A general contractor is any contractor who undertakes work for another company. In Texas, there are hundreds of thousands of general contractor insurance companies and services to choose from when you're looking for general contractor insurance. To help you make the right decision, it's helpful to have some basic knowledge about contractors and general contractor insurance. The following things to know about general contractor insurance texas can help you choose the best general contractor insurance policy for your needs.
One of the most important things to know about what to look for in a contractor insurance policy is that the price isn't the only thing you should be concerned about. Coverage is also extremely important. Before signing any general contractor insurance policy, you should carefully review the coverage options. For instance, you may be required to use an actual physical office or facility during business hours, or you may only be covered for damage that occurs during normal business hours. There may also be some limits on the amount of money that you'll be held liable for, and on the kind of liability that company will accept in the event of a lawsuit. Keep in mind that the general contractor license doesn't give you any sort of immunity from liability, so you'll still have to be covered by another policy if something happens while you're on the job.
You also need to consider what to look for in a contractor insurance policy when it comes to protecting your investment. For this, there are two basic types of coverage: bodily injury and property damage. Bodily injury protection is the main type of coverage that will cover you in the event that you get sued because a customer or client gets hurt on the job. Property damage is a secondary type of coverage that will cover the cost of repairing or replacing property that's damaged while you're working. These are the two main ways that you can protect yourself and your business in the event of an accident.
Now, let's talk about some of the other things that you should consider when it comes to what to look for in a contractor insurance policy. One of the things you should really pay attention to is the deductible amount. The higher the deductible is, the less you'll have to pay towards your policy in the event of an accident. That can be a huge money saver in the long run, especially if you're an employer. In addition, it's important to look at how many years you're covered by the policy and whether or not it covers workers compensation.
On the other hand, you also need to make sure that the policy will provide you with adequate coverage in the event of something happening at your job site that causes you to be off work for a prolonged period of time. This is particularly important if you're a contractor that offers any sort of maintenance or repair services. The last thing you want is for your customers or employees to wait while you're away. As long as the coverage offered by your contractor insurance policy adequately covers you, then you should be all right. However, there are times when the coverage provided may not be adequate and when this happens, it's necessary to check into purchasing additional coverage.
What to look for in a contractor insurance policy isn't just what it covers, but also who is covered and under what terms. You also need to look at how much premium you'll pay each year, and how this price is determined. It's also important to remember that it's possible to tailor the policy to suit your needs, so that you only have to deal with one policy instead of several. The more time you take to research what to look for in a contractor insurance policy before you buy one, the more likely you'll be to find a good policy that suits your needs and isn't too expensive.
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