General Contractors and independent contractors typically need two main construction insurance coverages. Workers Compensation and General Liability coverage. construction insurance quotes can be obtained from a variety of providers.
Liability coverage protects against the event that a company is sued. This coverage provides for payment in the event that either; an indemnity, a need for a settlement exists or a breach of contract. Determine what your organization needs prior to selecting a company to provide you with this service.
Indemnity pertains to the payment of a sum of money for which the insured is held liable. Settlement of reasonable claims refers to the insurance company paying on a claim in order to prevent a law suit from going to trial. Effects of a breach deals with confronting situations where the insurer breaches the contract with the insured.
Workers compensation policies protect the employees of a particular company. In the event that an employee is injured during the daily duties of their job, they are then given money in order to pay for medical treatment. This money is used as a salary replacement for the employee in the event he or she cannot work due to an injury. The types of coverage available can depend upon the location, either state or country, in which the injury occurs.
Depending on where you live in the world, it is typically the employers responsibility to provide this coverage to their employees. There exists in certain population centers, that an employer can be held legally responsible if they do not offer this type of coverage. In researching this information, check with your local jurisdiction to determine the requirements.
There are different types of carriers for liability insurance. You have companies that are either Admitted carriers or non-admitted carriers. The difference between the two is whether or not the carrier places funds in an account for each company for which they insure. An admitted carrier, places funds on a regularly scheduled basis into an account set aside for each covered entity. While a non-admitted carrier, does not set aside these funds. The existence of this type of insurance company can be different depending on the location of the insured company.
Monthly premiums are determined by the provider based on the level of coverage selected. If your organization needs a larger amount of coverage, your premium will be more expensive. If you do not require a large amount of coverage, your premium will be lower. Review your budget and the needs of your organization when deciding what to obtain for your place of business.
General Contractors and independent contractors that need construction insurance have a variety of providers to choose from. Within each provider, the employer can determine the policy that fits their organizations needs. Typically, it is required by law, depending on where you live, to provide General liability and Workers Compensation coverage for your employees. When determining which organization to obtain your coverage from, review what they offer and what you need
Liability coverage protects against the event that a company is sued. This coverage provides for payment in the event that either; an indemnity, a need for a settlement exists or a breach of contract. Determine what your organization needs prior to selecting a company to provide you with this service.
Indemnity pertains to the payment of a sum of money for which the insured is held liable. Settlement of reasonable claims refers to the insurance company paying on a claim in order to prevent a law suit from going to trial. Effects of a breach deals with confronting situations where the insurer breaches the contract with the insured.
Workers compensation policies protect the employees of a particular company. In the event that an employee is injured during the daily duties of their job, they are then given money in order to pay for medical treatment. This money is used as a salary replacement for the employee in the event he or she cannot work due to an injury. The types of coverage available can depend upon the location, either state or country, in which the injury occurs.
Depending on where you live in the world, it is typically the employers responsibility to provide this coverage to their employees. There exists in certain population centers, that an employer can be held legally responsible if they do not offer this type of coverage. In researching this information, check with your local jurisdiction to determine the requirements.
There are different types of carriers for liability insurance. You have companies that are either Admitted carriers or non-admitted carriers. The difference between the two is whether or not the carrier places funds in an account for each company for which they insure. An admitted carrier, places funds on a regularly scheduled basis into an account set aside for each covered entity. While a non-admitted carrier, does not set aside these funds. The existence of this type of insurance company can be different depending on the location of the insured company.
Monthly premiums are determined by the provider based on the level of coverage selected. If your organization needs a larger amount of coverage, your premium will be more expensive. If you do not require a large amount of coverage, your premium will be lower. Review your budget and the needs of your organization when deciding what to obtain for your place of business.
General Contractors and independent contractors that need construction insurance have a variety of providers to choose from. Within each provider, the employer can determine the policy that fits their organizations needs. Typically, it is required by law, depending on where you live, to provide General liability and Workers Compensation coverage for your employees. When determining which organization to obtain your coverage from, review what they offer and what you need
About the Author:
For additional info on General Contractors Insurance please feel free to visit our website to learn more about Construction Insurance.
