A Contract Performance and Payment Bond is a type of surety bond used in construction and other contracting projects to provide financial security and ensure that contractors fulfill their contractual obligations. It typically consists of two components: 1. Performance Bond Guarantees the contractor will complete the project as outlined in the contract. Protects the project …

What is a Contract Performance and Payment Bond and How Do I Buy One? Read More »

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 …

The 6 Biggest Risks Contractors Make in Hiring Subcontractors & How to Avoid Them – CYA 101 Read More »

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 Biggest & Most Disastrous Mistake Contractors Make When Shopping for General Liability Insurance – Hint – Never Buy the Cheapest Insurance! Read More »