Tag: Contractor Insurance
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Understanding Contractor Insurance: A Complete Guide for Contractors
Introduction As a contractor, protecting your business is crucial. One of the most important aspects of protecting your business is having the right contractor insurance. Whether you’re just starting or you’ve been in the business for years, understanding contractor insurance can save you from unexpected financial risks. In this article, we’ll explore what contractor insurance…
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When Do You Need A Contractor General Liability?
A contractor general liability is useful for different construction businesses. But have you ever wondered when you should get this liability? This article explains it all. Contractors in various specialties, such as masonry, carpentry, fencing, concrete, landscaping, flooring, HVAC, and electrical, are exposed to numerous general liability issues when they’re working on-site. If employees and…
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Everything You Need to Know About Insurance Filing As A Motor Carrier
Have you wanted to file your insurance as a motor carrier, as a freight forwarder, or a broker but couldn’t understand how? Then this article is what you need. Apart from applying operating authority, applicants for freight forwarder, motor carrier, and broker authorities must have specific legal processes and insurance agent documents on their files…
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What is A Performance Bond?
This article explains in detail about what is a performance bond and what are the roles of all three major parties in it. A construction job of any kind requires a performance bond. In essence, they provide an assurance that the contractor carrying out the work will honour their contractual duties to the project’s owner…
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Subcontractor’s Warranty Endorsement
Those who are contractors, construction companies, maintenance companies, or other companies that use subcontractors may encounter “Subcontractors’ Warranty Endorsement” on their Commercial General Liability policies. This endorsement requires contractors to obtain additional insured status on the CGL policy of their subcontractors and to make their policies secondary to their subcontractor’s. In addition, contractors may face…
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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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In the construction industry, what does an “Additional Insured” do and what is the “Additional Insured Endorsement”?
Many construction contracts require contractors to sign pages containing detailed insurance requirements, coverages, and minimum dollar amounts. Review any contract’s insurance requirements carefully before signing to ensure that your current insurance complies with the contract’s requirements, including coverage types and financial limits. Your contractor insurance specialist is a great resource for help in this regard,…
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Liability insurance for contractors is an essential coverage, but what does it cover?
However cautious you may be when carrying out your projects, mishaps and accidents can still occur. This is an indeterminate situation that is beyond your control. You can’t always rely on your people and equipment to perform perfectly. If you are legally obligated to cover accident and machine expenses, it will cause delays and income…
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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…