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While every attempt has been made to keep the information on this page accurate, we do not represent ourselves as experts. For specific legal questions or expert assistance, we suggest that you contact an insurance professional. Our information is based upon the personal knowledge of building contractors.
Workers' Compensation: Workers' Compensation laws are designed to ensure that employees who are injured or disabled on the job are provided with fixed monetary awards, eliminating the need for litigation. These laws also provide benefits for dependents of those workers who are killed because of work-related accidents or illnesses. Some laws also protect employers and fellow workers by limiting the amount an injured employee can recover from an employer and by eliminating the liability of co-workers in most accidents. State Workers Compensation statutes establish this framework for most employment. Federal statutes are limited to federal employees or those workers employed in some significant aspect of interstate commerce.
Liability Insurance: You can usually bid work without liability insurance but most often you cannot perform the work without the liability insurance. The insurance costs vary based upon the amount of liability you go with, ie: one million, two million, three million or more (lately it seems that the minimum amount of insurance owners and/or general contractors are requiring is two million). It also varies based upon the type of work you will be doing, the gross receipts of your company and total payroll expenses. Typically, you will pay a down payment on your insurance and then make 9 or 10 consecutive monthly payments. Your best bet here is to check out several different insurance companies through various agents, and talk to other contractors to find out which companies they are using and how that company is performing. Also, these insurance companies have ratings just like the bond companies do: A++, A+, A, A-, B+, etc. Be sure that you find out what each company's rating is while you are obtaining quotes from various agents.
Certificate of Insurance: For most every project you work on, you will be required to provide an original 'certificate of insurance' from your insurance agent. Some of these insurance agents excel in how quickly they supply the certificate to your customer, and other agents do not. Many times you cannot step foot onto a project until the general contractor has that certificate of insurance from your agent. If your agent makes a mistake and does not supply the certificate soon enough, it could feasibly throw you into breach of contract with your general contractor because you are unable to man the job when you are supposed to because you have not provided the certificate of insurance. It is not unreasonable to expect that a certificate of insurance be processed on the same business day that you have made the request, provided you're not trying to "slip it in under the wire". Some agents will automatically mail you a copy of the 'cert' (certificate of insurance) at the same time that they mail an original to your customer, but if you have a quick job you may need a copy quicker than the postal service can deliver one to you. A suggestion here is: when you request your agent to mail a 'cert' to your customer, also request that the agent fax a copy to you. The reason for this is two-fold: a) peace of mind that your request has been processed and b) in times of urgency, general contractors will usually accept a fax copy with your promise that an original is in the mail to him. Chances are that the 'cert' is being mailed if you have received a fax copy (without the fax copy you really don't have any assurance whether or not the certificate is being processed in a reasonable amount of time, until and unless your general contractor and/or owner calls you and tells you that they have not received the certificate).
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