Protect Your Business with General Liability Insurance in Wisconsin
Part of our guide to general contractors insurance in Wisconsin.
General Liability Insurance covers third-party bodily injury, property damage, and advertising injury claims, but it does not cover workers' compensation or professional liability claims. In Wisconsin, general contractors need General Liability to protect themselves from costly lawsuits. Severe winters and spring flooding in Wisconsin increase the risk of accidents and property damage. You need General Liability to safeguard your business from financial losses. General Liability is the foundational policy that nearly every small business needs, including general contractors in Wisconsin. It covers claims that can arise from your business operations, such as a client slipping on a wet floor or a subcontractor damaging a client's property.
General Liability cost for general contractors in Wisconsin
Illustrative monthly general liability estimate for a small general contractor operation in Wisconsin. Actual pricing depends on revenue, payroll, coverage limits, claims history, and carrier. Get a personalized quote to see your real price.
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What General Liability Covers for General Contractors in Wisconsin
General Liability Insurance pays for third-party bodily injury, property damage, and advertising injury claims. It covers claims that can arise from your business operations, such as a client slipping on a wet floor or a subcontractor damaging a client's property. For example, if you are working on a construction site in Milwaukee and a passer-by is injured by a falling object, General Liability will cover the medical expenses and any resulting lawsuits. It also covers advertising injury claims, such as if you accidentally use a competitor's logo in your marketing materials. However, General Liability does not cover workers' compensation claims, which are covered by a separate policy. You need to understand what General Liability covers and what it does not to ensure you have the right protection for your business.
Do General Contractors in Wisconsin Need General Liability?
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 them from costly lawsuits and financial losses. In Wisconsin, general contractors are not legally required to carry General Liability, but it is strongly recommended. Without General Liability, you risk being personally liable for accidents and property damage, which can lead to financial ruin. For example, if you are working on a project in Madison and a client is injured on the job site, you could be held personally liable for their medical expenses and any resulting lawsuits. You need General Liability to protect yourself and your business from these risks.
A Real General Liability Claim a General Contractor Could Face
It was a routine job until a subcontractor accidentally damaged a client's property in Green Bay. The client sued the general contractor for $100,000 in damages. The general contractor's General Liability Insurance covered the cost of the lawsuit and the resulting settlement. If the general contractor did not have General Liability, they would have been personally liable for the damages and could have faced financial ruin. You never know when an accident can happen, and you need to be prepared. In this case, the general contractor's General Liability Insurance saved them from a costly lawsuit and protected their business from financial losses.
What General Liability Costs for General Contractors in Wisconsin
The cost of General Liability Insurance for general contractors in Wisconsin varies depending on several factors, including revenue, payroll, coverage limits, deductible, and claims history. On average, general contractors in Wisconsin can expect to pay between $40 and $110 per month for General Liability Insurance. For example, a small general contractor in Kenosha with a low revenue and few employees may pay less than $50 per month, while a larger general contractor in Milwaukee with a high revenue and many employees may pay more than $100 per month. You can lower your premium by choosing a higher deductible, increasing your coverage limits, or improving your safety record.
How to Get General Liability in Wisconsin
To get General Liability Insurance in Wisconsin, you need to gather some information about your business, including your revenue, payroll, and coverage limits. You should also consider your deductible and any previous claims. You can compare quotes from different insurance providers online or work with a licensed agent to find the best policy for your business. Many insurance providers offer discounts for bundling General Liability with other policies, such as workers' compensation and commercial auto insurance. For example, if you are a general contractor in Madison, you may be able to bundle your General Liability Insurance with your workers' compensation insurance and save money on your premiums. By bundling your policies, you can often lower your total premium and get better protection for your business. Get your quote today and protect your business from costly lawsuits and financial losses.
Frequently asked questions
Will my General Liability premium jump after one claim?＋
Yes, it may. After a claim, your premium may increase due to the increased risk. However, the amount of the increase will depend on the severity of the claim and your overall claims history. You can mitigate the increase by improving your safety record and implementing risk management strategies.
Can I get a COI same-day for a client?＋
Yes, you can. Many insurance providers offer same-day certificates of insurance (COIs) for general contractors in Wisconsin. You can request a COI online or work with a licensed agent to get one. Make sure to provide all the necessary information about your business and the client's requirements.
Does a sole proprietor need General Liability?＋
Yes, they do. As a sole proprietor, you are personally liable for accidents and property damage. General Liability Insurance protects you from costly lawsuits and financial losses. Even if you are a small business, you need General Liability to safeguard your personal assets and business reputation.
What is not covered by General Liability?＋
General Liability does not cover workers' compensation claims, professional liability claims, or intentional acts. It also does not cover damage to your own property or equipment. You need to understand what is not covered by General Liability to ensure you have the right protection for your business. Consider purchasing additional policies, such as workers' compensation and commercial property insurance, to fill the gaps in coverage.
Can I cancel my General Liability policy at any time?＋
Yes, you can. However, you may face penalties or fees for early cancellation. Make sure to review your policy carefully and understand the terms and conditions before cancelling. You should also consider the risks of not having General Liability coverage and the potential consequences for your business.
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Other coverages general contractors in Wisconsin should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Wisconsin change over time and vary by business. Verify current rules with the Wisconsin Department of Insurance and a licensed agent before purchasing a policy.