Protect Your Business with General Liability Insurance in Indiana
Part of our guide to general contractors insurance in Indiana.
General Liability Insurance premiums for general contractors in Indiana range from $35 to $100 per month, depending on factors like revenue, payroll, and coverage limits. This foundational policy covers third-party bodily injury, property damage, and advertising injury claims. You need General Liability to protect your business from financial losses due to accidents or injuries on your construction site. Nearly every commercial client, real estate developer, and lender requires general contractors to carry at least $1 million in general liability and workers' compensation insurance as a condition of signing any construction contract. In Indiana, general contractors face unique risks like tornadoes in spring and severe winters, which can increase the likelihood of accidents and claims.
General Liability cost for general contractors in Indiana
Illustrative monthly general liability estimate for a small general contractor operation in Indiana. Actual pricing depends on revenue, payroll, coverage limits, claims history, and carrier. Get a personalized quote to see your real price.
Partner offer · General Contractors in Indiana
Get general liability for your general contractor business in Indiana
Flexible coverage built for general contractors in Indiana — by the job, month, or year. Get a fast online quote with no long-term commitment.
Sponsored · Coverage for general contractors
What General Liability Covers for General Contractors in Indiana
General Liability Insurance covers third-party bodily injury, property damage, and advertising injury claims for general contractors in Indiana. This means that if a client or visitor is injured on your construction site, or if your business damages someone else's property, General Liability will pay for the resulting claims. For example, if a worker accidentally drops a tool and injures a passerby, General Liability will cover the medical expenses and potential lawsuit. However, General Liability does not cover workers' compensation claims, which are handled by a separate policy. In Indiana, general contractors face unique risks like tornadoes and severe winters, which can increase the likelihood of accidents and claims. General Liability also covers advertising injury claims, such as libel or slander, which can be crucial for businesses that advertise their services. By having General Liability, you can protect your business from financial losses due to accidents or injuries on your construction site.
Do General Contractors in Indiana Need General Liability?
General contractors in Indiana are often required to carry General Liability Insurance by their clients or lenders. Nearly every commercial client, real estate developer, and lender requires general contractors to carry at least $1 million in general liability and workers' compensation insurance as a condition of signing any construction contract. This is because General Liability protects the client or lender from potential claims arising from the construction project. Without General Liability, you may not be able to secure contracts or projects, which can harm your business. Additionally, General Liability is essential for protecting your business from financial losses due to accidents or injuries on your construction site. In Indiana, the risk of accidents and claims is higher due to the state's unique weather conditions, such as tornadoes and severe winters. Therefore, it is crucial for general contractors in Indiana to carry General Liability Insurance to protect their business and secure contracts.
A Real General Liability Claim a General Contractor Could Face
On a humid morning in Indianapolis, a general contractor's worker accidentally dropped a hammer from a scaffolding, injuring a pedestrian below. The pedestrian suffered a broken leg and required surgery, resulting in medical expenses of $50,000. The general contractor's General Liability Insurance covered the medical expenses and potential lawsuit, saving the business from a significant financial loss. The claim was settled for $75,000, which included the medical expenses, lost wages, and pain and suffering. Without General Liability, the general contractor would have been responsible for paying the claim out of pocket, which could have harmed their business. By carrying General Liability, you can protect your business from financial losses due to accidents or injuries on your construction site.
What General Liability Costs for General Contractors in Indiana
The cost of General Liability Insurance for general contractors in Indiana ranges from $35 to $100 per month, depending on factors like revenue, payroll, and coverage limits. The cost is also influenced by the business's claims history, with businesses that have a history of claims paying more for their premiums. In Indiana, the cost of General Liability may be higher due to the state's unique weather conditions, such as tornadoes and severe winters, which can increase the likelihood of accidents and claims. To lower your premium, you can increase your deductible, reduce your coverage limits, or improve your business's safety record. By shopping around and comparing quotes, you can find the best rate for your General Liability Insurance in Indiana.
How to Get General Liability in Indiana
To get General Liability Insurance in Indiana, you'll need to gather information about your business, including your revenue, payroll, and coverage limits. You'll also need to determine the amount of coverage you need, which will depend on the size and scope of your business. In Indiana, you can find insurance agents in cities like Fort Wayne, Evansville, and South Bend. Once you have gathered the necessary information, you can compare quotes from different insurance providers to find the best rate for your General Liability Insurance. Be sure to ask about any discounts or promotions that may be available, and to review the policy carefully to ensure it meets your business's needs. By comparing quotes and working with an experienced insurance agent, you can find the right General Liability Insurance for your business in Indiana and protect yourself from potential claims and financial losses.
Frequently asked questions
Will my General Liability premium jump after one claim?＋
Yes, it may increase. After a claim, your premium may rise due to the increased risk associated with your business. However, the amount of the increase will depend on the severity of the claim and your business's overall claims history.
Can I get a COI same-day for a client?＋
Yes, it's possible. Many insurance providers offer same-day COIs for general contractors in Indiana. However, this may depend on the complexity of the request and the availability of the insurance provider. It's best to work with an insurance agent who can facilitate the process and ensure you receive the COI in a timely manner.
Does a sole proprietor need General Liability?＋
Yes, it's recommended. As a sole proprietor, you are personally responsible for any claims or liabilities arising from your business. General Liability Insurance can protect your personal assets in the event of a claim, and it's often required by clients or lenders.
What's not covered by General Liability?＋
General Liability does not cover workers' compensation claims, which are handled by a separate policy. It also does not cover professional liability or errors and omissions, which require a separate policy.
Can I cancel my General Liability policy at any time?＋
Yes, you can cancel. However, you may be subject to a cancellation fee, and you'll need to provide written notice to your insurance provider.
Partner offer · General Contractors in Indiana
Ready to cover your general contractor business in Indiana?
Flexible coverage built for general contractors in Indiana — by the job, month, or year. Get a fast online quote with no long-term commitment.
Sponsored · Coverage for general contractors
Other coverages general contractors in Indiana should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Indiana change over time and vary by business. Verify current rules with the Indiana Department of Insurance and a licensed agent before purchasing a policy.