The Name And Structure Of Your Business
The first thing we will need from you is the exact name of your business along with whether you are a corporation, LLC, partnership, or sole proprietorship. We will also need any DBA that you might use.
The Type Of Work You Perform
Are you doing residential or commercial work? If you do both, what are the approximate percentages of each type of work monthly? Are you doing new construction or remodeling existing structures? If both, what’s the estimated percentage of each type?
How Long Have You Been Operating Or How Much Experience Do You Have In The Field?
It is important that we know how long you have been in business. If you have been in business for a few years, we will need to know your loss runs. You can gather these from your former insurance company. They provide us with a list of detailed claims your business might have had in the past. We can help you obtain these if you would like.
If you are a new business, no worries. We specialize in getting General Contractors General Liability Insurance for up-and-coming companies. We will just need a little information about your work experience in the industry.
How Many Employees Do You Have?
We need to know the number of people you employ, as well as your payroll.
Gross Receipts Of The Business
Worker’s compensation is used to make sure that employees are financially covered should they be injured while on the job. The insurance company will provide the previous year of gross receipts and their estimate of the next year of gross receipts. It is in your best interest to get a conservative estimate of future earnings, but be aware that the majority of insurance companies will perform an audit after the policy term to determine your exact revenue. If you estimated too low, you will be billed for the difference.
Do You Require A Subcontractor To List Your Business As Additional Insured?
If you hire subcontractors to help you get your jobs done, you should always require them to provide you a certificate of insurance naming your business as additional insured before you give them access to your job site. There are several reasons to make this a requirement but the most important are: (a) if you have a certificate of insurance from them, any amount you pay them will not be counted towards your revenue when its audited for your General Liability Insurance for General Contractors; (b) if the cause of any incidents where a claim is filed, it will go against their insurance instead of yours. And as we all know, the more claims you have, the higher your insurance premiums become.
What Are The Policy Limits?
The lowest limit General Contractor General Liability Insurance policy we offer is one million dollars occurrence and two million dollars aggregate. This is the standard amount for the construction industry. There are some states that offer lower limits, however the savings are too small for us to consider issuing those policies to our clients. Just to let you see the difference: a $300,000 occurrence, $600,000 aggregate policy is only going to deduct $50 from your annual premium. It just isn’t worth the risk to save about $4 a month.
Higher Policy Limits For Those Bigger Jobs
There are some cases when you might need a higher limit due to your contractual obligations. You can find these large policy limits in the insurance section of any contract you are trying to negotiate. We advise forwarding this section to your insurance agent so that they can get you the exact coverage the contract requires.
Licenses
In some states, your General Contractor General Liability Insurance will need to be licensed. If that is the case, you are required to provide your license number or a copy of your license. Your agent will let you know what’s needed.
Sign It
Once you have reviewed your policy’s coverage, you will need to sign the application and send it back to your agent.
Available Payment Options
At Gartman Insurance, we offer our clients several convenient payment options for their General Contractors General Liability Insurance Policy. You can pay your premium using a debit or credit card or with a check. We also offer some financing options if that is the route you want to take. We will work with you to get a payment plan set up that meets your business needs.
Contact Us (888-727-6675) for a Free Consultation!
-or- Get a Quote
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About Gartman Insurance
About Gartman InsuranceWe are your trusted, family-owned independent insurance agency. Your family, your business, and your possessions are all important to you, but you may not know how to best protect them. We have the experience and local knowledge to navigate the unique risks you face, serving as your insurance advisor. Since 1999, Gartman Insurance Agency has proudly served our customers in Kentucky, Ohio, Indiana, Tennesee, and Alabama, helping them to find the right insurance coverage to fit their needs. Our customers are our priority, and we are always finding ways to better serve them, whether that’s helping them find a better policy or giving them the power of choice when it comes to their insurance coverage.
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