Home Improvement Contractor - Licensed Contractors

how much cover do i have to have on my public liability insurance i.e 1million as a flooring contractor?

Public Comments

1. It is going to depend on a number of factors: If you work for large companies or municipalities they, most often will require minimum limits of $1,000,000. In some cases much higher limits may be required. Are you just starting out? Perhaps doing small residential jobs. In this case $300,000 or $500,000. might be adequate. On the other hand if your company is well established with significant assets you probably want high limits to protect the business. A $1,000,000 liability policy with a $1,000,000 umbrella policy might be considered minimal coverage. How are you organized? If you are incorporated and have few assets in the business then a lower limit of liability is not unreasonable. However if you are operating as a sole proprietor then consider that your personal assets could be attached if a settlement goes against you. Bottom line: Have your agent quote higher limits because it is better to err on the high side when you choose your limits.
2. Most insurance companies won't sell you less than $100,000. Some municipalities will require you to be licensed, and carry insurance, and then it will depend on what the municipality requires. And lastly, if you work for someone else, like a general contractor, or a business, they likely will require you to carry at lease $1,000,000. So it depends on where you are, what kind of work you're going to do, and who you're going to do it for - and what THEY require.
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