"Insurers have their own underwriting protocols and risk appetites, and residential construction — particularly new condo developments and housing subdivisions — is a risk that some insurers do not want to assume," Robert Bambino, of Gramercy Risk Management. (Credit: Michael Moloney/Shutterstock.com)

Building contractors and construction firms face the highest average annual costs for general liability coverage, according to AdvisorSmith Solutions, Inc., which noted even small construction businesses pay average premiums of $1,076 annually.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

E&S/Specialty Lines
Commercial Lines
E&S/Specialty