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

Levelset

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. What are general liability and professional liability insurance?

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

Levelset

Two of the most common insurance policies that contractors have are builder’s risk and general liability, which serve very different purposes. Builder’s Risk Insurance General Liability Insurance Coverage Covers a building under construction—and often tools, equipment, and materials related to the project.

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Difference Between Tort and Contract | What Is Tort |  What Is Contract | What Is Contract Law | What Is Tort Law

CivilJungle

Introduction of Tort Vs Contract. A tort , in common law jurisdiction, could be a tort (other than a breach of contract) that causes an applicant to suffer loss or hurt, leading to legal liability for the one that commits the act. A contract is lawfully enforceable as a result of it meets the wants and approval of the law.

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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.”. If your business is found to have caused an injury or accident, the other party will seek damages.

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A Plumbing Contractor’s Guide to Insurance Coverage

Levelset

Plumbing contractor’s insurance may help your business stay afloat if accidents or injuries occur on the job. In this respect, general liability insurance or workers’ compensation could help cover those costs if an incident should occur. . Worker injury. Licensing & contract requirements.

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Carpenter’s Insurance: Who Needs It & Why

Levelset

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?