Protect Profits with Top-Level Insurance for Subcontractors
Financial Implications and Cost Considerations
Investing in comprehensive insurance coverage might seem like a significant expense, but it's a cost-effective strategy in the long run. The premiums you pay can vary based on factors such as the size of your business, the nature of your work, and your claims history. On average, subcontractors can expect to pay between $400 and $1,500 annually for general liability insurance, depending on these factors5. It's essential to compare quotes from multiple providers to find the best coverage at the most competitive rates.
Real-World Examples and Statistics
Consider a scenario where a subcontractor without adequate insurance faces a lawsuit due to a workplace accident. The legal fees and potential settlement could easily reach tens of thousands of dollars, far exceeding the cost of an annual insurance premium. According to the Occupational Safety and Health Administration (OSHA), workplace injuries and illnesses cost businesses over $170 billion annually, highlighting the critical need for protective measures6.