Saturday, August 27, 2016
General contractors call the shots in most construction projects, taking the lead in all important operations including coordinating subcontractors, supervising job sites, and many other responsibilities to ensure projects stay on time and within budget. The many risks involved with leading these projects makes contractors insurance essential to protect the business against losses that may result from a lawsuit.
One of the common misconceptions of contractors insurance is that it only applies to general contractors. But subcontractors such as carpenters, roofers, landscapers, masons, electricians, plumbers, and other trades are all liable as well. Since they are often involved in complex business relationships, contractors need to be able to rely on an insurance company that has their best interests in mind.
Most contractors understand the common risks of construction projects, such as injury to subcontractors, not being paid on time, not adhering to timeframe agreements, and other risks that should be considered when drafting the general construction agreement. A contractor's insurance policy may include provisions for issues such as negligence and workplace safety.
Speaking of contracts, all contractors should carefully read every contract and even ask their attorney to review the agreement before they sign on the dotted line. Depending on the size and length of the project, certain clauses can hold hidden fees and liabilities for which the contractor is unclear. This oversight can ultimately result in a situation that isn't covered by contractors insurance and therefore becomes out-of-pocket costs that can seriously damage a business.
Whether you're a contractor or subcontractor researching business insurance, coverage typically involves general liability, commercial automobiles, workers compensation, builder's risk, tools and equipment, bonds commercial umbrella, and employee benefits.
Remember to keep the following risks in mind when you speak with your contractors insurance company:
• Defective products: As a general contractor, you're responsible for all of the work performed by your subcontractors. So, what if, for example, your electrical subcontractor installs a kitchen light that catches fire and burns part of the ceiling? The manufacturer is ultimately responsible, but both you and the electrician will also likely be included in a costly lawsuit.
• Construction contracts: Everyone enters into a contract with the best intentions. But when things go wrong, fingers start pointing. As a contractor, you should make sure that the contract is reviewed by a lawyer to make sure your business has the right insurance for each and every job.
• Litigation costs: Whether you're a sole proprietor performing general remodeling, a specialty tradesman or anyone in between, you need to protect yourself from litigation by having a policy with an insurance company that has your best interests in mind.
Article Source: http://EzineArticles.com/7204077
Wednesday, August 24, 2016
Sunday, August 21, 2016
It's a day most parents can never forget, the day their child gets on the school bus for their first day of kindergarten. Carl Baskerville, Principal, Rosemont Elementary School in Montgomery County, Maryland says its tough for parents because it symbolizes the letting go, for the first time the children are out on their own, making their own decisions. The Insurance Information Institute says parents should teach their children these safety rules: Get to the bus stop 5 minutes early, stand on the same side of the street as the door and stand 6 feet from the door. Dr. Ricardo Martinez, Administrator, National Highway Traffic Safety Administration says there is a blind spot all around the bus, and unfortunately children think that if they can see the school bus, that the bus driver can see them.
Thursday, August 18, 2016
Dr. Hartwig of the Insurance Information Institute (http://www.iii.org) explains the importance of conducting an annual insurance check up to make sure you have the right kind of insurance and enough insurance to cover all your property and assets. Your policy should cover you for enough money to completely rebuild your home in case of a disaster. Homeowners should also consider getting supplemental coverages for flood and earthquake.