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, …
Urderstanding the terminology The legal jargon surrounding insurance policies and associated contracts can be confusing for many, making it difficult for the average consumer to know exactly what they’re purchasing. In order to make an informed decision and choose the …
You may have heard the terms “contractor” and “subcontractor” interchangeably used. Often, these terms simply mean a hired person to complete a job. In the construction industry, however, these terms mean very different things and should not be mixed up for one …
Why Do I Need Insurance For My Business? According to Statista, 8.2% of contractor professionals and managers are uninsured, leaving this group vulnerable to unexpected financial loss that can potentially devastate their bottom lines and operations. Nearly every type of …
When you’re a contractor, it’s important to establish your credibility with potential customers. That’s why you might see the phrase “bonded and insured” in advertising materials. It’s a great selling point that diligent customers look for. But what does it …