Goodman Insurance Services Blog
2/3/2010 12:31:17 PM
Now, more than ever, contractors are diversifying their scope of work in order to survive these difficult economic times. The passion and ingenuity exemplified by our clients is a reminder of the strong foundation that our great nation was built on. However, new opportunities can create a substantial risk for contractors - especially if they are unaware of their new contractual obligations and how their general liability policy will respond to them.
The general liability policy provides coverage for bodily injury or property damage caused by "your" negligence, subject to exclusions. The keyword to focus on - "exclusions". Depending on your trade and your current insurance company, you may have exclusions for the following: residential tracts, condos, townhouses, apartments, work for HOA's, and not to mention, a subsidence exclusion. These exclusions are absolute and cannot be changed once the policy is in force.