article thumbnail

What to Know About Bond Liability Before Selling Your Company

Construction Business Owner

What to Know About Bond Liability Before Selling Your Company ccapoccia Fri, 02/09/2024 - 15:37 Contractors selling their business may learn the hard way that not all liability can be easily transferred. Learn some steps that can help mitigate these risks.

Liability 194
article thumbnail

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

Levelset

Liability insurance protects your business against claims for damages caused by you and your workers, if you have any. The two most common liability insurance policies for contractors are general liability and professional liability. What are general liability and professional liability insurance?

professionals

Sign Up for our Newsletter

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

article thumbnail

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.

article thumbnail

How to Prepare for Unexpected Risk Exposure

Construction Business Owner

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
article thumbnail

What’s really at risk? Davis-Bacon Act changes could expose contractors to new liability

Construction Dive

Are you paying prevailing wages correctly? Understanding the updated DBRA regulations is more important than ever.

Liability 122
article thumbnail

The Dotted Line: Avoid liability 'surprises'

Construction Dive

It's important for contractors to know what their insurance policies cover and, in the case of commercial general liability, what they don't cover.

Liability 128
article thumbnail

Understanding Design Defect Legal Liability

Construction Business Owner

Owners, contractors and designers must understand their potential liability for design issues on a project before the project starts. As construction and design firms are using BIM software and other resources to improve construction efficiency, that integration is only going to increase.

Liability 207