“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) “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.

In comparison, the average cost for commercial general liability in the U.S. is $597 a year, or about $50 a month for small businesses, AdvisorSmith reported.

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Steve Hallo

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

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