Levelset
MARCH 21, 2022
Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet.
Levelset
MARCH 31, 2022
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 ! Dig deeper: What contractors need to know about the insurance claims process. You don’t work for the insurance company or the adjuster, and they don’t work for you.
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Levelset
APRIL 28, 2022
Subcontractor default insurance is one alternative to a surety bond that works to protect a contractor from the financial burden when one of their subcontractors defaults. Related: 16 types of insurance coverage for contractors. What is subcontractor default insurance? How SubGuard insurance works.
Viewpoint Construction Technology
MAY 15, 2018
These days, many contractors are faced with managing larger, more complex projects on a regular basis. Construction management is challenging, in no small part because the industry is governed by a plethora of regulations. Insurance and bonding requirements. Lien requirements. Building codes. Credit and background checks.
Levelset
APRIL 15, 2022
When a property owner files an insurance claim to cover a restoration or roofing project, the owner typically deals directly with the insurance company. They may not have the funds available to pay the contractor out of pocket, so they’re counting on that insurance check to cover the construction costs. Setting up an AOB.
Fieldwire
AUGUST 14, 2023
Construction is one of the hardest industries to manage cash flow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. Retainage does not extend the mechanics lien deadline A mechanics lien is perhaps the most powerful tool that contractors have to force payment.
Levelset
APRIL 15, 2022
Taking a closer look at the terms of a typical contract will provide you with important information about insurance, safety, dispute resolution, and more. Digging deeper into company processes for payment, change orders, lien waivers, and more will give you a sense of what to expect while working with them. . Progress payments.
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