Protect Your Wyoming Construction Business with General Liability Insurance
Part of our guide to general contractors insurance in Wyoming.
General Liability insurance for general contractors in Wyoming can cost between $40-$110 per month. This cost is driven by factors such as revenue, payroll, and coverage limits. As a general contractor, you need General Liability to protect yourself from third-party bodily injury, property damage, and advertising injury claims. General Liability is the foundational policy nearly every small business needs, including general contractors in Wyoming. It covers claims that can arise from your business operations, such as a client slipping on a construction site or a subcontractor damaging a client's property. Without General Liability, you could be personally liable for these claims, which could put your business and personal assets at risk.
General Liability cost for general contractors in Wyoming
Illustrative monthly general liability estimate for a small general contractor operation in Wyoming. 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 Wyoming
General Liability insurance for general contractors in Wyoming covers third-party bodily injury, property damage, and advertising injury claims. For example, if a client visits your construction site in Casper and slips on a patch of ice, General Liability would cover their medical expenses and any other related costs. Similarly, if one of your subcontractors accidentally damages a client's property in Laramie, General Liability would cover the cost of repairs. However, General Liability does not cover workers' compensation claims, which are covered by a separate policy, or professional liability claims, which are covered by an errors and omissions policy.
Do General Contractors in Wyoming Need General Liability?
While General Liability insurance is not legally required for general contractors in Wyoming, it is typically required by commercial clients, real estate developers, and lenders as a condition of signing a construction contract. In fact, 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, often with umbrella coverage. Without General Liability, you may not be able to secure contracts or work with certain clients, which could harm your business. Additionally, if you are found liable for a third-party claim, you could be personally responsible for paying the damages, which could put your business and personal assets at risk.
A Real General Liability Claim a General Contractor Could Face
A general contractor in Gillette could face a General Liability claim if one of their subcontractors accidentally damages a client's property during a construction project. For example, if a subcontractor is working on a roof and accidentally drops a tool, which lands on a client's car and causes $10,000 in damage, the general contractor could be liable for the damages. In this scenario, General Liability would cover the cost of repairs to the client's car, up to the policy limits. The general contractor would avoid having to pay the damages out of pocket, which could help protect their business and personal assets.
What General Liability Costs for General Contractors in Wyoming
The cost of General Liability insurance for general contractors in Wyoming can vary depending on factors such as revenue, payroll, coverage limits, and claims history. However, on average, general contractors in Wyoming can expect to pay between $40-$110 per month for General Liability insurance. The cost may be higher for general contractors who work in high-risk areas, such as those prone to severe hailstorms or extreme cold and blizzards. To lower their premium, general contractors can consider increasing their deductible, improving their safety record, or working with an insurance agent to find the best rates.
How to Get General Liability in Wyoming
To get General Liability insurance in Wyoming, general contractors should gather information about their business, including revenue, payroll, and coverage limits. They should also consider working with an insurance agent who is familiar with the construction industry and can help them find the best rates. When comparing policies, general contractors should consider the coverage limits, deductible, and premium, as well as any additional features or endorsements that may be available. In Cheyenne or other Wyoming cities, general contractors can find insurance agents who specialize in construction insurance and can help them find the right policy. For the cost of $40-$110 per month, general contractors can protect themselves from third-party claims and avoid potentially devastating financial losses, see your rate today
Frequently asked questions
Will my General Liability premium jump after one claim?＋
Yes, it may. After a claim, your premium may increase, but the amount of the increase will depend on the severity of the claim and your overall claims history. If you have a history of frequent or severe claims, your premium may increase more significantly. However, if you have a good safety record and only have occasional, minor claims, your premium may not increase as much.
Can I get a COI same-day for a client?＋
Yes, you can. Many insurance agents and brokers offer same-day certificates of insurance (COIs) for general contractors in Wyoming. To get a same-day COI, you will typically need to provide information about your business, including your revenue, payroll, and coverage limits, as well as any other relevant details. Your insurance agent or broker can then issue a COI, which you can provide to your client.
Does a sole proprietor need General Liability?＋
Yes, they do. As a sole proprietor, you are personally liable for any business-related claims, which means that your personal assets, such as your home and savings, could be at risk if you are found liable for a claim. General Liability insurance can help protect you from these risks and provide financial protection in the event of a claim. Even if you are a sole proprietor, you should consider carrying General Liability insurance to protect yourself and your business.
What is not covered by General Liability?＋
General Liability does not cover workers' compensation claims, which are covered by a separate policy, or professional liability claims, which are covered by an errors and omissions policy. Additionally, General Liability may not cover intentional acts, such as vandalism or theft, or damages that are expected or intended, such as those resulting from a contractual agreement. Your insurance agent or broker can help you understand what is and is not covered by your General Liability policy.
Can I cancel my General Liability policy at any time?＋
Yes, you can. However, you should carefully review your policy and any relevant contracts or agreements before cancelling your General Liability policy. If you cancel your policy, you may be leaving yourself and your business vulnerable to financial risks, and you may also be in breach of contract with your clients or lenders. It is generally recommended that you maintain continuous General Liability coverage to protect yourself and your business from potential claims.
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Other coverages general contractors in Wyoming should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Wyoming change over time and vary by business. Verify current rules with the Wyoming Department of Insurance and a licensed agent before purchasing a policy.