Texas Construction Contractor Insurance
What Is Contractors General Liability Insurance?
Contractors liability insurance protects a construction or contracting business, and its owners, from liability against damage, personal injury, and advertising injury including slander or false advertising. The covered loss may occur at either the place of business or on a job site where the business is performing work.
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General Liability is good for your employees. If injured, it provides medical treatment, as well as payment for lost time and disability. Workers’ compensation also benefits you as an employer. Workers’ compensation means that your employee is not motivated to sue for help with their expenses if they are injured on the job. It replaces legal liability with no-fault insurance, protecting you from lawsuits and getting your injured employee the Because your GL policy has a limit, it doesn’t mean your business has to be vulnerable. All you need to do is add a safe umbrella. A general insurance policy provides additional coverage beyond what your GL and other insurances will cover. Let’s say one of your employees has an accident in the company truck and the result is that you owe $1 m in legal fees and medical bills on the other side, but your commercial policy has a limit of $500k. This is when your umbrella policy gets in to cover the other $500k, so you don’t leave yourself in the money out of your own pocket. Being prepared with a general policy is an easy way to protect your business from going bankrupt if an accident ends up costing more than your primary contractor’s insurance will cover. Workers’ compensation insurance help they need. In some states, workers’ compensation coverage is mandatory.
However, in Texas, workers’ compensation insurance is good for your employees. If they are harmed, it provides them with medical treatment, as well as payment for lost time and disability. Private employers in Texas may opt for workers’ compensation insurance coverage. If you choose not to take this coverage, you must report your non-coverage situation and work-related injuries to the Division of Workers’ Compensation (DWC).
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