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A contractor surety bond is a bond that guarantees a construction company will complete a project as promised. There are several common types: A bid surety bond guarantees that the contractor...
Surety insurance is a term that refers to an individual or corporation that purchases a surety bond. A surety bond is similar to insurance in which a guarantee is provided. However, a surety bond...
Construction bonding is a risk management tool used to protect project owners and developers. A bond constitutes a legal guarantee that the project will be completed as expected. In instances...
A construction bond minimizes the financial risk faced by project owners and developers in the construction industry. The bond is similar to an insurance policy, but actually goes a step further...
A contractor controlled insurance program is a type of "wrap-up" policy in which all participants involved in a building project are covered by a single policy. The policy sponsor is for this...
Cashing an insurance settlement check requires a joint effort among all parties that have a stake in having the insurance settlement check cashed. The policies and procedures to do this will vary...
This article outlines the definition of a performance bond and how it works.
Surety Bond Insurance is actually a misnomer. A surety bond, though associated with insurance companies, is a line of credit. According to JW Surety Bond Consultants, a surety bond is a guarantee.
Surety bonds are generally used in construction, but can be used any time a contractor is hired to perform a service. In short, the bond offers financial protection in case the vendor does not...
Liability insurance is coverage that companies and private individuals purchase to protect them from the possibility of being sued. It is important to understand liability insurance, and it is...
Contractors regularly perform work with a high dollar value, and in an effort to provide the customer with monetary assurance that the job will proceed as described, the contractor purchases a...
Builder's risk insurance is a temporary policy that protects contractors and homeowners against loss, theft or damage during the construction process. Builder's risk insurance covers a new...
Builders risk insurance insures a building under construction. The contractor normally purchases a builders risk policy to cover their materials and the property under construction until it is...