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Proper insurance coverage protects your small business from unexpected circumstances and costs. Yet, according to the 2023 Hiscox Underinsurance Report, 75% of small businesses in the U.S. don’t ...
OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4] The traditional method for insuring construction consisted of each general contractor (GC) and subcontractor obtaining their own insurance policies from any provider of their choosing. In turn, they would build their policy ...
Type of business insurance. Description. General liability insurance. Pays legal fees and settlements (up to your policy limits) if you get sued for a covered general cause
General liability: This type of insurance covers lawsuits involving bodily injury or property damage. Professional liability: This insurance is sometimes called "errors and omissions coverage." It ...
In this manner, if there is an accident or loss on the tenant's premises (such as a fall or a fire), then the landlord will enjoy the benefits of the tenant's insurance coverage. Similarly, general contractors often require subcontractors to name the general and the owner on the subcontractor's policies. [6]
Coverage ends upon the earlier of closing of the sale, occupancy or the policy expiration date. After builder risk coverage expires, due to sale or occupancy, the new owner typically obtains permanent property insurance on the building such as a home owner's policy or a commercial property policy.
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
The cost of E&O insurance can vary since it’s influenced by factors like business size, location, coverage limits and deductible.The industry in which a business operates can also play a ...
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