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When a subcontractor is uninsured, the business can still be liable for any property damage or injury to others. If your business is found to have caused an injury or accident, the other party will seek damages. Liability coverage is also a part of business auto policies if you collide with another vehicle and injuries occur.
Unlike general liability insurance — which protects contractors when their work leads to bodily injury or property damage — professional liability offers coverage in situations when their work causes another party to lose money. Some mistakes could lead to bodily injury or property damage—which are both covered by general liability insurance.
While general liability insurance covers against claims related to injury or property damage, errors and omissions insurance protects from lawsuits related to financial loss. Most states require contractors to hold general liability insurance while working on a job site, but that only protects against third-party injuries and property damage.
Injuries, harassment, lapse in compliance, and alcohol-related incidents are all to common in far too many workplace holiday parties. Medical insurance and workers’ compensation premiums can also take a heavy hit. Harassment and Discrimination. This is especially true when alcohol is a factor.
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