What are the Insurance Requirements for Contractor Licenses under the new law in Georgia?

Both General and Residential Contractors need to have liability insurance. All licenses are required to have $500,000 for any occurrence. Still, a residential-basic contractor must have to carry a minimum of $300,000 for any circumstance. Any contractor that wants to work in the state of Georgia must have worker's compensation.

What kind of Insurance should Contractors get?

There are many different types of insurance a contractor should get when starting independently, and as a business below shows a list of insurance you can get.

  • General liability coverage to protect you against third-party claims of bodily injury and property damage.
  • Damage/loss of property or equipment.
  • Injuries on the job site (as well as medical expenses).

How to choose a good Insurance Company ?

When looking for insurance, you always want to ask questions and look for the policy and make sure they have you fully covered. The list below shows what you should be asking and looking out for

  • Compare liability levels and what is covered in the policy.
  • Understand what exclusions are in place.
  • Determine the value of the policy (injury, damage, loss, death, etc.)
  • Understand what is covered (equipment, other contractors, vehicles, etc.)
  • Am I fully protected if I am at fault?
  • How long will it take until the policy claim is paid?
  • What if loss/damage occurs due to the negligence of another party (and what if they aren't insured)?

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