Monday, July 27, 2015

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.


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

Friday, July 24, 2015

Perfect Service From First Service!

http://firstserviceweb.com

Welcome contractors and thank you for the opportunity to earn your business. We have made serving small to medium size businesses our first priority since opening our doors in 1997. Today, thousands of satisfied clients trust us with the coverage they need and rely on us for the service they want.

We earn our reputation by providing what you want and then going beyond to deliver the unexpected. Here’s what you get: First, you are handed your own dedicated support team made of licensed pros who really know construction coverage. Next, you get our fully-staffed certificate department at the ready. After that, anytime you need us you have the most highly-experienced group of specialty insurance people in the business. Wrapping it all up, you get a guarantee that puts in writing that you will continue to get this service all the time.

With us, you get the specialist in the field. The best. You usually expect to pay more for this level of service, but the people we serve happily report that our premiums are actually better. And, of course, no one else has the huge advantage of our experienced service and our written guarantee on top of it all.

Remember, with us it’s more than a slogan, we are Working for Contractors™.

The service I get from First Service is simply put - PERFECT!” –T.D. in NB

Tuesday, July 21, 2015

Contractors Insurance Protects Your Business

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

Saturday, July 18, 2015

Now Is The Time To Get Flood Insurance



Dr. Robert Hartwig of the Insurance Information Institute (http://www.iii.org) explains how getting flood insurance is as easy as placing a call to your insurance agent. This type of coverage is NOT part of a standard homeowners policy and must be purchased separately either through the National Flood Program or a private insurer. Flood insurance can protect your home and assets and is vital for people living in places prone to flooding. Check out the I.I.I. for more details about flood insurance.

Wednesday, July 15, 2015

The i's On Insurance: Life Insurance



Life insurance is a vital part of your family’s financial stability and well-being. But if you’re like most people, you probably have questions about what types and amounts of life insurance are best for your needs. Spend a few moments to see why planning for your family’s future isn’t just about money; it’s about life.

Be sure to tune in to the other videos in "The I's on Insurance" series for helpful knowledge for drivers, homeowners/renters, and small business owner

Sunday, July 12, 2015

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, July 9, 2015

Jet Ski Safety



Personal Water Craft, also called Jet Skis and Wave Runners are the fastest growing watercraft on the waterways. Along with their popularity has come increasing numbers of injuries and deaths. Commander Tom Martin of the U.S. Coast guard says riders need to follow the rules of the road, as well as wear life jackets and have other safety equipment on board. John Birkinbine, Personal Water Craft Industry spokesman, says no one under 16 should be allowed to drive a PWC because they lack the judgement necessary to operate one safely. This video is from the Insurance Information Institute.

For more information about insurance, go to the I.I.I. Web site at http://www.iii.org

Monday, July 6, 2015

Workers' Comp Costs Seen Rising; Frequency Drops



Jason Dapra, a senior account executive with Helmsman Management Services, says rising medical payments, which he calls 'alarming,' is to blame for higher workers' comp severity. (Aug. 13, 2013)

Friday, July 3, 2015

Grill Safety



For some reason, the first bar-b-cue of the season is always the best. Maybe it's the change in the weather, the family, or the food. But it's also when most fires and explosions occur. Anne Brown of the Consumer Product Safety Commission says if you have a grill that hasn't been used all winter, be sure to carefully inspect it and clean it, and make sure the gas container is properly attached to the grill. The Insurance Information Institute says to look for leaks, cracks and brittleness in the hoses leading to the burners. Make sure the grill is at least ten feet from the house, garage or trees. Never leave the grill unattended around children, says Captain James Resnick of the Montgomery County Fire Department, because there are so many potential hazards. And always keep a fire extinguisher handy. In an emergency, it can stop a fire before it spreads.