article thumbnail

Professional Liability Insurance Explained

Levelset

Professional liability insurance provides contractors coverage from financial losses that happen as a result of their errors, mistakes, or negligence. In that case, professional liability insurance would generally provide the plumber with reimbursement for legal fees, settlements, and judgments.

article thumbnail

2020 Guide to Construction Cost Estimating

Job Order Contracting

2020 Guide to Construction Cost Estimating provides a road map for applying best management practices necessary to drive financial visibility and transparency. Locally researched detailed line item unit price construction data provided the highest level of verifiable and transparent information. Introduction. Material costs are either.

professionals

Sign Up for our Newsletter

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

article thumbnail

10 Best Insurance Companies for Construction Businesses

Levelset

Whether you’re just starting your business or looking to change insurance carriers, it pays to go with a company that has experience and knowledge in providing insurance for the construction industry. We’ve put together a list of the 10 best construction insurance companies. Best construction insurance companies. The Hartford.

article thumbnail

Errors and Omissions (E&O) Insurance Explained for Construction?

Levelset

While general liability insurance covers against claims related to injury or property damage, errors and omissions insurance protects from lawsuits related to financial loss. Errors and omissions insurance, also called professional liability insurance, is one tool that contractors can use to transfer risk away from themselves.

article thumbnail

CCIP & OCIP: A Guide to Controlled Insurance Programs in Construction

Levelset

Construction insurance can be confusing. A Controlled Insurance Program (CIP), also called wrap-up or wrap insurance, is an insurance package designed to cover all liability and losses during an entire construction project, or across multiple projects. What is a Controlled Insurance Program (CIP)? CCIP vs. OCIP insurance.

article thumbnail

What Is an Installation Floater?

Levelset

Despite your best efforts to protect building materials, any number of things can happen during the course of construction. ” You may already have an insurance policy that offers coverage for business property and general liability. Learn more – Builder’s Risk vs. General Liability for Contractors: What’s the Difference?

article thumbnail

A Plumbing Contractor’s Guide to Insurance Coverage

Levelset

In this respect, general liability insurance or workers’ compensation could help cover those costs if an incident should occur. . Construction zones are busy areas where workers can get hurt. Liability for damage. Even small disputes in the construction industry can have a negative impact on time and cash flow.