This is another tricky one to answer because it really depends on a number of factors. On one hand, you may need more general liability coverage if you’re working on a big project and a customer requests a higher policy limit. On the other hand, you may only need a basic amount of coverage if you don’t do too much work on customer sites.
If you’re looking for a better idea of how much general liability insurance you need, consider:
1. Your company size.
The more employees and subcontractors you have, the more liability insurance you may need.
2. The type of work you do.
If you perform work that exposes you to a lot of risks (like tree removal or roof work), it’s recommended you get a higher policy limit. That’s because if you end up causing third-party injuries or damage, the claim payout will probably be higher.
3. Your state’s requirements.
Most states have general liability insurance requirements; these can vary depending on the type of work you do and where you’re located.
4. The project you’re working on.
As previously mentioned, you may need more general liability coverage if you’re working on a pricey project or if you’re performing work as a government contractor.
If you’re still not sure how much general liability insurance you’ll need, don’t worry - a licensed agent at Simply Business can answer all of your questions!
Whether you’re shopping for a brand-new policy or comparing policy prices, we can help you find affordable protection that’s personalized to your needs. Start your quote here!
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.
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