馃攳
What is a General Contractors Insurance Liability? (Part 1) - YouTube
Channel: Farmer Brown
[0]
Hello I'm Razelle with Farmer Brown
insurance agency we've put together this
[5]
informative video for you I hope you
enjoy.
[14]
Welcome to our tutorial on general
liability insurance. So let's begin.
[20]
What is liability insurance? General
liability is a type of insurance policy
[27]
that covers your business for a variety
of third party claims including property
[32]
damage and bodily injury. Any time your
business has dealings with the general
[37]
public, whether it's with your commercial
property or on a job site, you can be
[42]
held responsible. That's why having the
proper coverage on your GL policy is
[47]
crucial. What type of coverage does
general liability provide? The basic
[54]
coverage of a commercial general
liability policy we sell are as follows
[59]
general liability per occurrence with 1
million dollar limit. This means the
[64]
insurance company will pay up to 1
million per incident during the policy
[70]
term a general liability aggregate worth
2 million dollar limit now this refers
[76]
to the limit scheduled with the
insurance company to pay for multiple
[80]
claims over the course of one policy
term which is usually one year
[85]
advertising liability with 1 million
dollar limit it covers damage to third
[91]
parties committed by a business in the
course of its advertising its products
[96]
and services products and completed
operations with 1 million dollar limit
[102]
it covers liability arising out of the
insurance products or business
[107]
operations off premises
once those operations have been
[111]
completed or abandoned and finally we
also offer damage to property of others
[118]
with $50,000 limits and medical with
$5,000 limit in case someone gets
[124]
injured in a minor injury on the
location how is the price of the policy
[130]
premium rated there are different tiers
of a policy a person's doing 1 million
[136]
dollars in revenue would buy a different
policy than a small handyman working
[141]
alone doing about 50,000 in revenue
having listened to consideration a
[146]
premium is
we priced in two different ways annual
[151]
gross revenue this policy is a cost per
one thousand dollars of revenue based on
[158]
your tax return you start out paying a
projected amount for the year and after
[164]
each year you are audited by your
insurance company if your revenue is
[168]
higher you pay more however if your
revenue is less there is generally not
[174]
any refunds
I know insurance companies are not
[178]
always fair so you are best using a
conservative amount if you do more you
[184]
pay extra the extra costs are not much
as long as you I am somewhat of the same
[189]
ball park owner employee and subcontract disgusts this is the most common type of
[196]
cgl policy your premium in this type of
policy is based on a standard payroll
[202]
for the owner, the cost of employees and
the cost of subcontractors. An employee
[209]
does not need to have his own general
liability insurance, but if a
[213]
subcontractor does work for you you
would need to be in place in their
[218]
certificate as an additional insured. It
is very important to know that insurance
[224]
companies treat uninsured subcontractors as employees because if he is at fault
[230]
for a claim, your insurance company will
be responsible for it. But, if they have
[236]
their own general liability insurance
with you as an additional insured you
[241]
will have transferred your risk to your
subcontractors insurance. This is why the
[245]
premium is much less because there's
less risk for your insurance company
[250]
this way. So as we already established
before general liability coverage are
[257]
intended to protect you against third
parties. Join us in our next video where we
[262]
will explain about the type of policies
and the type of companies you should get
[268]
it from. Just click the link below and
don't miss out on this great opportunity
[272]
to learn more. Thank you for watching us
and remember we'd love to do business
[277]
with you at a great price, so give me a
call for a quote at 773-657-2600
[283]
773-657-2600
[286]
I look forward to speaking with you
Most Recent Videos:
You can go back to the homepage right here: Homepage