Sunday, December 28, 2014

What You Need to Know About Contractors Insurance

It is a necessity for any business undergoing construction or renovation to purchase a contractors insurance in order to safeguard their financial stability, as well as their workers' wellbeing. It's not in favor of the business' interest to leave it susceptible to financial drains, in case of management, materials, and manpower problems. There are certainly a lot of risk factors present in a construction site, and all of these could very well hurt a business, if not properly dealt with. Sure, the contractor may be held liable for some of the issues, but most of the losses will be incurred by the property owner. Besides, majority of the states in the U.S. demand that they are secured, before a project license is granted.
Contractors insurance basically covers losses due to lightning, vandalism, fire, lawsuits, injury, and other property damages that are not caused by professional errors or intentional acts. But there are certain policies that do not indemnify against earthquakes, acts of violence, and flooding. The safest plan that you can apply for is a general liability contractor insurance, since it typically takes care of all of the basic concerns, when it comes to this type of activity. Usually, it is the building owner's responsibility to acquire a builder's risk insurance, and ascertain its scope. But, the general contractor can also be tasked to buy it, as stipulated in the contract. It is important to note that this type of property insurance is only valid during the construction period, and is terminated upon the project's completion.
To ensure that you are getting the best policy, it is advisable that you shop around for options, before you settle with a provider. Submit your contracts for quotes if you are a contractor, and negotiate the rate of your policy if you are the business owner. This should help you arrive at a manageable monthly payment term that addresses your construction needs, as well as your monetary limitations.
Next, you should assess the supplementary general condition of your general liability contractor insurance, so that you know who are covered. There are a number of other people who may enter a job site, aside from the builders. You can expect messengers, trespassers, the licensees, and some invitees to come along every once in a while, so they must also be added as insured. To reduce liability exposure, as a contractor, what you can do is determine regulations within the job site, arrange an agreement with the client, and try to be hands-on with any visitation, to pre-empt any potential accidents from happening. It would also be smart to keep the site as hazard free as possible, by disposing all of the materials carefully.
Lastly, never hesitate to use a broker specializing in contractor insurance. This should make the policy application less burdensome. A business owner and contractor would find a broker's meticulous eye for detail and expansive network very helpful, especially for stringent projects. Obviously, you both can't dedicate the right amount of time to go over each unique policy and draw up proposals. A broker will help you accomplish that, and set you up with the right provider or providers as soon as possible.

Article Source:

Sunday, December 21, 2014

Holiday Fire Safety

There's no place like home for the holidays and no better place to implement
good fire safety practices. Follow these simple steps to help ensure
your holiday is memorable for all the right reasons.

Thursday, December 18, 2014

Saving Money On Auto Insurance

This video is from the Insurance Information Institute. For more information about insurance, go to the I.I.I. Website at

Sunday, December 14, 2014

Why Companies Need Contractors Liability Insurance

Regardless of if, you are a standard specialist or a sub-contractor, contractors liability insurance is one kind of insurance policy plan that you cannot afford to do company without. Not only will almost all jobs require your company to provide proof of general liability insurance before allowing it on their residence, but also ignoring to protect your resources with this wide-ranging kind of company insurance policy leaves you exposed to sometimes-catastrophic obligations if incidents or accidents happen during a job.
Contractors liability insurance policy has a number of important types of insurance coverage, that jointly guarantee witnesses, customers, sub-contractors, and employees against these types of claims:
* Marketing Harm (i.e., libel and slander)
* Individual Injury
* Physical Injury
* Items and Completed Operations
* Property Damage
In every case, the contractors liability insurance contains legal and judgment costs caused by statements being registered against the covered specialist. This generally contains the other entire person's hospital costs, earnings lost, and all suffering and pain that could have been sustained.
Examples of the Types of Claims Covered
Advertising Injury
Such a claim is protected by many contractors' general liability policies, but it's probably one of the most rare to actually be registered. Marketing injury is defined as damage continual due to another person's use of slander or libel against the complainant. If you are a specialist, one example might be a sub-contractor submitting an claim against a standard specialist on the assumption that his professional reputation and earning potential has been damaged by damaging reviews and advertising started by the normal specialist.
Individual Injury
A couple of the more-common statements made against contractors, bodily injury and accidents statements happen anytime a third celebration (e.g. a customer or bystander) is unintentionally harmed on a job website as caused by negligence on the part of the specialist. Harm statements sometimes can include psychological and psychological injury that outcome from either irresponsible or purposeful acts by the accused.
Damage to Property
The most-prevalent claim observed on job websites, residence damage statements develop from damage or loss of residence because of the covered person's activities. Such actions might be either purposeful (whereby the harmed celebration may additionally submit an accidents claim for psychological and psychological injury) or random, and are occasionally registered due to loss or accidents that happen after the specialist has already completed the project. One common illustration of this would be a plumbing technician who is charged because water pipes he installed begin dripping and causing harm to the walls and flooring near them.

Article Source:

Thursday, December 11, 2014

The i's on Insurance: [Not So Risky] Business

Being an entrepreneur makes you the boss! But along with getting to choose your own hours, location, and business plan, it also means that you're responsible for a lot of other things, like commercial business insurance. There's a lot more to business insurance than getting the lowest business insurance quotes. It means understanding your business's unique needs and the potential hazards that can threaten its success.

"The I's on Insurance: [Not So Risky] Business" instructs you on the ins and outs of small business insurance—including coverage for business disruption, theft/loss, and business liability insurance. Why not spend a couple of minutes learning about the different types of business insurance to make it easier to have a productive discussion with your business insurance agent or broker.

Monday, December 8, 2014

Fire Prevention

Elaine Nashashibi had just minutes to get out of their house when the smoke detector went off. Today she says smoke detectors are absolutely essential and should be checked regularly to be sure they are in good working order. Fire education expert Mary Marchone says the more smoke detectors you have in your home the more likely you will be able to escape a fire. According to the U.S. Fire Administration is that people are not taking proper care of battery operated smoke detectors which means many people think they are protected when they are not. The biggest mistake occurs when a homeowner removes a dead battery then fails to replace it for days, weeks or months.

Friday, December 5, 2014

Fire Safety Tips For Holiday Decorating

NFPA offers fire safety tips and advice for safely decorating your home this holiday season, particularly when using candles.

For more information on how to keep your family and you safe this holiday season visit:

Tuesday, December 2, 2014

The Purpose Of Auto Insurance

Auto insurance refers to insurance for vehicles such as two wheelers, cars, trucks and other vehicles on the road. The primary purpose of auto insurance is to offer compensation to the vehicle owners in case of any physical damage to the car and bodily injury that results from car accident. It also covers expenses arising from any liability thereon. In many countries it is compulsory have insurance when you buy the vehicle. Most of the insurances relate to the driver as well as the car, however the degree varies from one country to another.
Some countries also have additional insurances such as pay as you drive which is suitable for uninsured motorists who are using other owner's vehicles. In many countries this insurance covers the loss or damage to the vehicle as well as purchasing new parts for replacement. The insurance provides accident cover for the vehicle owner and also third party liability.
Today every country has many public and private companies offering auto insurance. The whole process for applying of this insurance has become online. You can go through the insurance terms on the website, choose the plan, fill in the application form and then submit the application with the required documents such as vehicle registration number, type of vehicle, proof of address, etc.
Once you submit the application, a representative of the company will get in touch with you to take the procedure forward. In countries such as India, the vehicle dealers have tie ups with auto insurance companies. Hence when you buy a new vehicle, you will automatically get insurance for one year from the car dealer. The premium of the insurance is included in the vehicle price. The premium on the insurance is decided by a number of factors, however the premium amount increases proportionately to the price of the vehicle.
The documents to be submitted for vehicle insurance include registration copy of the vehicle, driving license, policy copy and FIR copy. The various types of auto insurance normally offered include private car insurance, two wheeler insurance and commercial vehicle insurance. This insurance does not normally include electrical or mechanical breakdown, depreciation, consequential loss. It also does not apply in case vehicle meets with an accident outside the geographical area which the insurance company covers. The other exceptions when you may not get auto insurance is damage to the vehicles during wars, perils related to the climate and accidents due to drunken driving.

Article Source: