In most states, contractors are required to carry General Liability and Workers’ Compensation insurance to conduct business.
A General Liability policy protects you against losses from third-party bodily injury, property damage, and other claims. For example, let’s say a visitor where you are working slips and falls on an electrical wire that one of your workers left. The visitor fractures his shoulder and hand, requiring surgery. General Liability insurance will help pay for the medical costs. If the injury is severe and there is a lawsuit, you will have coverage for defense costs and any settlements or judgments up to the policy limit.
If you have employees, you are required to carry Workers’ Compensation insurance. If a worker is injured on the job, the policy will pay for medical expenses, ongoing care, lost wages up to a certain amount, and disability and death benefits. A worker cannot file a lawsuit against you if he or she receives compensation through a Workers’ Compensation policy.
CCIS’s Excess Liability Insurance Provides Added Protection for Construction Customers
As a CCIS customer, you can now expand your protection with our Excess Liability insurance policy in combination with our General Liability and Workers’ Compensation products. CCIS provides up to $5 million in Excess coverage.
What Is Excess Liability Insurance?
An Excess Liability policy provides third-party protection against bodily injury, property damage, products and completed operations, and personal and advertising injury claims, extending your coverage under your General Liability policy. For example, if you have a $1 million General Liability policy and purchase a $2 million Excess policy, you will have a total of $3 million in Liability coverage.
Why Purchase an Excess Policy?
While a General Liability policy provides you with the coverage you need, the policy limits available go only so far. In today’s litigious environment, additional limits are required to respond to multimillion-dollar lawsuits. Once the limits on your General Liability policy are exhausted, the Excess Policy will step in, providing you with an added layer of protection against potentially devastating lawsuit results.
In addition, larger construction jobs will contractually require you to carry higher Liability limits than typically required on smaller projects. This means more exposure and greater risk for you and your client. An Excess policy can help you in the bidding process so you land the job.
About CCIS
CCIS is a licensed construction bond and insurance agency with tens of thousands of contractors who have been with us for many years. We aim to obtain license bonds, surety, and insurance for our contractor clientele with optimal premium rates and structure. CCIS writes with several insurance companies, allowing us the resources to find the best fit for our clients. You can rely on us to deliver prompt, professional service so that you can quickly address your bonding and insurance needs.
NOTE: The insuring agreement in a policy sets out the covered perils, assumed risks, and nature of coverage that the insurance company provides to its insured in exchange for the premiums paid. Thus, the terms and conditions of the policy will dictate whether coverage exists and the nature of any potential benefits.