Contractors commonly need general liability, workers’ compensation when applicable, commercial auto, inland marine for tools, and umbrella coverage. Commercial license applicants must document the general liability limits the Mississippi State Board of Contractors requires. Project contracts often demand higher limits or additional endorsements.
FAQ_category: (HIDDEN) Industry FAQs
An LLC should insure the risks its operations create. Common policies include general liability, commercial property, professional liability, cyber, workers’ compensation, and commercial auto. LLC status separates some legal obligations, but it does not pay claims, replace damaged property, or satisfy insurance clauses in contracts.
Flood should not be assumed to be covered by a standard commercial property policy or BOP. Flood insurance is a separate policy that can cover an insured building, its contents, or both. Coastal businesses should review flood, wind, and hail as three separate questions.
General liability can cover third-party bodily injury, property damage, and personal or advertising injury claims. It may also pay defense costs, settlements, and judgments, subject to policy terms. It does not replace professional liability, workers’ compensation, commercial auto, cyber, or property coverage.
There is no universal general liability requirement for Mississippi businesses. Licensing rules and contracts create the obligations instead. Commercial contractor applicants must show at least $300,000 per occurrence and $600,000 aggregate to the Mississippi State Board of Contractors, and landlords, lenders, and project owners routinely require coverage by contract.