Find out everything you need to know about Insurance. Read the Contractors Liability blog for top tips and good advice.
For contractors, the difference between investing in Builder’s Risk Insurance and Inland Marine coverage might not be relevant. Maybe it is better to have them both. But before you can make this decision, you need to know more about these …
Replacement Cost vs Actual Cash Value Actual cash value and replacement cost are the two main loss settlement options provided by insurance companies. “What is loss settlement?” you might ask. Well, loss settlement is how your insurance company decides the …
Do you need Builder’s Risk Insurance for homeowners or Homeowner’s Insurance? 90% of property owners have some form of insurance. But there are key differences between Homeowners Insurance and Builder’s Risk Insurance. In this article, let’s take a look at …
The short answer is, No. If the only insurance coverage your construction business has is a contractors insurance policy, you are in danger. Your General Contractors general liability coverage is inadequate when it comes to claims relating to asbestos illness. Construction is one of …
In any industry, there are risks involved, especially with construction-based industries. Roofing a dangerous profession that can lead to bodily injury. Roofing contractors face a financial risk with every new client. Unfortunately, lawsuits are a part of the roofing profession. …
Fraud and misrepresentation are not strangers to the insurance industry. Though there are thousands of people working ethically, corruption still exists. Why are the moral complexities of insurance companies important to you, the owner of a general contracting company? The …
Whether you’re a seasoned contractor or just starting out, you know that insurance is a critical part of your business. But when it comes to certificates of insurance, things can get confusing. That’s why we’ve put together this guide, which …
Handyman businesses often find themselves wondering why they would need a general liability insurance policy. Most handyman businesses consist of either one or a handful of workers. Sometimes the thought of revising the budget to account for insurance costs seems unjustifiable, if there hasn’t been a liability issue …
Electricians have to think about how they can work best with clients and what future jobs to apply to on a daily basis. But they also need to think about the risks of the trade alongside these constant concerns. The …
Does your business have potential automobile loss exposure? In either case, the employer can potentially be held responsible for liability associated with operating a vehicle that has any reference to company business. The employee may carry their own coverage, but in most …
An owner controlled insurance program is a centralized insurance program usually procured for either specific construction projects or multiple construction contracts. The reason why general contractors and builders need to get this OCIP is because it will be able to cover all the project interests of the contractors and sub-contractors that will participate in the project. The general contractor will be able to maintain risk control and take up the management and administration of the insurance policy. The owner controlled insurance program is different from a contractor-arranged insurance program because under the latter, each individual contractor has to get his own insurance policy on different terms and conditions, limits and insurance coverage.
Blanket insurance is a type of insurance that will protect one from accidents, liabilities occurred during a contract and many other things in regards to general contractoring. There are some cases where something may go wrong during the course of a contract and warrant a lawsuit, bringing a contractor down in his business. However, if he has contractors liability insurance, the reverse would be the case. That is why it is very advisable for contractors to adopt this system because mere thinking of how to get a good lawyer to defend you in such cases would be time wasting and expensive and in the long run it might put you off your business.