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What Is a Certificate of Insurance (COI) for Contractors — and When Do You Need One?

Levelset

A certificate of insurance (COI) is a valid form used to prove that you carry the appropriate insurance policy. Why a certificate of insurance matters. If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement. Even though a COI may expire, tracking those certificates still holds value.

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10 Best Insurance Companies for Construction Businesses

Levelset

They offer a full range of business insurance policies, including general liability, commercial auto, workers’ compensation, and umbrella. Policies offered include general and professional liability, workers’ compensation, commercial auto, and tools and equipment. And they offer risk specialists to help your business minimize losses.

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Subcontractor Insurance: 7 Policies Subs Should Consider for Their Business

Levelset

Project owners or GCs will want a certificate of insurance proving that you have your own liability insurance. . Medical expenses, property damage, and legal defense costs can grow quickly. An uninsured business would likely not have the financial resources to pay a large legal settlement. Workers compensation insurance.

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A Plumbing Contractor’s Guide to Insurance Coverage

Levelset

In this respect, general liability insurance or workers’ compensation could help cover those costs if an incident should occur. . Workers’ compensation insurance should be in place to help defray the costs of employee medical treatments. Each field of subcontracting work has its own area of focus in insurance matters.

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Regulations (or none) and construction marketing: Looking beneath the surface

Construction Marketing Ideas

Should someone I know well (an 18-year-old) sign a legal waiver document before going to work on a residential renovation site? The individual here is young adult and legally can make his own decisions. I told him, however, that he should not sign any legal waivers here.

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Tax Reform Impact on Employers and Employees

Revit OpEd

Modification of limitation on excessive employee remuneration: Under current law, an employer generally may deduct reasonable compensation for personal services as an ordinary and necessary business expense. Code Section 162(m) limits the deductibility of compensation expenses in the case of publicly traded corporate employers.

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Additional Insured Endorsements & How They Work in Construction

Levelset

Additional insured, policyholder, certificate holder: What’s the difference? A certificate holder is a party that requires proof that a contractor meets the insurance requirements to perform work as defined in the contract. There are several related terms that are commonly confused in insurance policies and construction contracts.