Contractors sign up for Workers’ Compensation insurance to protect employees who are hurt on the job. Although most claims are legitimate, workers compensation fraud is common. Bogus claims can add up to big losses for not only insurance carriers but employers, too. Read more
In construction and other skilled trades, employee illness and injury is a common occurrence. As a result, many employers provide short term disability insurance that protects their employees when they cannot work. Since most workers’ savings might last only a few months of missed paychecks, employees are increasingly choosing companies that offer the best insurance packages. Read more
Contractors of all types and sizes manage their business in the face of significant risk. On a daily basis, there is the potential for the unexpected. Although few contractors forget to follow on-the job safety procedures, some make a bigger mistake of allowing a lapse in insurance coverage, which could lead to large out-of-pocket payouts or even bankruptcy. Read more
A surety bond is a three-party contract between a principal (business owner purchasing bond), an owner (state agency requiring bond) and a surety (the bond agency). For the customer, the surety serves as a source of insurance in case of work unfinished. For the business owner, it functions as a line of credit in business matters and as a source of reliability for the customer in choosing the company.
If the surety is defaulted on, the bond company is then required to pay a lump sum to the customer that the business has left with unfinished work. Here are some common misconceptions that you may be unaware of.
Oil drilling is a high risk, high reward business. Any number of things can go wrong during the delicate process that can sully profits and turn significant investments into liabilities in the blink of an eye. Whether an incident was caused by an employee’s mistake, faulty equipment or just a stroke of bad luck, without proper coverage entire operations or even entire companies can be jeopardized. Read more