Category: Contractors Liability Insurance
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What is A Contractor’s Liability Insurance?
A contractor’s liability insurance is a safety net for people who work in construction. It is a specialized form of insurance against different risks and liabilities that contractors face, like property damage, bodily injury, and even legal fees arising from lawsuits. This article explains it in detail. What is This Insurance About and What Does…
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Mandatory Workers’ Compensation Insurance for Contractors in California
The California Contractors State License Board (CSLB) has announced that starting January 1, 2023, certain licensed contractors must carry workers’ compensation insurance, regardless of whether they have employees. These contractors include those in the concrete (C-8), HVAC (C-20), asbestos abatement (C-22), and tree service (D-49) sectors. This new requirement is the result of Senate Bill…
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Loss Exposure of Contractors
Contractors are subject to some unique loss exposures. When a prospective client needs certain types of construction work done, contractors either bid for the job or negotiate a contract. Due to this, the customer specifies what should be done in the job specification. It is common for contracting businesses to have multiple locations. There are…
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Insurance Premium Audit
Your insurer conducts a premium audit to become sure you have paid the proper premiums over the period of the policy for the insurance coverage you need. By analyzing your company’s financial records, an insurance premium audit determines your actual risk exposure. Every year, your insurance company conducts an audit of your policy. Typically, when…
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Contractors Insurance Certificates and Endorsments
What is ‘Additional Insured’ Endorsement? Additional insured refers to a person or organization identified as an insured under an insurance declaration, in addition to whomever the insurance policy is named to. After the endorsement is signed, that entity will enjoy same benefit similar to the named insured including the filing of claims, and will be…