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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 ...
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
Journeyman electrician — Installs, modifies, repairs, and maintains power and lighting systems. Reads blueprints, terminates cable, and installs and troubleshoots control wiring from drawings. Has completed the apprentice program and holds a journeyman's license (according to state requirements) and supervises apprentices.
Each of the following may affect how much liability insurance you need: Your business's industry. How many employees you have. If you've had past claims. The size of your business' property.
General liability insurance. This insurance policy steps in if you find yourself in legal trouble. If someone sues you — say they slip and fall at your business or accuse you of slandering them ...
Once you are clear about what sort of insurance you need, it is important to shop around and compare policies. Work with your insurance agent or broker to ensure that you get the right coverage ...
[10] [12] The clause should also include a requirement for the contractor or subcontractor to submit to the recipient weekly (e.g., for each week in which any contract work is performed) a copy of the construction payroll accompanied by statement of compliance. This report is commonly referred to as "certified payrolls", and is often done using ...
Professional services, real estate, business support and consumer services, finance and insurance and non-manufacturing goods production are not only in demand but also profitable small business ...
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