What is Underlying Policy? According to Statista, the average cost of B2C general liability insurance premiums written in the U.S. by 2024 is projected to reach USD 380 from USD 340 in 2019. An underlying policy is the insurance coverage against a …
What Is a General Aggregate Limit? An aggregate limit, as the name suggests, is the maximum amount that the insurance provides for all the claims filed during the given policy term. Liability insurance is something that every business needs to protect themselves …
What Is Worker’s Compensation Insurance? Did you know that the market size of the worker’s compensation insurance industry is estimated at $48.3 billion during the current year, and is expected to reach 3% higher than the previous year? Workers’ compensation …
Independent Contractor vs. Sole Proprietor Did you know that independent contractors in the U.S. form somewhere between 6.9% to 9.6% of the overall workforce? If these figures are to be believed, independent contractors consist of between 10.5 million and 15 million workers …
What Are Workers’ Compensation Class Codes? Workers’ compensation class codes are numeric codes (usually three to four digits in length) that help identify the type of work that you are involved in. Insurance companies utilize these classification codes to estimate …
General Contractor Job Description North America is ranked the second largest construction market globally with an overall industry expenditure amounting to $1,463.2 billion last year, which is approximately a 7.9% increase. When we think about the construction industry, the first …
Is Hold Harmless the Same as Indemnity? The loss run report is an insurance company’s history of a business. The report acts as a risk management strategy as it helps the prospective insurer to assess a business’ eligibility when the …
What is a Workers’ Compensation Settlement? The US Bureau of Labor Statistics states that 2.8 million workplace injuries and illnesses occurred in the year 2019. Workers’ compensation settlements enable employees to claim benefits during work-related injuries to pay for the lost wages, …
A hold harmless agreement is a legal statement that maintains that a party is not deemed responsible for any loss, injury, or damages by another party. Upon signing a business’s hold harmless agreement before the beginning of the activity or …
As you are probably aware it is time for biennial license renewal. All Illinois roofing licenses expire 12/31/2021. (It would be in your best interest to keep reading this so as to benefit from my years of experience thereby saving …
An alarming number of small businesses in the US are underinsured. Is yours one of them? In this article, we look at what product completed operations coverage is, exactly what it covers (and what it does not cover), who needs …
Accidents happen in every industry, but the risk of a mishap is elevated in the construction industry. Historically, 1 in 5 US worker fatalities occurred in the construction industry, and the injury rate was 71 percent higher than the average of all other industries. Cumulatively, …