Learn How Much Texas Contractor Insurance Costs
January 12, 2018
Proper General Liability Coverage is Not Cheap
Contractors have the responsibility of ensuring that maximum coordination is maintained at their job sites. This implies that they must operate jointly with architects and engineers, administer material supplies, communicate relevant job information and supervise the working site. As a consequence of these numerous responsibilities, an individual contractor is therefore exposed to much risks that might occur unexpectedly during the working days. The emergence of these risks makes it necessary to have insurance covers to cover such peril exposure.
Texas contractor liability insurance varies significantly based on the type of cover needed. The following are among the insurance covers offered to contractors in Texas with factors that determine their cost and their typical cost
Commercial property insurance. This insurance covers operating equipment and tools that play critical roles in ensuring completion of different projects. It covers losses such as fire, theft or even damage during operation. The insurance cost of this cover depends highly on the number, size, and age of contractors’ tools being covered. In Texas, the cost of this type of insurance cover is between $253 – $1,630. There are also average limits, premiums, and deductibles charged on general contractor insurance policies.
Texas Construction is Booming and Insurance is Important
The next cover ideal for the contractor’s insurance in Texas is Workers compensation. This type of insurance covers unexpected risks occurring despite employees effort to adhere to construction safety measures and rules. The cost incurred for this cover depends highly on the number of employees covered and a probability of the risk. This type of insurance applies even when general contractor hires either independent contractors and subcontractors. The cost of worker’s compensation insurance to cover for workers in Texas is typicalyl $5,723 – $7,656.
In Texas, a contractor can apply for professional liability insurance that protects against been sued as a result of disposing of hazardous waste material which might affect other people. The cost of this insurance cover in Texas, depending on the level of dangerous waste products arranged. Being sued for poor work could lead to a charge of approximately hundreds of thousands of dollars. In Texas, the cost of this contractor insurance cover is about $500 – $639.
The contractor can also take the cost of purchasing the commercial auto insurance plan. This cover protects employees against auto accidents such as when using vehicles and machines to transport working materials. The cover repair expenses and legal costs in case the contractor is sued. The cost of commercial auto insurance cover in Texas in typically $1,854 – $2,846. There are many different ways to learn more about insurance on the radio as well. Use the invaluable resources at your disposal to educate yourself as much as possible about the wonderful world of insurance!
We hope this helps give some insight as to what you can anticipate for your insurance costs!