Monday, October 23, 2017

Water Damage: Test Your Water IQ



Water can damage your home in many ways. Do you know what is covered and what isn't? This video explains the different types of coverage from burst pipes to torrential floods. Spokespersons: Jeanne M. Salvatore, Insurance Information Institute; Ed Connor, National Flood Insurance Program.

Friday, October 20, 2017

Advice From Dummies: Smart Auto Insurance Tips



Kirk has an auto accident and Crystal tells him how to smartly save money on his insurance in the future.

Saturday, October 14, 2017

4 Things Contractors Should Know About Contractors Insurance


Any company involved in construction work, building maintenance or installation and repair services is in need of contractors insurance. Contractors will be ill-advised to forego contractor insurance in a climate of high crime statistics, unpredictable weather conditions, negligent workers, faulty equipment, defective materials and a million and one other thing that can go wrong in the contracting business.

There is also an ever-growing propensity to be held responsible and accountable for damages caused to third parties. Think about it this way: Insurance premiums cost a mere fraction of stolen materials, damaged projects or compensating clients or third parties for losses incurred through the negligence of workers or the forces of nature beyond anyone's control. By having the prudence and foresight to take out builders' insurance, contracting businesses are safeguarding themselves against possible losses and lawsuits that could end up by severely crippling the company financially or, in the worst case scenario, even bankrupting it. A contractor's policy actually costs very little in terms of premiums and is worth its weight in gold.

The basics of builder's insurance

1. Builders' Risk Coverage (also known as construction coverage)

Builders' risk insurance indemnifies the contractor for losses or damages to a building while the building is under construction. Insurance usually covers the building for a specific time period and applies only while the building is under construction. This type of insurance usually covers fire damage and vandalism. The policy may also include materials in transit to the building site as well as materials and equipment stored on site. Tools, equipment, vehicles, materials and any other assets used on site may also be covered. For the amount of protection it affords (and the peace of mind that goes with it) builder's risk insurance is relatively inexpensive (as against general liability insurance).

2. Insuring Materials on site and in transit

Given the cost of modern building materials, it is common practice for constructors to insure their materials either on site or while in transit. However, the onus is on builders to make sure that all reasonable precautions are in place to protect materials from theft or storm damage as much as possible. This coverage can also include materials stolen in transit due to the vehicle being hijacked while en route to the building site.

3. The most common insurance claims made by contractors

The most frequent claims made by contractors entail materials theft, damaged materials while in transit, storm damage, or surrounding properties being damaged while construction is in progress.

4. Most expensive Claims

The most costly claims most commonly filed by contractor are usually damages incurred by third parties and their properties due to the contractor's "negligence" for example, materials being blown off structures in storms or high winds and landing on nearby cars or buildings. Also damage caused to existing underground pipes or cables. Other high claims are damages caused by fire, rainwater damage to structures, lightning damage or severe storm damage. All these liabilities can be covered by an All Risks contractor's policy.



Article Source: http://EzineArticles.com/5030108

Wednesday, October 11, 2017

Social Media and Emergency Planning



While writing about social media and emergency preparedness, NFPA Journal staff writer Fred Durso discovered that if you're prepared for a zombie apocalypse you're prepared for anything.

Sunday, October 8, 2017

General Contractors Insurance Policies


In the construction business, General Contractors operate as the traffic director on a project. With this responsibility comes some liabilities to help protect your business. General Contractors need certain types of insurance policies which will protect them from accidents that can happen on the job.

As a general contractor some of the insurance responsibilities of independent contractors fall under your control. Everyone knows it is hard to be everywhere all the time, so accidents do happen even if you are keeping a close eye on everything.

You have worked hard to build your business it would be bad if it all came crashing down because of an accident. With the rising costs of medical bills and the rising number of lawsuits it is important to have an insurance policy that can cover you completely.

Below you will find the top 2 insurance policies ever General Contractor should have.

Important General Contractor Insurance Policies:

General Contractor Liability Insurance

Liability insurance was designed to help pay for costs in case bodily injury or property damage happens to a third party. The insurance company will pay for the medical costs and all litigation costs associated with the claim.

General Contractors Liability Insurance Protects Your Company From:

Bodily Injury

Bodily injury is physical damage to someone that doesn't work for you. It can be a client that is on the job site, or it can be someone in the public if one of your employees causes an injury while during company operations

Property Damage

Property damage works a lot like Bodily Injury except it is to someone's property instead of to themselves. As a General Contractor you have electricians working for you, if they happen to cause a fire that damages the house you are working on plus the house next door, liability insurance will pay for the cost of the damage.

Personal Injury

Personal injury occurs from slander, copyright infringement, invasion of privacy, wrongful eviction, or false arrest. It is anything that can damage someone's reputation.

Advertising Injury

Financial loss to another company because of your advertising.

Contractors Workers Compensation Insurance

The Workers Compensation Insurance system was designed to help both employees and employers. Workers Comp acts as a no fault system, which means the fault of the accident is neither on the employee nor the employer. This is a great system to help claims move a long and stop from frivolous claims.

Workers Compensation insurance will pay benefits to employees if they are injured on the job. This could include immediate injury or a long term illness gain at work. The benefits that Workers Comp pays for is medical benefits and wage benefits to employees.

Workers compensation is not required in every state. Even though you may not be required to have Workers Compensation Coverage it is an important policy to have in the protection of your business. If you don't have Coverage you are still liable to pay for the medical and wage benefits for the injured employee..



Article Source: http://EzineArticles.com/6914425

Thursday, October 5, 2017

The Basic Info Regarding Contractors Insurance


Contractor liability insurances are the monetary protection which building contractors anywhere need in the countenance of millions of diverse things which are going wrong in little or big job. This insurance protection is not only a luxury but a great necessity. As matter of fact, contractor accountability insurance is required mostly in majority of projects by the financing corporation. But whether an individual is just an ordinary cabinet installer or a major general, a contractor liability indemnity is one of the means to stop from worrying every day regarding that unavoidable accident.

Insurances for contractors are complete coverage plan intended to safeguard contractors while conducting their business. Having coverage will minimize the dangers to the business of the contractor by changing it to into his assurance company. This policy grants a security net if any untoward incident happens in the job.

The facts

Majority of contractors believe that insurance coverage is very necessary. There are diverse types of coverage accessible to increase general liability to expand the protection of the contractor. Some insurance policies contain workers compensation, surety bonds, property liability, pollution liability, railroad protective liability, builder's risk, owner's and contractor's protective liability, and products and accomplished operations coverage. It is mandatory for contractors to carry indemnity, depending on the status of the operation.

Benefits

Contractors have peace of mind if they have this insurance because they know that they are protected and they do not worry of losing their business if anything goes wrong. If something untoward occurs, the insurance company will work for them by granting coverage for lawful fees and will conduct their own comprehensive investigation. This guarantees that the claims made against the assured persons are meritorious. Purchasing insurance provides the contractors the opportunity to protect more projects because of the safeguard it grants the corporation engaging those services.

Consideration

Contractors insurances protect the company by paying for compensation to property or medical expenses for an injured worker that happened in the job site. In return, the owner or contractor pays for the premiums that transmit the accountability of paying for the claim to the insurance company. The kind of work and danger associated, and the amount of coverage applied for is considered when the insurance group grants a payment offer.

Misconception

Even if the insurance is non-compulsory, contractors might find it difficult to secure job without it. More work offers appear with the provision that contractors may guarantee his job or they will pay for the damages if something wrong occurs. Contractors were even cited for breach of contract since they were not able to generate their certificate of assurance in opportune manner.

Warning

This insurance may be extremely costly for contractors. They are urged to make some research before purchasing any insurance plans from any insurance group. They are given advices to check the rating of the carrier and ask some other contractors working in similar area which insurance company they use or suggest.



Article Source: http://EzineArticles.com/4775682