article thumbnail

How to Prepare for Unexpected Risk Exposure

Construction Business Owner

How to Prepare for Unexpected Risk Exposure. Either by choice or required by contract or statute, commercial general liability (CGL), workers’ compensation, business auto and inland marine insurance (mobile equipment) are among the most common types of insurance purchased by contractors. Alex Headley. Mon, 09/20/2021 - 07:30.

Risk 357
article thumbnail

Creating a JOC Coefficient?

Job Order Contracting

Equipment. General / Prime Contractor Profit and risk. Workmen’s compensations insurance. Incidental tools and equipment. Items included in a JOC coefficient (also known as a “Bid Factor”). Labor (Both during Normal Work Hours and Outside of Normal Work Hours). Materials. Subcontractor costs. Submittals.

Insurance 234
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to File a Lawsuit After an Injury At a Construction Site?

Construction Marketing

These defenses include: Assumption of risk This defense says that you knew of the risks of working at a construction site and that you voluntarily assumed those risks. This defense is often used in cases where the worker was not provided with proper safety equipment or where the worker did not follow safety protocols.

Injury 266
article thumbnail

4 Things You Need To Know About Snow Removal Insurance

Construction Marketing

Having snow removal insurance is important, considering the risks and dangers of snow removal and deicing. Because of their nature of work, snow removal contractors are usually exposed to many risks, which may include anything from third-party injuries to equipment. Usually, more business means more liability risks.

Insurance 193
article thumbnail

9 Types of Insurance You Need to Protect Your Contractor Business

Construction Marketing

As a contractor, you likely know that your business is always at risk. Between the potential for accidents and injuries on the job site and the risk of lawsuits, it’s important to have insurance to protect yourself from financial losses, but what kind of insurance do you need? Builders Risk Insurance.

Insurance 156
article thumbnail

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

Levelset

Construction businesses need many different types of insurance to mitigate the risks associated with building projects. Two of the most common insurance policies that contractors have are builder’s risk and general liability, which serve very different purposes. What is builder’s risk insurance?

article thumbnail

From Zero to Hero: Construction Risk Management

Safety Services Company

IS YOUR BUSINESS EFFECTIVELY PRIORITIZING CONSTRUCTION RISK MANAGEMENT? Truth be told, every industry involves risk. Whether the project involves a multi-million-dollar office building or a three-story apartment complex, there are several risks that need to be considered in order to ensure the success of any construction project.

Risk 62