Bidding Compensation Insurance 
Job Order Contracting
MARCH 1, 2022
Items included in a JOC coefficient (also known as a “Bid Factor”). General insurances. Workmen’s compensations insurance. State unemployment insurance. Federal unemployment insurance. Below is an example of such items. Materials. Equipment. Subcontractor costs. Subcontractor mark-ups.
Building Radar
NOVEMBER 18, 2024
These include expenses like payroll taxes, benefits, insurance, and other indirect costs understanding labor burden. By calculating the fully burdened labor rate, contractors can ensure that all labor-related expenses are accounted for when bidding on projects fully burdened labor rate.
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Construction Business Owner
DECEMBER 9, 2011
INSURANCE |. In fact, project managers should worry about implementing more safe practices because it can affect the way they bid on jobs. A safe work environment is one of the most straight forward ways to decrease workers compensation expenses. Fewer accidents also mean lower insurance premiums, which mean lower labor costs.
Constructonomics
OCTOBER 3, 2010
Surety bonds offer financial protection similar to insurance, although there is a distinct difference in how they work. While insurance policies are written with the understanding that some claims will be made, surety bonds are written to prevent fraud and other potential problems—with the intention of avoiding claims.
Levelset
AUGUST 5, 2022
Construction insurance can be confusing. Each contractor and party to the project has their own insurance, which may or may not be adequate to protect the work they’re performing. Learn more: What types of insurance do contractors need? Learn more: What types of insurance do contractors need? CCIP vs. OCIP insurance.
Levelset
OCTOBER 13, 2022
To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. A certificate of insurance (COI) is a valid form used to prove that you carry the appropriate insurance policy.
Chianelli Estimating
JANUARY 30, 2020
They do not have the burden of carrying costs like workmen’s compensation, general liability insurance, unemployment related costs, vacations or sick days, etc. Both contractors and owners use them when deciding whether to bid or build a project. Choosing the lowest bid is not always the best practice.
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