What you need to know: General Liability in Construction Insurance

Protecting your business from claims caused by bodily injuries or property damages is essential, yet many businesses struggle to be covered. 

General liability is considered as significant as auto liability, however, the increasing insurance costs in this sector are posing an issue for many groups in the construction industry. The market is exceptionally challenging for contractors involved with street and road operations and habitational exposures, forcing many contractors to seek marketplace alternatives to their current costly plans. 

On the other hand, carriers are highly selective of new businesses and are highly competitive despite any marketing efforts. Apart from rising rates, insurance policies terms and conditions are now being reconsidered more than ever. Securing “per expiring” coverage isn’t a given anymore and faces great scrutiny from incumbents. 

Tips when seeking general liability 

• Marketing efforts should be part of your renewal strategy! Make sure to start the process with adequate time and read all the information carefully. New carriers need extensive data and a notable starting point to work with. 
• Virtual is the way to go! Many, if not all, loss control visits are now through video calls. You must prepare all of the documentation needed to have a productive and successful discussion and dialogue. 
• A plethora of differences in limits and conditions coverage and unlimited per project/location will be more challenging to maintain and understand. Be patient and make sure to ask all your questions. 

General Liability may cover:

• Bodily injury
• Property damage
• Advertising injury
• Operations liabilities
• Copyright infringement
• Reputational harm
• Administrative costs to handle covered claims, court fees, judgments, and settlements.
• You may also add additional policies to cover your equipment, data breaches, and more! 

Are you covering all of your bases when it comes to protecting your construction projects?

Our Construction Risks Practice consists of some of the most experienced professionals in construction insurance today. Whether you’re a contractor, supplier, engineer, or developer, our insurance specialists are here to help you manage your project’s unique risks to design a specialized and effective insurance program.

Taking the proper steps to make sure your construction projects and workers are protected can be daunting but our insurance specialists at Fulcro are here to guide and help you through the insurance process and answer any questions you might have. Contact us.

We take on bonded and insured projects of all types, from residential and industrial to infrastructural. Learn more about the insurance services we provide to the construction industry here: https://fulcroinsurance.com/industry/construction-risks/. 

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*This article was originally published by Willis Towers Watson and repurposed with permission.