A performance bond is a type of contractor bond that is commonly issued to protect the client’s interests during a construction project. They are sometimes also called contract bonds. It is important to note that while performance bonds are often issued by insurance companies, they are not the same as liability insurance. It would be more accurate to think of them as … [Read more...]
What Is a Contractor Bond?
[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="xxhleawqttsdm9w1ywmj" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677185487/bwznjtdawttu3vjugbeb.jpg" title="What Is A Contractor Bond?" volume="70"] Licensed contractors — including electrical, plumbing, and other types of specialty contractors — … [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?
[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="ahpifdr3wmfh4snka49h" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677175546/ovwbtjrr4mnqy6ugi2m1.jpg" title="What Is A Certificate Of Insurance?" volume="70"] A certificate of insurance (COI) is issued to small business owners to show proof of … [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...]