article thumbnail

9 Types of Insurance You Need to Protect Your Contractor Business

Construction Marketing

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? Here’s an overview of the most important types of insurance for contractors. General Liability Insurance.

Insurance 156
article thumbnail

Creating a JOC Coefficient?

Job Order Contracting

General insurances. Workmen’s compensations insurance. State unemployment insurance. Federal unemployment insurance. Transportation of contractor’s personnel to, from, and within the job site. Payment Bond premium(s) (please note that Payment Bonds are required for task order. Site cleanup.

Insurance 235
professionals

Sign Up for our Newsletter

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

article thumbnail

Insurance for Electricians: What It Covers & Why You May Need It

Levelset

Scenarios like these stress the need for an electrician to have insurance coverage in place. Thus, a strong insurance plan helps you rest easier both on and off the job. Why can an electrical contractor use insurance? Insurance policies can help your business cover the costs of both minor and major incidents.

article thumbnail

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.

article thumbnail

Job Order Contracting Guide

Job Order Contracting

Labor rates are for direct labor, without overhead and profit, however include fringe benefits and allowances for Social Security and Medicare taxes, worker’s compensation, unemployment insurance and employee benefits. Payroll taxes and workman’s compensation are included in the labor rates.

Contract 100
article thumbnail

Top 8 Construction Health and Safety Hazards — and Ways to Protect Your Jobsite

Levelset

Financial distress can result from a lack of skilled labor and possible workers’ compensation insurance claims. . Heavy loads should be transported by carts, dollies, and lifting tables. Some methods to avoid MSDs involve dropping materials as close as possible to where they’ll be deployed or installed.

Safety 52
article thumbnail

15 Tips For Starting Your Own Roof and Guttering Business

Construction Marketing

You’ll also require the following: Vehicle that can handle transport of materials. Insurance, liability, and workers’ compensation . Other costs: Insurance, taxes, advertising, vehicle maintenance, dumpster fees, and petrol. 13) Business insurance. Roofing equipment and materials. Labor costs.

Insurance 296