As a contractor, it`s important to protect yourself and your business from potential legal claims. One of the best ways to do this is through general liability insurance. However, many contractors are unsure about how much this insurance will cost them.

The cost of general liability insurance for a contractor can vary based on a number of factors, including the size and type of the business, the services offered, the location, and the level of coverage needed. Generally, contractors can expect to pay between $400 and $1,500 per year for a basic policy with $1 million in coverage.

However, it`s important to note that the cost of insurance can also depend on the level of risk associated with the job. For example, a contractor who specializes in roofing or other high-risk work may face higher premiums due to the increased likelihood of accidents or injuries on the job site.

In addition to basic coverage, contractors may also need to consider additional policies for specialized work or to cover specific risks. For example, contractors who work on government projects may need to purchase additional insurance to meet specific requirements.

When shopping for insurance, it`s important to compare policies and pricing from several different providers to ensure that you are getting the coverage you need at a price that makes sense for your business. You may also want to consider working with an insurance broker who specializes in contractor insurance to help you find the best policy for your needs.

While the cost of general liability insurance for a contractor may seem daunting, it`s an essential investment for protecting your business from potential legal claims and ensuring that you can continue to operate with confidence. So, take the time to research and compare policies to find the best coverage and pricing for your needs.