Business Insurance for General Contractors
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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

General contractors pay an average of $142 per month for general liability insurance.

General liability insurance provides financial protection against common lawsuits from customers. It can cover costs if someone sues your business for an injury, property damage, or copyright infringement.

This is the average policy for general contractors who buy from Insureon:

Premium: $142 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $1,000

Small businesses can often save money by bundling general liability coverage with commercial property insurance in a business owner’s policy (BOP).

The cost of general liability insurance depends on factors such as the coverage limits you choose, the size of your business, and the amount of foot traffic.

Workers’ compensation insurance icon

Workers’ compensation insurance

General contractors pay an average of $318 per month for workers’ compensation insurance.

Workers' comp helps pay for medical costs from work-related injuries and illnesses. Most policies include employer's liability insurance, which covers the cost of lawsuits related to workplace injuries.

There's usually no limit to how much a workers' comp policy can pay for employee benefits (it depends on state laws). The average limit for employer's liability insurance for general contractors is $1,000,000.

The cost of workers' compensation insurance depends on factors such as the number of employees and the type of work they do.

Commercial auto insurance icon

Commercial auto insurance

General contractors pay an average of $180 per month for commercial auto insurance. Most states require this coverage for vehicles owned by a business.

This policy provides financial protection in the event of an accident involving your business vehicle. It can help pay for property damage, medical costs, and legal expenses.

This is the average policy for general contractors who buy from Insureon:

Premium: $180 per month
Policy limit: $1,000,000

The cost of commercial auto insurance depends on the coverage options you choose, the value of the vehicle, and the driving records of anyone permitted to drive it.

Contractor’s tools and equipment coverage icon

Contractor’s tools and equipment insurance

General contractors pay an average of $14 per month for contractor’s tools and equipment insurance.

A form of inland marine insurance, this policy helps cover the repair or replacement of lost, stolen, or damaged tools and equipment.

This is the average policy for general contractors who buy from Insureon:

Premium: $14 per month
Policy limit: $5,000

The cost of contractor's tools and equipment coverage depends on the value of your tools and equipment and the type of work you do.

Builder’s risk insurance icon

Builder's risk insurance

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 (E&O), 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 how to save money on your policy, which coverage limits to choose, and more on Insureon's professional liability insurance cost analysis page.

Surety bond icon

Surety bonds

General contractors pay an average of $10 per month for surety bonds. A surety bond reimburses your client if you're unable to fulfill the terms of a contract or other agreement.

This is the average bond for general contractors who buy from Insureon:

Cost: $10 per month
Bond amount: $10,000

The cost of a surety bond depends primarily on the size of the bond.

How do I get general contractor insurance?

Insureon can help you find affordable general contractor insurance in three easy steps:

  1. Fill out a free online application with details about your business
  2. Compare custom quotes from top-rated U.S. providers
  3. Select a policy and pay the premium to begin coverage

A licensed agent will help make sure your insurance matches your business risks and state requirements. Once you've bought a policy, you can download a certificate of insurance for proof of coverage. Most small businesses can get covered within 24 hours of applying for quotes.

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