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First-Party vs. Third-Party Insurance: What’s the Difference?

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First-party insurance provides compensation directly to the insured individual or business, whereas third-party insurance provides reimbursement to another party when the insured person or business is liable for damages. First-party insurance provides compensation directly to the insured individual or business.

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A Plumbing Contractor’s Guide to Insurance Coverage

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Plumbing contractor’s insurance may help your business stay afloat if accidents or injuries occur on the job. A plumbing contractor’s insurance policy covers claims for property damage, but it may also help defend against lawsuits resulting from a work-related incident. Worker injury.

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Carpenter’s Insurance: Who Needs It & Why

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You can practice safety and use common sense on the job, but there’s no way to predict when accidents or injuries might occur. Carpenter’s insurance is a financial instrument that helps protect your business if accidents, injuries, or illnesses occur in a work-related capacity. What is carpenter insurance?

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Subcontractor Insurance: 7 Policies Subs Should Consider for Their Business

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“If something goes wrong, liability could hit the GC’s policy, which dilutes liability insurance limits, negatively impacts their claims history, and forces them to deal with a claim that’s not really their fault.”. If your business is found to have caused an injury or accident, the other party will seek damages.

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General Liability vs. Professional Liability: What’s the Difference?

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When it comes to protecting your contracting business from claims and lawsuits, it can be tough to know what type of insurance you should purchase. Liability insurance protects your business against claims for damages caused by you and your workers, if you have any. General liability insurance.

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Builder’s Risk vs. General Liability for Contractors: What’s the Difference?

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Builder’s risk insurance, typically used by general contractors, covers property damage to a building under construction, while general liability insurance covers costs associated with third-party injuries or property damage caused by contractors. . Covers contractors against accidents, property damage, and in some cases, libel.

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

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Construction contracts often require that each hired specialty contractor maintain a minimum level of insurance coverage, and a COI will reflect that status. If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement. There are a few parties that might require a COI from your contracting business.