Contractors are well aware that accidents can happen in a matter of seconds and that things can go wrong at the most inopportune times. Construction is a dangerous and expensive business and the last thing anyone needs is to be bogged down by expensive liability lawsuits. California (CA) contractor GL (general liability) insurance (commonly referred to as CA Contractor GL Ins) is one way to protect your business in the case of mishaps.
CA contractor GL ins is something that every person involved in construction should not just consider, but also actually have. It can save you a lot of money, time and aggravation in the long run if you are covered by a GL insurance plan. Construction requires the use of heavy materials and machinery and anyone in the business can tell you that accidents can happen in an instant and not just to the people working on the site. Falling materials, malfunctioning machines, or even just the weather that is working against you can lead to unintentional injury. But unintentional or not, lawsuits can often follow incidents like these.
With CA contractor GL ins, the insurer is obligated to pay the legal costs as well as the claim of any covered liability lawsuits. Keep in mind while this does take a lot of stress from your shoulders that the insurer will only pay up to certain amount in a certain period of time. While you can cover yourself and your organization with general liability insurance there are limits to how and when it can help you. Remember that the insurer does not pay punitive damages, as these damages are considered intentional even though some insurers will still be willing to pay for the lawsuit associated with the punitive damages.
Your business’ chance for gaining CA contractor GL ins is dependent on two factors. The first is the perceived risk of your operation. The more risk is involved in what your business does, the less an insurer likely to offer. On the other hand they may offer your business the same amount but at much higher premiums than lower risk businesses. The second is your business’ history with liability lawsuits. A business with a history of liability claims might be too much of a risk for an insurer.
CA contractor GL ins is a must have for anyone that finds themselves in the business of construction. The business is fraught with dangers that are sometimes completely out of your and your employee’s hands. Insurance can help you cope with those accidents that are bound to occur when you least expect it. Not only can the insurance help you financially but a reputation of paying out fair claims for liability lawsuits will definitely improve the image of your business as a whole.