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How much does insurance cost for general contractors?

General contractor insurance costs depend on your policy limits, your business risks, the value of your equipment, and other factors. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability insurance costs for general contractors

General contractors pay a median premium of about $90 per month, or $1,090 per year, for general liability insurance. This policy provides protection against third-party injuries, third-party property damage, and advertising injuries.

General contractors can often save money by bundling general liability insurance with commercial property insurance in a business owner’s policy.

Median cost per year: $1,090
Policy limit: $1 million per occurrence
Policy deductible: $500

Learn more about general liability insurance.

Workers’ compensation insurance icon

Workers’ compensation insurance costs for general contractors

The median cost of workers’ compensation insurance for general contractors is about $265 per month, or $3,175 annually. This policy, which is required in nearly every state for businesses with employees, can help cover medical fees and lost wages for work-related injuries and injuries.

Learn more about workers' compensation insurance.

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Commercial auto insurance icon

Commercial auto insurance costs for general contractors

At a median rate of about $165 per month, or $1,990 annually, commercial auto insurance provides coverage for vehicles your contracting business owns. This policy can help pay for property damage and medical costs in an accident, vehicle theft, and vehicle damage caused by weather and vandalism.

Median cost per year: $1,990
Generic policy limit: $1 million

Learn more about commercial auto insurance.

Contractor’s tools and equipment coverage icon

Contractor’s tools and equipment insurance costs for general contractors

General contractors pay a median premium of about $15 per month, or $170 annually, for contractor’s tools and equipment coverage. A form of inland marine insurance, this policy helps cover the repair or replacement of lost, stolen, or damaged tools and equipment.

Median cost per year: $170
Generic policy limit: $5,000

Learn more about contractor's tools and equipment insurance.

Professional liability insurance icon

Professional liability insurance costs for general contractors

General contractors pay a median of less than $45 per month, or $520 per year, for professional liability insurance. This policy, also known as errors and omissions insurance, protects general contractors against client lawsuits claiming unsatisfactory, negligent, late, or incomplete work.

Median cost per year: $520
Policy limit: $300,000 per occurrence
Deductible: $2,500

Learn more about professional liability insurance.

Get free quotes and compare policies with Insureon

At Insureon, our construction and contracting insurance agents work with top-rated U.S. carriers to find coverage that fits your business, whether you operate independently or hire employees. Apply today to compare quotes from multiple carriers with one free online application. If you decide to purchase a policy, you’ll work with an account manager who specializes in the unique risks facing general contractors.

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