Buying California Contractors General Liability Insurance
Contractors in California should get the right general liability insurance to protect the interests of the business. It’s not that hard to secure the policy. With a bit of shopping around, you can find the best deals in the market.
Talk only with the agents that specialize in contractor’s insurance so that you can receive appropriate advice.
About General Liability Insurance
If you are in a contracting business in California, it’s a wise decision to secure your own contractor’s general liability insurance. As a contractor, you should already have your own license number but if you’re just starting out, you need to get a license first before you can apply for the general liability insurance. After that, you will need to specify your field of expertise.
Some contractors specialize in home building, remodeling, painting, plumbing, and electrical or a combination of these areas. List down all your operations and identify whether if you’re working in industrial, commercial, or residential areas. Try to estimate the total cost for the payroll, gross sales, sub costs, and other expenses for the approaching year. You should talk only with the experienced brokers in California if you want to secure such policy. You can take advantage of the best rates if you are considered as ‘owner only operation’. Check out the various payment plans offered by insurance providers.
Other Matters to Consider
Since insurance requirements differ from one contractor to another, you have to discuss the requirements of your customer with the agent before you finally sign a contract. This is necessary especially when stringent requirements need to be adhered to. It’s best to talk with an insurance agent who also specializes in contractor’s insurance. This is the best way to get the best advice and deals. You should also know that the general liability insurance will not cover any of your contractor tools. Try to request for renewal proposals at least a month before the policy expires so that you can still shop around for the best deal; if you think that the current quote is no longer competitive, you can always opt for another insurance provider.
Once you receive the contract, you need to read it thoroughly especially the fine print. Check if there are any indemnity clauses because this will only give room to more surprises in the future. If you can’t understand the contract, you can always seek legal advice. Buying general liability insurance in California is not as hard as you think. There are many contractors in this place but you can protect your business if you have the right kind of policy. Shopping around can take time but it’s worth the effort. Once you’re able to secure the best policy, you will have fewer worries in running your contracting business. So why wait longer? Find the insurance provider now and get the best deal.
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