In NJ, for a $2,000,000 aggregate and a $1,000,000 per occurance, we pay about $12,000 a year. That's with a totally clean record and 8 years in business.
It all depends on the overall risk exposure. Without knowing what type of contractor you are and what you annual volume is, there is no way to guess what you might pay for your insurance.
Traditionally the contractor provides the Insurance. The owner verifies that the contractor has insurance prior to hiring that contractor.
A contractor Buys Commercial Liability Insurance in the contractor class, not professional liability insurance. The amount needed is typically determined by the exposures presented or as specified by the employer.
Ask the contractor for a copy.
An insured contractor is a contractor who carries a Commercial General Liability Insurance Policy.
Homeowners insurance does not have liability coverage for your job occupation. You can obtain contractors insurance for liability coverage.
No, there is a business exclusion under the liability section. You personal homeowners insurance will not cover your Commercial activities. You will need a Commercial General Liability policy to cover your business operations.
can a contractor have liability insurance backdated to show the company was insured
A contractor typically needs a Commercial General Liability Insurance Policy. If the contract includes professional services, then the contractor will likely be required to carry Professional Liability Insurance, either in addition to, or in place of a CGL policy. It really just depends on the nature of the services contracted.
A contractor may insist on the notion of liability insurance in case any unforeseen incidents may occur, such as a roof caving in, so they can not be held accountable.
Contractor liability insurance typically covers property damage and bodily injury. It also will cover products and completed operations as well as personal and advertising injury.
General liability.(contractor's)