If you run a contracting business of any kind in Bryan Texas, you are required to carry business CGL insurance to protect the people and property involved in all of your projects.
Whether your company is small or large or even if you are the only employee and work as a subcontractor, commercial general liability insurance is essential.
Fortunately, there are local insurance agents with experience in writing the perfect policy for every contractor in business in Bryan.
They will help you understand the details and choose the right coverage so that your business commercial general liability insurance is both protective and affordable.
Types of Business CGL Insurance Policies
While the types and amounts of coverage may vary widely, there are two basic types of business CGL insurance policies used in Texas: claims-made and occurrence policies.
- Claims-made CGL insurance policies apply to damages or injuries that occur and are reported to the insurer during the policy year. Claims-made policies can be supplemented with Prior Acts and Run-Off coverage to protect against claims made before or after the actual effective dates of the policy.
- Occurrence policies cover damages and injuries regardless of when they happen as long as the policy is in place when it happened.
An experienced insurance agent can help you decide which of the two policy types is the better choice for your business based on the work performed and the types of risks usually encountered.
Common CGL Insurance Policy Exclusions
When shopping for a great commercial general liability policy, do recognize that there are some exclusions to most of these policies.
The most important one to understand is that most policies do not cover property damage to your work or product, but rather cover the damage your work causes to the property of others because it is liability insurance.
Damage occurring to your own work or product should be covered under supplemental property insurance if you choose that protection as well.
Other common exclusions to many business liability insurance policies include claims related to work or product recalls, worker’s compensation, or employer liability.
All of these risks can be covered by specific supplemental policies.
How To Keep Business CGL Insurance Affordable
An additional thing to keep in mind while seeking out the right CGL insurance for your contracting business is how to get the most for the least.
Finding the most tailored policy that best covers your specific risks is one way to do that.
Adopting risk prevention policies within your company to reduce the chance of a claim being made is another way.
Insurance companies typically do premium audits every year to analyze any claims that have been made to the policy and the level of risk your company presents.
Naturally, the more claims made to the policy and the higher risk your company is to the agency, the more that will be reflected in the premiums.
Bryan Contractor Code Now Requires CGL Insurance
As of the end of 2021, the City of Bryan, Texas has stated in an amendment to its Residential Codes that it now requires all general contractors, homebuilders, and remodelers to not just register their business with the city, but also provide proof of adequate business CGL insurance:
“Contractor Registration (IBC amendment to Section 105.3.1): change to require proof of liability insurance from general contractors, home builders, and remodelers in minimum amount of $300,000 as part of annual contractor registration.
General contractors/homebuilders/remodelers shall register with the city and submit certificates of insurance made to City of Bryan. A certificate of insurance shall:
1.Be written by a company licensed to do business in the State of Texas
2.Provide for general liability insurance coverage for the builder for property damage or bodily injury;
3.&n Be in a coverage amount of not less than $300,000.00 for all claims arising in any one-year period.”
Get CGL Insurance From Experienced Insurance Agents
Commercial general liability insurance is mandatory protection that your business and customers need.
Find the best policy for your company by calling local licensed insurance agents who can help you determine what and how much coverage your business requires and offer you an individualized policy that is just right!
