Most contractors are overpaying for insurance coverage they do not need. Why? Well, to keep it simple, most brokers could not care to scrutinize new insurance options. Lack of scrutiny can lead to higher contractors’ insurance rates, which could have been prevented earlier.
Like any other business, construction companies are vulnerable to a wide variety of liabilities and risks. Construction sites are highly prone to unexpected circumstances that might put the company’s finances in jeopardy. Hence any construction business owners need to protect their company from anticipated perils.
It is always a good idea for construction companies to get contractors insurance. The insurance policy is designed to safeguard your business since it can provide financial coverage to risks that contractors commonly encounter.
Working with contractors is very common for projects like construction. Check this article to know how you should work with them when completing your goal.
COVID-19 has disrupted many economies around the world. Governments imposed lockdown measures and stay-at-home policies to slow down the spread of COVID-19. As a result, construction of buildings and other infrastructure are forced to halt their operations. Many companies were caught off guard and unprepared for the impact of stopping their business operations.
Being in the contracting business requires an immense ability to handle pressure and risk management strategy. Whether you put your best foot to make sure no accident will occur, the nature of the field acknowledges that accidents are inevitable. In this article, we will provide you what you need to know about contractors’ insurance claims.
The contractor’s insurance is one of the most critical insurance policies you can get, especially if you have a construction company or business establishment. However, insurance coverage has had a significant change due to the emergence of COVID-19. Here are some of the essential points that you need to know about the contractor's insurance coverage during the pandemic.
The construction sector is both a lucrative and tough business, especially for most start-up contractors. You can expect that you will face several challenges that will test your capabilities both as an entrepreneur and as an individual. Being said that, the road is also full of opportunities for learning and growth as long as you have grit and determination.
It may take a few years before you feel that your effort is paying off, but success is not impossible. If you’re up for the challenge, here are tips you can follow to help you along your way. Read on
With plenty of on government contract jobs, it’s always a requirement that the company provide proof of liability insurance as part of the process for qualification. Below is an explanation of the contractor’s insurance along with its benefits.
In finding a contractor, you should criticize not only the quality of their products and services but also the legitimacy and experiences they have in the industry. Before signing any contracts, know if your contractor has proof of licensing, bonds and insurance, and other permits and certification of their business. It is a complicated task to find a long-time contractor that you can trust, but it is not too hard either with these three necessary documents that your contractor must provide.
You finally bought the contractor's insurance and it's great as you saw how the importance of having one for your business. It doesn't end there, though. You must ensure that your policy gets to work for you and get the most out of your coverage. To help you out, here are some concrete tips you need to follow to maximize your insurance.
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