3108 Adora Teal Way, Unit 200,
Getting your FREE, No Obligation General Contractors insurance quote has never been easier! Barbee Jackson Insurance has the lowest rates, for the best coverage in the State of Florida. Call 1-850-389-2001 and get started TODAY!
The State of Florida requires all licensed General Contractors to carry a minimum of $300,000 in Bodily Injury and $50,000 in Property Damage or a Combined Single Limit of $300,000 (which is the most common policy form). Even though that state only requires a minimum level of $300,000, we can offer coverage in excess of $1 Million.
Rates are determined by the owner payroll, which is set at $16,700, any employee payroll and sub-contracting costs. Additional premiums may apply for failure to provide the insurance carrier Certificate of Insurance for ALL the sub-contractors insurance. Like sub-contractors insurance, General Contractors are subject to yearly audits to verify payroll amounts.
It is best practice to be listed as Additional Insured on all sub-contractor’s insurance policies. This enables the General Contractor to have an additional layer of protection and provides verification that the sub-contractor is maintaining insurance coverage.
This is the primary limits that provides coverage for Bodily Injury and Property Damage. Each Occurrence constitutes the amount the insurance company is will pay per incident. For example, a contractor drops a beam that hits a bystander. The policy has an Occurrence limit of $300,000 and that is the most the carrier is can pay out for this accident. If the injury exceeds this limit the insured will be held liable for the additional payments.
The Aggregate is the most the insurance carrier is willing to payout in a policy period. If you had a General Aggregate of $300,000 and had two claims in the same policy period that totaled $400,000, the insurance carrier would payout $300,000 and you would be responsible with the remaining $100,000.
A contractor’s completed operations coverage takes effect when the contractor’s work and/or the project has been completed. There can sometimes be disagreements as to the actual time of work completion. Essentially, time of completion is defined as follows:
The insurance company provides coverage for liability arising from personal and advertising injury, such as damage to a third party’s reputation.
This is a separate occurrence limit that provides coverage for a fire-related damage that the contractor was held legally liable for the damage.
Offers coverage for non-employees that were hurt on site and require medical attention. Medical Expense does not offer coverage for hired employees or sub-contractors. That type of coverage would be offered under Workers’ Compensation Insurance.
Call to speak to an Agent today!(850) 389-2001