A bid bond is a type of surety bond issued by a third-party guarantor (usually an insurance company or a bank) to ensure that a contractor will honor the terms of their bid and enter into a contract if awarded the project. Bid bonds are commonly used in construction projects, especially in public or large-scale […]
What is a Bid Bond, How Much Do They Cost, and How Do I Get One? Read More »
As a contractor, knowing the difference between admitted and non-admitted insurance companies is key—kind of like knowing the difference between a hammer and a nail gun! In the most simplistic terms, an “admitted” insurance provider has been approved by a state’s Department of Insurance, and a “non-admitted” carrier has not. While this simple definition might
What are Admitted carriers and Non-admitted – Surplus Lines Insurance carriers? Read More »
We understand that maintaining valuable relationships with your customers, vendors, and subcontractors are key to the success of your business. You take pride in the quality of your work which, by extension, includes the quality of your subcontractors’ work. Therefore, it’s important to consider potential unique circumstances and risks when hiring subcontractors. POTENTIAL BUSINESS LIABILITIES
What Is a Certificate of Insurance? A Certificate of Insurance provides evidence of insurance showing coverage limits, insurance company details, and expiration dates of policies. It is a simple method for offering proof to a third-party who has requested it that you carry commercial insurance. Its purpose is for notification only. The industry standard summarizing
What is a Certificate of Insurance – ACORD 25? Read More »
Let’s face it. No one loves shopping for insurance, and most contractors, especially New contractors, buy General Liability insurance Based on Price. Big Mistake! Buying your General Liability Insurance based on price alone is the biggest mistake you can make. It’s not your fault and our industry doesn’t help. As a new contractor or a
The short answer is YES. Independent contractors need insurance for a variety of reasons. IMPORTANT: You do not have to be at fault to be sued. If you are sued by a client, then you will have to take the time to deal with the lawsuit and spend your own money on a lawyer, even
Do Independent Contractors Really Need General Liability Insurance? Read More »
