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 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 (BOP).

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

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

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 how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

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
Policy limit: $1 million

Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.

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
Policy limit: $5,000 

Learn which coverage limits to choose and more on Insureon's contractor's tools and equipment insurance cost analysis page.

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 (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 bond costs for construction businesses and contractors

Construction businesses and contractors pay a median premium of about $8 per month, or $100 per year, for surety bonds. A surety bond reimburses your client if you're unable to fulfill the terms of a contract or other agreement.

Median cost per year: $100
Bond amount: $10,000

Learn how to reduce your premium, which bond amount to choose, and more on Insureon's surety bond cost analysis page.

How do I get general contractor insurance?

It’s easy to get insurance as a general contractor if you have your business information on hand. An insurance application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:

  1. Complete a free online application
  2. Compare quotes and choose policies
  3. Pay for your policy and download a certificate

Insureon's licensed agents work with top-rated U.S. providers to find coverage that fits your construction and contracting business, whether you work independently or hire employees.

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