Construction Contractor Insurance Tennessee
General liability insurance, sometimes called Commercial General Liability (CGL), could protect your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Having this kind of coverage is beneficial in several instances:
- Bodily injury: A client trips over your toolbox and fractures their leg. You could be liable for the medical costs, however, your general liability insurance policy could cover those costs, protecting your business.
- Personal injury: One of your employees is out to lunch. He is overheard talking to another employee about one of your clients in an unflattering and false way. The client learns of this discussion and sues for slander. A general liability insurance policy could cover the subsequent claim, up the policy limits and appoint an attorney to defend you if necessary.
- Property damage and data loss: You are renovating a home office for a client and their desktop is nearby. During the demolition phase you accidentally drop something on the desktop causing irreparable damage. A general liability insurance policy could cover the claim up to your policy’s limits of liability.
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Workers’ compensation insurance: Required in almost every state for businesses that have employees, workers’ comp can cover medical fees and lost wages for work-related injuries and illnesses.
People who work for themselves and don’t have employees are generally not required to purchase workers’ compensation insurance. However, someone who is self-employed might purchase a policy if:
- A contract requires workers’ comp coverage: Some businesses require anyone performing work for their company to carry their own insurance policies, including independent contractor workers’ compensation insurance. This limits the company’s liability, and the chances that the business will be on the hook financially if a contractor is injured on the job.
- Workers’ comp can protect your income: Even if you already have health insurance, most policies exclude coverage for work-related illnesses and injuries. Purchasing independent contractor workers’ comp insurance ensures that if you’re injured while working, your medical bills will be covered. Workers’ comp can also help replace lost wages while you’re unable to work.
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