Insurance News
As a 1099 contractor, it’s important to have the right insurance protection. You can get sued just as easily as any other small business owner, and liability claims can be very expensive. If you don’t have coverage, and a client or customer sues you, you’ll have to pay the costs out of pocket. And that…
A blanket additional insured endorsement is an insurance policy endorsement that automatically provides coverage to any party to which the named insured is contractually required to provide coverage. A blanket additional insured endorsement is most commonly found in liability insurance policies, though it is typically not a feature of the policy language. KEY TAKEAWAYS A blanket additional…
Looks can be deceiving when it comes to additional insured endorsements. They may not be as broad they seem. Many contain exclusions or limitations that aren’t apparent until a loss occurs. Here are some pitfalls to watch out for if your business is covered, or is covering another party, under a liability policy as an additional insured. Ongoing Operations One…
To get on a job, contractors often have to show proof of insurance and name the individuals hiring them as additional insureds on the contractors’ commercial general liability (CGL) policies. By doing this, the individuals hiring the contractors hope that the additional insured endorsement will defend them in case they get sued for something relating…
Lowering your Experience Modification Rate is a long process that starts with a safety plan, actionable steps to improve safety, and training to ensure that employees are safe on the job. You will need to set realistic goals and work tirelessly alongside employees and managers to lower the frequency and severity of injuries. Contractors have…
An EMR or experience modification rating (also called a XMOD rating or factor) is used to price workers’ compensation insurance premiums. Think of it like your credit score or car driving history, where third parties consider your history as an indication of future risk. In construction, insurance companies use an organization’s EMR to gauge the…
Whether you are a small, medium or large-size company, one of the most basic costs of doing business is insuring your employees against injury on the job. Almost every business in the U.S. that has employees is required to have a workers’ compensation insurance policy. How are workers’ comp premiums calculated? Workers’ comp insurance premiums…
People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. However, whether these people are independent contractors or employees depends on the facts in each case. The general…
It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments…
Does your company buy or ship products to or from other countries? If so, then you probably need to know about Import Export Insurance. What is Import Export Insurance? With the advent of things such as Fulfilled by Amazon (FBA) and other online ventures, imports of products have become commonplace, even for small businesses. Larger…
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