Does Your Contractor Have Insurance?

When you hire a contractor, electrician or other home repair specialist, you may shop around on price and go with the least expensive one. But if a contractor comes in with a bid that is much lower than the competition, it could mean they are cutting corners – and one of the top ways for them to do this is in the insurance they carry, or are supposed to carry. Consider these scenarios: An electrician’s faulty work starts a fire that guts your kitchen and dining room. A contractor’s worker breaks a leg while working on your home. If either of these events occurs and the contractor doesn’t have insurance, you’ll be on the hook for the damages. Even if 

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Getting a Trampoline? Review Your Insurance Policy

As summer approaches, many families with children will buy a trampoline or bring one out from winter storage so the kids and their friends – and maybe even parents – can bounce to their hearts’ delight. But while they are fun, they can also be dangerous, with 100,000 Americans seeking emergency-room treatment for trampoline-related injuries a year, according to the U. S. Consumer Product Safety Commission (CPSC). This means you have a potential liability should a guest be injured playing on a trampoline. If your child’s friend is injured and you were not supervising their play, you run the risk of being targeted in a negligence lawsuit. Even if you have barred the kids from playing on the trampoline without 

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Protecting Your Firm as an Additional Insured

IN THE course of doing business, you may sometimes find yourself entering into contracts requiring that your firm be named as an additional insured on another party’s insurance policies. This is often done to make sure that your own insurance is not depleted by defense and indemnification costs for losses for which you may be legally liable as a result of the business relationship you have with the other party, but that are not due to your own firm’s direct negligence. Definition: An individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insured’s policy provides a certain degree of protection. When to Be an Additional Insured There are 

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Should You Lease or Buy a Company Car?

If you’re a small business owner and you spend a lot of time on the road, you might decide to invest in a new car. However, before you let yourself be enticed to test drive your new wheels, you should consider evaluating whether leasing or buying is the best option for you. Some of the most important considerations include costs, mileage and insurance. Let’s take a closer look at each. Costs Buying a car is a major financial decision. Most people need financing, which usually comes in the form of a multi-year loan that’s paid off in monthly installments. The advantage of financing a car is that it can build equity—and when the loan is paid in full, you’re the 

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General Liability Insurance is Not Enough

At some point, most businesses are involved in some type of legal dispute, be it over an alleged physical or property damage to a third party or financial injury to a competitor, client or vendor. And you’d surely want an insurance backstop in case you are targeted, to help pay for legal costs and any settlements or judgments. The type of liability that your business is going to face will depend on the type of work that you do. If you’re in a service trade, the chances of your work causing someone physical damage or harm are remote, but you could still be sued for not living up to your part of a contract or if your services caused a 

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