Mindblown: a blog about philosophy.
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What Is Completed Operations Insurance?
Your business’ product or completed operations away from the location of your business are covered under the Products-Completed Operations coverage. Your business can be covered if it causes property damage or bodily injury. General liability policies usually include coverage for completed products operations. Once operations are completed or abandoned, it covers liabilities arising from the…
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An explanation of workers’ compensation class codes
The workers’ compensation class codes are used by insurance companies to understand the types of work their customers do. In this way, companies can categorize work areas according to the level of risk estimated. Workers’ compensation cost can thus be precisely determined by insurance companies. Workers’ compensation insurance rates are based on NCCI’s classification system, which…
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Workers’ compensation insurance in a nutshell
In the event of workplace injuries, workers’ compensation insurance provides medical and wage replacement (compensation) benefits. Compensation is available only for injuries occurring in the course of ordinary business operation. Businesses with employees in California are required to obtain workers’ compensation insurance from an insurance company or from the state fund. There are large businesses…
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Additional Insured Endorsements for Contractors
Contractors can’t ignore the importance of financial protection, no matter what sector they work in. You will also be protected from lawsuits and damages if you have a contractor’s insurance policy. Here’s how it works The purpose of contractor insurance is to provide financial protection to your business if it is involved in an accident…
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Licensing requirements for contractors in California
Contractors must comply with laws specific to each state in the United States. Contractors State License Board (CLSB) of the Department of Consumer Affairs handles this responsibility in California. In addition to providing administrative services to contractors and clients, the board is responsible for investigating complaints. Licensing requirements for California contractors License requirements for becoming…
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Business Liability Insurance in a Nutshell
Business liability insurance, or general liability (CGL) in insurance terms, protects you from various types of claims arising from the operation of your business, such as bodily injury, property damage, personal injury, among others. A quote for general liability insurance typically includes: Bodily injury liability & property damage liability Personal & advertising injury liability Products…
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OSHA will monitor the whistleblower cases under Antitrust and Money laundering Act: DoL
(Washington, DC, Economic & Insurance News by Insurance Market 360) – Department of Labour (DoL), recently notified that, OSHA, shall investigate whistleblower complaints logged under the new Antitrust and Money Laundering provided by the legislation. This decision was taken keeping in view of increase in cases especially in professional safety and health administration in the…
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Research reveals 22% growth in Global commercial segment of Q4, 2020 FY
(Economic & Insurance News by Insurance Market 360) – Investigation done in commercial insurance sector across various regions and the globe in both private and public domains for the fourth quarter of 2020 with the support of Marsh, the lion share holder, indicate an aggregate of 22% increase which is 3% more than Q3, 2020.Global market…
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VERMONT is now a licensing authority to state based systems: NAIC
(Washington, Economic & Insurance News by Insurance Market 360) – National Association of Insurance Commissioners, NAIC, on 29 January 2021 announced the inclusion of Vermont department of financial regulation to license state based systems, SBS a 33rd in its latest count. Michael Pieciak, Vermont Department of Financial Regulation Commissioner, expressed that, “SBS provides us with…
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Private Insurance organizations to face EPLI Challenges: RPS
(Rolling Meadows, IL, Economic & Insurance News by Insurance Market 360) – Covid_19 affected Employment Practices Liability Insurance (EPLI) pricing and it is expected to continue in 2021 according to a report by Risk Placement Services. Manny Cho RPS EVP, Executive Lines, opined that, “in order to obtain and maintain profitability, carriers are not only looking…
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