Construction Dive

DECEMBER 18, 2023

The ruling, passed down from the state’s supreme court, could affect which issues contractors choose to litigate with insurers across the country.

Insurance 119

Insurance Liability Illinois Contractors 119

Levelset

MARCH 31, 2022

As a contractor, you rely on the property owner to pay you for your work and materials. In turn, the owner is relying on the insurance company to pay their claim. After all, the faster the insurance company pays the owner, the quicker you can get paid ! As a restoration contractor, you work for the property owner.

Insurance 93

Insurance Deals Contractors Claims 93

Construction Business Owner

NOVEMBER 19, 2019

Many contractors, subcontractors and developers often do not realize that there are perhaps dozens of exclusions buried in the hundreds of pages of these CGL insurance policies that allow an insurance company to deny coverage for these claims. Find out more here. .

Insurance 273

Insurance Claims Contractors Construction 273

Construction Business Owner

NOVEMBER 7, 2023

The consequence of this upward trend in construction costs is a significant challenge for general contractors and real estate developers. These cost escalations can directly correlate to higher insurance premiums, reduced risk appetite from insurance carriers, and a lack of policy extensions for project policies.

Risk 354

Risk Insurance Construction Security 354

Levelset

MAY 23, 2022

As a contractor, you may have realized that taking care of every detail will not be enough as there are always going to be risks associated with your work. One way to help protect yourself from some of these perils is by having business interruption insurance for construction. What does business interruption insurance cover ?

Insurance 97

Insurance Contractors Construction Claims 97

Construction Dive

DECEMBER 11, 2023

Projects built with wood pose increased risk and it is becoming increasingly important in today’s insurance market that contractors understand the landscape.

Insurance 85

Insurance Risk Contractors 85

Levelset

SEPTEMBER 16, 2022

The life of a contractor is a hectic one with most of the time spent on a jobsite — and a lot of places in between. Your base insurance policy may offer some coverage for unexpected damage to some business property, but making assumptions about the extent of coverage could lead to some financial distress. .

Insurance 52

Insurance Equipment Contractors Risk 52

Levelset

APRIL 28, 2022

In recent years, inflation, supply chain issues, and labor shortages have only increased the likelihood of project delays, performance issues, and contractor default. While general contractors commonly use performance bonds to reduce the risk of default, a bond ultimately protects the property owner, not the GC.

Insurance 52

Insurance Contractors Claims ABC 52

Levelset

SEPTEMBER 14, 2022

Business insurance can help mitigate occurrences or disasters that can severely impact or destroy the good standing of your business. Let’s take a look a subcontractor insurance: when it’s needed, what happens if a sub goes uninsured, and what policies subs can use to protect their businesses from risk.

Insurance 98

Insurance Liability Claims Injury 98

Levelset

SEPTEMBER 23, 2022

General contractors know these risks when they take the role. Luckily, that’s what insurance is for, right? But what if the general contractor isn’t at fault, and a subcontractor is to blame? Does a general contractor’s insurance cover their subcontractors’ accidents or mistakes? General liability insurance.

Insurance 52

Insurance Liability Accidents Risk 52

Construction Marketing

JANUARY 19, 2022

However, unless you’re an expert in the HVAC industry, you need a contractor to handle your heating and air conditioning needs. So, if you want to choose the perfect HVAC contractor, below are the four tips to consider from the get-go: 1. They might have worked with an HVAC contractor before and were happy about their services.

Contractors 240

Contractors Insurance Certification Deals 240

Levelset

JUNE 3, 2022

Construction contractors face potential loss with each project they take on. When a loss occurs, it can put a real crunch on a contractor’s cash flow. Project loss insurance has the potential to save contractors from devastating project losses, no matter the cause. It also helps contractors manage cash flow during a loss.

Insurance 52

Insurance Cash Flow Claims Contractors 52

Levelset

OCTOBER 13, 2022

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. Related: 9 Common Insurance Policies in Construction. Why a certificate of insurance matters.

Insurance 52

Insurance Certification Contractors Liability 52

Levelset

AUGUST 31, 2022

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. These days you can purchase insurance on your own or go through a local agent. Best construction insurance companies.

Insurance 52

Insurance Liability Compensation Construction 52

Levelset

OCTOBER 14, 2022

Plumbing contractors should include business insurance as an integral part of their financial strategy. With numerous policies available, the plumbing contractor’s insurance landscape offers many ways for you to protect your physical and financial business assets. What is plumber’s insurance? Worker injury.

Insurance 52

Insurance Liability Injury Compensation 52

Construction Business Owner

DECEMBER 4, 2023

The consequence of this upward trend in costs is a significant challenge for general contractors (GCs) and real estate developers for many reasons. What many might not know, is that these cost escalations can correlate directly to higher insurance premiums and reduce risk appetite from insurance carriers making it harder to get coverage.

Insurance 156

Insurance Risk Security Contractors 156

Construction Law

MARCH 1, 2021

Insurance has never felt cheap to companies in the construction sector, although many or most of them never took the sort of risk management measures highlighted in our regular insurance articles, so to a large extent often had only themselves to blame if they were paying higher premiums than they need have. Premiums soared.

Insurance 97

Insurance Risk Industrial Plans 97

Construction Business Owner

SEPTEMBER 18, 2018

Because many homeowners’ policies cover only up to $2,500 for damages to business property, home-based contractors should not rely on their homeowners’ coverage to protect their business. Find out how to protect your home-based business here. .

Insurance 166

Insurance Contractors 166

Contractor Bookkeeping

MAY 10, 2024

Managing a hectic schedule and complex projects can be challenging if you're a contractor. This is a mark of professionalism and can also help if you have an insurance or legal claim. You must also ensure that your paperwork, documents, and contracts are in order.

Documentation 115

Documentation Insurance Legal Claims 115

Construction Business Owner

SEPTEMBER 20, 2021

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.

Risk 356

Risk Liability Insurance Compensation 356

Levelset

SEPTEMBER 6, 2022

An insurance policy rarely meets every contractor’s needs out of the box. One of the most common endorsements you’ll likely encounter involves additional insured (AI) parties. In this article, we’ll explain additional insured endorsements, and how they work in construction. What is an additional insured?

Insurance 52

Insurance Liability Construction Contract 52

Levelset

SEPTEMBER 20, 2022

Heating, ventilation, and air conditioning (HVAC) contractors must protect their business property while reducing the odds that a job-related accident or injury could financially harm their business. HVAC contractor insurance is the primary way to help protect your financial interest if things go wrong on the job.

Insurance 52

Insurance Contractors Liability Accidents 52

Safety Services Company

FEBRUARY 13, 2024

Naturally, many contractors (like you!) Let’s get some clarity on some of this year’s FAQs about Contractor Management platforms and how you can conquer each quarter! Let’s get some clarity on some of this year’s FAQs about Contractor Management platforms and how you can conquer each quarter!

FAQ 77

FAQ Contractors Management OSHA 77

Safety Services Company

OCTOBER 16, 2023

For contractors, these come in the form of a process known as prequalification and contractor management. What is Contractor Management? Contractor management is a series of checks ensuring that the contractors follow up-to-date safety practices and conform to health and regulatory standards.

Management 114

Management Contractors Safety OSHA 114

Levelset

SEPTEMBER 19, 2022

As you dig deeper into your construction insurance policy, you may come across the terms first-party insurance and third-party insurance. Mastering the difference between these two concepts is crucial to understanding how different types of construction insurance protect you.

Insurance 52

Insurance Liability Compensation Claims 52

Levelset

SEPTEMBER 30, 2022

Insurance is one part of a strategy to keep your carpentry business financially healthy. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet. . What is carpenter insurance? Does a carpenter need insurance? Insurance serves another purpose.

Insurance 52

Insurance Liability Accidents Injury 52

Construction Marketing

SEPTEMBER 25, 2018

Filing a roof replacement insurance claim may be your only chance of taking care of the necessary repairs and renovations, especially after a huge storm, water damage, or other calamities and catastrophes. This having been said, here are 5 tips for filing a roof replacement insurance claim. Contact the Insurance Policy.

Insurance 120

Insurance Claims Inspections Minnesota 120

Levelset

SEPTEMBER 13, 2022

Whether a third party gets hurt around the job site or the contractor causes property damage, someone needs to pay to make things right. In most cases, that’s what insurance is for, and the contractor will typically initiate a claim against their policy to take care of it. Contractor liability for property damage.

Insurance 52

Insurance Claims Liability Accidents 52

Levelset

MARCH 21, 2022

Restoration contractors can spend a lot of time waiting for payment. Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. Contractors need to ensure that owners know that they are financially responsible for mitigation and restoration costs.

Cash Flow 98

Cash Flow Insurance Lien Management 98

Construction Business Owner

OCTOBER 14, 2015

General contractors, subcontractors and business owners risk substantial financial loss if they enter into contracts that are not supported by their insurance program.

Insurance 120

Insurance Liability Risk Contract 120

Levelset

OCTOBER 20, 2022

This type of damage may leave electrical contractors unable to foot the bill. 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 52

Insurance Liability Electrical Accidents 52

Levelset

AUGUST 26, 2022

When working in construction, your insurance policy gets issued as a fairly standard contract. Like a basic construction agreement, you can upgrade or downgrade your insurance policy just as a customer might do with the fit and finish of a building. What is an insurance endorsement? How insurance endorsements work.

Insurance 52

Insurance Liability Equipment Agreement 52

Contractor Bookkeeping

JULY 22, 2022

A proper Construction Contractor Bookkeeping System uses the Accounts Payable feature to track unpaid bills. The bank wants to get paid, and unlike the contractor who is embarrassed to call an old customer, the bank is very willing to call early and often for any outstanding payments due.

Accounting 99

Accounting Contractors Banking Insurance 99

Job Order Contracting

MARCH 1, 2022

Contractors must evaluate multiple factors in addition to the associated use of their own capabilities and resources. General / Prime Contractor Overhead. General / Prime Contractor Profit and risk. General insurances. Workmen’s compensations insurance. State unemployment insurance. Site cleanup.

Insurance 233

Insurance Compensation Overhead Security 233

Construction Marketing

JULY 11, 2022

If you want to be a contractor, being licensed and bonded will have a major impact on your ability to work in the city and state where you live and work. Many state and local governments require that contractors who perform work above a threshold amount obtain licenses. What Are Surety Bonds? Bond Types.

Contractors 156

Contractors Legal Bidding Contract 156

Construction Business Owner

APRIL 26, 2016

The work that contractors perform carries with it inherent risks that, if unaccounted for, have the potential to result in significant financial and physical harm to both the contractor and the party for whom the contractor is working.

Insurance 120

Insurance Risk Contractors 120

Lets Build

MARCH 21, 2019

This principle holds weight in many different aspects of life, especially those that involve substantial risk – hiring a general contractor included. Though it’s relatively cheaper, going for an uninsured contractor isn’t a good idea. While it’s true that life is a gamble, you should never risk what you can’t afford to lose.

Insurance 97

Insurance Contractors Risk IDEA 97