Licensed contractors — including electrical, plumbing, and other types of specialty contractors — can get contractor bonds to protect and inform their work across different projects. Surety bonds are different from general liability insurance, which primarily protects the contractor. Bonds are meant to protect the project, the contractor, and the individual or entity who … [Read more...]
Everything You Need to Know About Bid Bonds
A bid bond is used to solidify a deal made between a contractor and project manager. This type of bond helps to guarantee that the bid placed by the contractor is accurate and will then be followed by a performance bond. Bid bonds are required by law for any type of federal project and are most common for construction projects and general contractors. Unlike a surety bond, … [Read more...]
What Is a Certificate of Insurance?
A certificate of insurance (COI) is issued to small business owners to show proof of insurance. It is a simple form issued by an insurance company or broker and includes: The types of coverage; The issuing insurance company; A policy number; Names of the insured; Policy dates; And the limits and deductibles of the plan. General contractors handle … [Read more...]
What Is Workers’ Compensation, and How Does It Work?
Workers’ compensation, also called workman’s comp, is a type of insurance that grants benefits to employees who are injured on the job or who develop a health condition related to their work duties. This insurance provides compensation for financial damages related to the incident, including healthcare expenses, lost wages, and any other losses. This is a key concept for … [Read more...]
Technology Giants are Dominating the Construction Industry
Tech-innovators are often the leading forces outside their own niche as well, putting groundbreaking ideas in motion and bringing revolution to other industries. No matter how poetic that sounds, technology and construction always go hand in hand, so it's no wonder tech-giants such as Apple have major impact on the whole industry. For that reason, this week we are taking a … [Read more...]