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

Levelset

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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Subcontractor Insurance: 7 Policies Subs Should Consider for Their Business

Levelset

“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.”. Medical expenses, property damage, and legal defense costs can grow quickly.

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A Plumbing Contractor’s Guide to Insurance Coverage

Levelset

When you tackle the jobs you’ve secured, it’s also important to plan for the unexpected. 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. The average cost for a workers comp claim in 2019-20 was $41,353.

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6 Dangers Of Falling Debris In Construction Sites

Construction Marketing

Whoever is responsible for breaching their duty of care should compensate for the injuries. Going through the legalities of such issues can be complex, so working with a personal injury attorney In Englewood would be a good starting point. . If the construction company fails to keep the site safe, they could face liability.

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Carpenter’s Insurance: Who Needs It & Why

Levelset

If a third party gets injured on a job, liability coverage helps pay the cost of legal defense if you get sued for the accident. . A large claim against your business could have a devastating financial effect that could threaten your livelihood. Does a carpenter need insurance? Carpentry is a diverse occupation.

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

Levelset

If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement. A COI may include a waiver of subrogation endorsement that basically asks your insurance company to pay an insurance claim, while giving up the ability to recover (or subrogate) damages from the party that actually caused the problem.

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Housing’s Great Rethink: Workforce Development Takes Center Stage

Pro Builder

These exits weren’t just about compensation, either. The last year brought less giving up and more trading up” to opportunities that not only paid better but provided more work-life flexibility, broader benefits, and more job security, according to an article in The New York Times this past May.