Contingent Liability Insurance
Contingent Liability Insurance Quotes
Coverage against external liabilities
Contingent liability is a broad coverage that protects against uncertain external liabilities; Actions or inactions of contractors you hire, tenants you lease to, and unknown and unresolved liabilities after a merger or acquisition are some situations that may warrant coverage. Contingent even extends into environmental liabilities and breach of contract.
That leads to one of the benefits of working with Insuremart’s agents; They are educated on contingent liability and will be happy to discuss potential risks. Buying insurance isn’t great, but knowing you’re properly covered is. And a friendly agent helps.
Insuremart has direct access to
over
100
insurance carriers
Nobody can sell for less, and we work for you.
Insurance is a cheap investment in comparison to an accident without it.
What limits should I expect?
You will have per occurrence and aggregate limits (annual total). Our agents may find you some carriers that offer $100,000/$300,000, and $1M/$2M is fairly common. Some carriers have the financial wherewithal to take on risks higher than $2M.
Those limits will be based on your industry, size, and risks.
How much does it cost?
Good to know: Insuremart works with over 100 insurance carriers. Nothing gives you an advantage when buying Contingent Liability insurance — or any insurance — like a great agent and more options. Talk to our agents.
There are too many variables, but it typically contingent liability costs less than general liability. Just keep in mind that general liability covers internal risks from business activity and contingent liability covers external risks from third parties, e.g. contractors, tenants. They complement each other and would provide comprehensive coverage when combined.
Many endorsements for customization.
Have you heard of Employment Practices Liability Insurance (EPLI) Endorsement? General liability offers some protection, but EPLI providers stronger protections against growing risks related to discrimination, harassment, and other employee/employment related issues.
There are several additional endorsements that are made for specialties and industries.
Could I be sued for a third-party’s mistakes, accidents, or delays?
Yes, you could be held responsible, and that means potential legal costs even if you are eventually found not liable.
Here are some examples:
You are under contract to complete a project and a third-party you hired is unable to fulfill their end of the agreement. It could be a supply chain issue or simply a mistake in numbers.
Or you lease property to a company that stores chemicals, there’s a leak, and it affects other tenants or contaminates the soil.
Do I need contingent liability coverage?
You may be required contractually or by regulations prescribed to specific industries. Some industries and jobs are simply a must, e.g. construction, real estate agents, product makers.
Let one of our agents walk you through it. Having that experience on your side just makes sense. They will ask questions about the subcontractors you hire and various situations that may increase your risk exposure.
Get a Contingent Liability insurance quote from Insuremart right now. Our agents are ready to help.