property and worksites is a start, but that may not be enough to protect you against all unexpected accidents and injuries.
Don’t leave your business assets vulnerable to medical bills, legal expenses, settlements, or judgments. Contact Pacific United Insurance today to discuss the services you offer, your potential liabilities, and let them guide you in determining the best general liability coverage for Texas general contractors.
Don’t forget to check out our site for more insurance options, such as workers compensation and commercial automobile insurance, for all your contracting insurance needs.