General Contractor Liability Insurance in Palm Beach County

The cost varies based on factors like your business size, the type of work you do, your claims history, and desired coverage limits. A small contractor might pay a few hundred dollars a year, while a larger firm could pay several thousand. In Florida, factors like exposure to hurricane-prone areas can also influence rates. Soma shops multiple carriers to find the most competitive premium for your specific risk profile in Palm Beach County.

Florida requires licensed general contractors to carry general liability insurance. The minimum coverage amount depends on the license division, typically starting at $300,000 for bodily injury and $50,000 for property damage. Additionally, if you have employees, you are required to carry workers' compensation insurance. We ensure your policy meets or exceeds all state licensing requirements, keeping your business compliant and protected.

While Florida has minimum requirements, most contractors opt for higher limits for better protection. A standard policy often includes $1 million per occurrence and a $2 million aggregate limit. Depending on the size and scope of your projects, you may also need an umbrella policy for additional liability coverage. Our team will help you assess your risk and recommend the appropriate limits for your Palm Beach County operations.

We understand that you often need proof of insurance quickly to start a job or pull a permit. Our process is built for speed. Once your policy is bound, we can typically issue a certificate of insurance (COI) on the same business day. Our seamless digital experience ensures you get the documentation you need without frustrating delays, keeping your projects on schedule and your clients happy.

No, general liability insurance does not cover your own property, such as tools and equipment. It is designed to cover third-party bodily injury or property damage. To protect your equipment, you need a separate policy called an inland marine or contractor's tools and equipment floater. We can easily bundle this essential coverage with your general liability policy to ensure all your assets are protected.

General liability covers third-party damages your business causes, like if a visitor is injured on your job site. Builder's risk, on the other hand, is first-party coverage that protects the structure and materials of the project you are actively working on from events like fire, theft, or vandalism. Both are crucial for comprehensive protection on any construction project in Palm Beach County, and we often package them together.

Typically, no. Your general liability policy covers your own business and employees. It's crucial to require that all subcontractors carry their own liability insurance and name you as an additional insured on their policy. This protects you from claims arising from their work. We can help you implement proper risk transfer procedures to ensure you are protected when working with subcontractors on your projects.

If an incident occurs, you should contact us as soon as possible. Our team will guide you through the claims process, helping you gather the necessary documentation and formally report the claim to the insurance carrier. We act as your advocate throughout the process, working with the adjuster to ensure a fair and timely resolution, minimizing disruption to your business operations.