When it comes to running a successful contracting business, it is essential to have the right insurance coverage in place. General contractor insurance provides protection against a wide range of risks, including property damage, bodily injury, and legal liabilities. However, one of the most common questions that contractors ask is, „how much does general contractor insurance cost?”

The cost of general contractor insurance can vary significantly depending on several factors, such as the size of your business, the type of work you do, and the level of coverage you need. Generally, the more coverage you require, the more expensive your insurance policy will be.

Some of the most common types of general contractor insurance include:

1. General Liability Insurance

This type of insurance provides coverage for property damage, bodily injury, and advertising injury caused by your business operations. The cost of general liability insurance can range from $500 to $1,500 per year, depending on your business size and the level of coverage needed.

2. Workers` Compensation Insurance

Workers` compensation insurance provides coverage for on-the-job injuries and illnesses suffered by your employees. The cost of workers` compensation insurance depends on several factors, such as your location, the number of employees you have, and the type of work they do.

3. Commercial Auto Insurance

Commercial auto insurance provides coverage for vehicles used by your business, including trucks, vans, and cars. The cost of commercial auto insurance depends on several factors, such as the number of vehicles you have, the type of vehicles, and the driving history of your employees.

4. Professional Liability Insurance

Professional liability insurance provides coverage for claims related to errors and omissions made by your business. The cost of professional liability insurance can range from $2,000 to $10,000 per year, depending on several factors like the risk level of your business and the level of coverage you require.

In conclusion, the cost of general contractor insurance varies depending on the type of coverage, your business size, the nature of your work, and other factors. However, it is essential to have proper insurance coverage in place to protect your business from potential risks and liabilities. Before purchasing any insurance policy, it is recommended to shop around and compare quotes from different insurance providers to find the best coverage at the most affordable price.