Contractor Liability, E&O, Surety Bonds
What is contractors liability insurance?
Contractors liability insurance protects your business or yourself as an independent contractor against any claims that may arise for damages which may occur at a job site. Depending on what type of projects you are running (project's contractual amount, type of construction, and client's type), some clients may require you to have it or it may even be required by law. For example, any public works do require this type of insurance policy.
What is surety bond?
Some owners/organizations require a surety bond, which is another type of insurance policy that can protect the owner(s) of the property. However, there are many different types of surety bonds available. Bid bond, performance bond, payment bond, maintenance bond are most commonly used bonds that may protect the owner(s) of the premises. Bid bond guarantees owner(s) that all contractual items written in the bid application must be met and followed. Performance bond guarantees owner(s) that all works will be performed by the contract as agreed and be completed regardless of the status of hired contractor. Payment bond guarantees all payments to be made to related workers and sub contractors regardless of the status of contractor. Maintenance bond or warranty bond guarantees owner(s) to be recovered from defects occurred after the completion of a project.
What is E&O?
E&O stands for errors and omission. As the word describes itself, this type of insurance policy protects insureds against any errors or omissions made by them. It is common for professionals such as doctors have this type of insurance.
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