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Insurance Requirements for a General Contractors (GC) License in Florida

General Contractors (GC) Insurance

Insurance Requirements for a General Contractors (GC) License in FloridaInsurance is an essential aspect of being a general contractor. It provides protection for both the contractor and their clients in case of accidents, injuries, or property damage. Obtaining a General Contractors (GC) license in Florida requires meeting certain insurance requirements. This protects both the contractor and the clients in case there is an accident while working on a job. It is important for contractors to understand and comply with these insurance requirements in order to operate legally and protect themselves from potential financial losses.

Let’s check the different insurance requirements for GCs in Florida.

Workers’ Compensation Insurance

One of the most important insurance requirements for a GC license in Florida is workers’ compensation insurance. This type of insurance provides benefits to injured or ill employees who were affected at work. In Florida, all employers with four or more employees are required to have workers’ compensation insurance. GCs are no exception and must provide proof of workers’ compensation insurance before they can obtain a license.

General Liability Insurance

Another important insurance requirement for a GC license in Florida is general liability insurance. This type of insurance provides protection if they are found liable for damages or injuries that occur at work. In Florida, GCs are required to have general liability insurance with a minimum coverage of $300,000 per occurrence.

Automobile Insurance

GCs who own and operate vehicles in the course of their work are also required to have automobile insurance. This type of insurance provides protection in the event of an accident or collision. In Florida, GCs must have automobile insurance with a minimum coverage of $100,000 per person, $300,000 per accident, and $50,000 for property damage.

Surety Bond

In addition to insurance, GCs in Florida are also required to have a surety bond. A surety bond is a type of financial guarantee that protects the public from financial losses due to a GC’s failure to complete a project or to meet its financial obligations. In Florida, GCs are required to have a surety bond with a coverage of up to $27,500.

Additional Insurance

In some cases, GCs may be required to have additional insurance depending on the scope of their work. For example, consider a situation where a GC is working on a project that involves hazardous materials or high-voltage electrical systems. In such cases, they may be required to have additional insurance to cover the risks associated with these types of projects.

It is important to note that insurance requirements for GCs in Florida are subject to change and may be updated from time to time. GCs should check with the DBPR to ensure they have the most up-to-date information on insurance requirements.

In conclusion, obtaining a GC license in Florida requires compliance with insurance requirements set by the Florida Department of Business and Professional Regulation. GCs should make sure they have the most up-to-date information on insurance requirements and comply with them in order to obtain and maintain their license.

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Insurance Requirements for a General Contractors (GC) License in Florida

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