South Dakota Contractors Insurance
Buying Contractors General Liability Insurance in South Dakota
Do you need a quote on contractor’s general liability insurance?
Before we give you a quote on your contractor’s insurance, what is general liability? Simply, bodily injury, property damage and negligence. That’s easy, right? Well, there is more to it. A general liability insurance policy has very broad coverage. It protects your business from accidents and things that can go wrong, plus legal expenses. It does not cover workmanship.
How is South Dakota general liability insurance rated?
Payroll, sub-contractor costs, gross sales plus anything else you have added to the policy. Tools and equipment, additional insured endorsements, primary non-contributory language, waiver of subrogation/transfer of rights are good examples of possible add-ons.
Insurance companies have minimums, like $30,800 or $15,800 for one owner operations. If that owner has three employees, each making $45,000. Then you would take the owner, plus the employee payroll and add them all up. That is applied against the insurance company’s rates and there you have it, a contractor’s insurance quote.
South Dakota contractor’s liability insurance is also rated on the limit you buy and if you have a deductible or not. Common limits of coverage are $1,000,000/$2,000,000. The first number is called an occurrence limit. That means the maximum amount paid on any one claim. The second number is the aggregate or maximum amount paid during the general liability policy year.
I’m a contractor in South Dakota, there are certain insurance requirements.
The City of Sioux Falls, SD has minimum statutory requirements.
“Submit a $20,000 Compliance Bond, a minimum of $300,000 general liability insurance and the appropriate license fees within 90 days of examination.”
Proof must be provided to them in the form of a certificate of insurance. A certificate is just a snap shot of your insurance policy.
It’s very important that your certificate or proof be accurate. Any missing, incomplete or inaccurate certificate will cause your application to be deficient and will delay the processing.
Need someone on your side to help you find an affordable South Dakota contractors insurance policy?
Seriously, we have helped thousand’s contractors over the past 34 years. First, we gather all the facts, please tell us about your contracting business. What needs to you have? Perhaps construction contract requirements? Send then to us for a comprehensive review.
Whether you are an establish company or just starting a new venture, you can trust us to help guide you through the maze of contractor insurance coverages.
Complete our online quote form or pick up the phone and give us a call now. Let us help you find the perfect South Dakota contractors insurance deal.
