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As a contractor, you likely know that your business is always at risk. Between the potential for accidents and injuries on the job site and the risk of lawsuits, it’s important to have insurance to protect yourself from financial losses, but what kind of insurance do you need? General Liability Insurance.
Having snow removal insurance is important, considering the risks and dangers of snow removal and deicing. This article will show you the things you need to know about snow removal insurance. . What Is Snow Removal Insurance? Snow removal insurance can offer a wide variety of policies to protect contractors and their businesses.
Workers’ compensation insurance pays for occupational injury and illness; that’s why you buy the insurance. What many contractors fail to grasp, however, is that some significant indirect costs are not covered by insurance. Oftentimes, it is an employer’s single most expensive line of coverage.
Fortunately, crane and rigging insurance provide protection and compensation. However, understanding these insurance policies is key to maximizing your benefits. What is crane and rigging insurance? Other common crane and rigging insurance types include: Boom truck operator insurance.
Business insurance can help mitigate occurrences or disasters that can severely impact or destroy the good standing of your business. Let’s take a look a subcontractor insurance: when it’s needed, what happens if a sub goes uninsured, and what policies subs can use to protect their businesses from risk.
You should instead find a commercial roofing contractor. Though there are many contractors out there, some of them are not reliable because they don’t have the experience that’s needed to handle such projects. Before you hire any contractor, you should do some background check to find out whether they are registered by the government.
Plumbing contractors are the professionals that are trained to assemble, install and repair water pipes. While hiring a plumbing contractor can help in salvaging your home from a water crisis, it can also worsen a situation. Here is a list of tips that can guide you in hiring a reputable plumbing contractor to work on your property.
For contractors, these come in the form of a process known as prequalification and contractor management. What is Contractor Management? Contractor management is a series of checks ensuring that the contractors follow up-to-date safety practices and conform to health and regulatory standards.
Construction contractors and developers in New York state face $3 billion more in costs and 667 more accidents per year because of a state law that holds builders solely liable for such accidents, according to a study commissioned by the New York Civil Justice Institute.
Naturally, many contractors (like you!) Let’s get some clarity on some of this year’s FAQs about Contractor Management platforms and how you can conquer each quarter! Let’s get some clarity on some of this year’s FAQs about Contractor Management platforms and how you can conquer each quarter!
By Bruce Jervis Commercial general liability (CGL) insurance policies have been the source of much controversy in the construction industry. The policies insure against personal injury or property damage caused by an occurrence during the contractor’s performance of the work. ” Read more.
The life of a contractor is a hectic one with most of the time spent on a jobsite — and a lot of places in between. Your base insurance policy may offer some coverage for unexpected damage to some business property, but making assumptions about the extent of coverage could lead to some financial distress. .
Professional liability insurance provides contractors coverage from financial losses that happen as a result of their errors, mistakes, or negligence. For instance, a plumber who fails to properly lay a pipe could cause water damage that leads to an expensive repair for the general contractor.
Reading and understanding an insurance policy on a construction project can be a lot like understanding my kids playing Speak Out. Proper insurance coverage is an important risk management tool for contractors, subcontractors, project owners/developers and design professionals. Nautilus Insurance Co. ,
Plumbing contractors should include business insurance as an integral part of their financial strategy. With numerous policies available, the plumbing contractor’sinsurance landscape offers many ways for you to protect your physical and financial business assets. What is plumber’s insurance? Worker injury.
Lagging productivity hurts contractors in many ways, including lost jobs, low profits, and unnecessary headaches like change orders and rework. Leading-edge software and technology are helping contractors streamline construction processes with tools for mobile data capture, automated workflows and more. Create One Source of Data.
To help your business remain viable, contractor’sinsurance 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. Related: 9 Common Insurance Policies in Construction. Why a certificate of insurance matters.
Insurance is one part of a strategy to keep your carpentry business financially healthy. You can practice safety and use common sense on the job, but there’s no way to predict when accidents or injuries might occur. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet. .
General contractors know these risks when they take the role. Luckily, that’s what insurance is for, right? But what if the general contractor isn’t at fault, and a subcontractor is to blame? Does a general contractor’sinsurance cover their subcontractors’ accidents or mistakes? General liability insurance.
Navigating the insurance requirements for construction projects can be daunting. Insurance plays a crucial role in managing risks and ensuring the successful completion of any construction project. It covers bodily injury, property damage, and personal injury claims that arise during the course of a project.
Errors and omissions (E&O) insurance covers contractors against financial loss resulting from mistakes, errors, or claims of negligence. While general liability insurance covers against claims related to injury or property damage, errors and omissions insurance protects from lawsuits related to financial loss.
INSURANCE |. With every project, no matter how big or small, there is always risk – risk of injury, financial responsibility, or quality assurance. This, after all, is the foundation of the insurance industry. And risk can be a profit center, since insurance companies obviously make money. STRATEGY |. MANAGEMENT |.
In Pennsylvania, contractors working on residential projects need to be aware of the Pennsylvania Home Improvement Consumer Protection Act. The Act establishes a registration program for home improvement contractors, along with required contract provisions, minimum insurance coverage, and more. Project details.
INSURANCE |. The contractor doing the work was working for the city at the time. Points to Ponder: It is the contractor’s responsibility to create a work area and zone free from hazards that could cause injury or harm to persons or property. The city was the “general contractor” and owner of this project.
Hiring clients look at multiple factors before choosing a contractor: are they safe, reliable, and compliant — just to name a few. Roughly 738,281 contractor companies in the U.S. What is the Contractor Prequalification Process? Hiring clients need assurance about contractors’ certification, practices, and qualifications.
Construction businesses need many different types of insurance to mitigate the risks associated with building projects. Two of the most common insurance policies that contractors have are builder’s risk and general liability, which serve very different purposes. What is builder’s risk insurance?
An insurance policy rarely meets every contractor’s needs out of the box. One of the most common endorsements you’ll likely encounter involves additional insured (AI) parties. In this article, we’ll explain additional insured endorsements, and how they work in construction. What is an additional insured?
As you dig deeper into your construction insurance policy, you may come across the terms first-party insurance and third-party insurance. Mastering the difference between these two concepts is crucial to understanding how different types of construction insurance protect you.
Whether you’re just starting your business or looking to change insurance carriers, it pays to go with a company that has experience and knowledge in providing insurance for the construction industry. These days you can purchase insurance on your own or go through a local agent. Best construction insurance companies.
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?
This type of damage may leave electrical contractors unable to foot the bill. Scenarios like these stress the need for an electrician to have insurance coverage in place. Thus, a strong insurance plan helps you rest easier both on and off the job. Why can an electrical contractor use insurance?
By Scott Turner A state supreme court has ruled that a general liability policy’s contractual liability coverage did not cover the bodily injury claim of a general partner of the contractor policyholder because he was not a “third party” as required in the policy for that coverage.
A professional contractor is always the right choice, and for many reasons. He’s licensed and insured, and he probably has a list of references that you can check. If you work with a professional contractor, chances are he has connections that can save you money. Safety is a top concern among all professional contractors.
They have collected data from years 2014-2021 and have determined that there is an average of 60 vehicle/building impacts daily, 500 deaths annually, and 4,000 injuries each year. The emergency response report is also useful in your insurance claim for timing and dates.
Whether a third party gets hurt around the job site or the contractor causes property damage, someone needs to pay to make things right. In most cases, that’s what insurance is for, and the contractor will typically initiate a claim against their policy to take care of it. Contractor liability for property damage.
Heating, ventilation, and air conditioning (HVAC) contractors must protect their business property while reducing the odds that a job-related accident or injury could financially harm their business. HVAC contractorinsurance is the primary way to help protect your financial interest if things go wrong on the job.
When working in construction, your insurance policy gets issued as a fairly standard contract. At the core, you have property coverage for your tools and equipment, along with a liability component that protects your financial assets in case there’s a work-related accident or injury that you may have some responsibility for. .
For contractors looking to work with Coke Florida, understanding the significance of ISNetworld compliance is essential. The Importance of ISNetworld Compliance Why Compliance Matters For contractors, maintaining compliance with any ISNetworld ® hiring client is not just a requirement but a strategic advantage.
Prioritizing safety and compliance is a critical step that helps contractors land more jobs. Prequalification can ensure contractors are capable, insured, and able to meet all the complex safety and performance requirements. of budgets are spent on injury while only 2.6% But it’s more than just checking the boxes.
Contractors performing work in California are required to be licensed by the California State License Board (“CSLB”). Except for sole proprietors, contractors are typically licensed through “qualifiers,” i.e., officers or employees who take a licensing exam and meet other requirements to become licensed on behalf of the contractor’s company.
INSURANCE |. The company called us to come in and evaluate some of their work stations where they seemed to be getting the most injuries from repetitive motions. But what would that look like and how would contractors be able to comply with some of the very costly expenses? STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |.
A Carolina home builder teamed up with an insurance expert to help builders figure out each step of their plan for when a worker gets injured. When that happens, there should be another plan in place. Read more to see what they suggest.
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