Home Improvement Contractor - Licensed Contractors
which insurance company gives you the best premium on general contractors insurance?
general liability insurance
Public Comments
- MESIROW FINANCIALS
- Well we can't tell you unless you tell us what state you live in. This kind of insurance varies widely state by state. Some states have good insurance laws that allow cheap coverage. Some states have laws that restrict competition or have state courts that have made horrible coverage decisions in the name of 'protecting' consumers but have resulted in systems where premiums are sky high. Litigation is almost out of control in the contractor liability market. There's been an enormous increase in class action liability suits alleging construction defect in multi-family housing units. Those enormous payouts to the plaintiff's trial firms means that you the policyholder get it in the shorts in terms of premiums. I'm sure you already know this or you wouldn't be asking the question.
- The rates vary from one territory to another. However, you may not want the "cheapest" coverage you can get. Make sure and get insurance from a reputable company. If you ever have a loss, you will be glad you did.
- WAY too vauge of a question. If your premium is over $1,000,000, excluding workers comp, Zurich or Travelers will do pretty well by you - VERY favorable rates, even for GC's. If your gross receipts are under $1,000,000 a year, you're going to have a hard time finding a company WILLING to write your coverage, at any price - small GC's have a LOT of claims, and a LOT of uninsured subcontractors, and are a LOT of management from an underwriting point of view. That being said, Rockwood or Scottsdale will still do an ok job of it.
