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 … [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...]