General liability insurance covers the cost of lawsuits brought on by third parties over bodily injury or property damage caused by one of the employees or the business itself. This type of insurance covers legal fees, settlement costs and damages, regardless of whether you’re found liable. These policies cover:
Property damage.
Client and third-party injuries.
Reputational injuries.
Problems with construction or installation (completed products).
Completed products coverage is an addition to general liability coverage. This type of insurance covers damages over repair costs, deterioration or other financial losses for a client or third party that could result in a lawsuit for your failure to deliver as promised.
General liability with completed products coverage isn’t the only type of insurance you need for your construction or contracting business, but it does include many of the biggest and most expensive risks your business could face.