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Rates are base on payroll for all contracting risks. When you take out a policy, your rates are based on what payroll figures you give the company, then checked by supplying copies of your federal tax reports. Every year you are audited by the insurance company who either sends an auditor to the business or allows you to just submit your tax reports. They may check different ways in different years. Rates are always based on payroll and adjusted by audit results. If you have more payroll than the rates then you owe the company more money and if less, they will refund you back premiums.
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Why does a contractor need a professional liability insurance policy?
A contractor typically needs a Commercial General Liability Insurance Policy. If the contract includes professional services, then the contractor will likely be required to carry Professional Liability Insurance, either in addition to, or in place of a CGL policy. It really just depends on the nature of the services contracted.
What are some typical wordings in a CGL policy?
Relating to what part of the policy?
How much does it cost for contractor general liability insurance?
CGL premium rate are generally based on your annual receipts and your labor costs, payroll and costs of subcontractors. Also effecting your insurance rate will be whether you require your subcontractors provide you with proof of their own liability insurance for their work performed or if you are going to provide coverage for the Subcontractor as well under your own General Liability Policy. This greatly effects the risk factor associated with your coverage. The above being said, You could find a rate as low as 16 hundred dollars a year for a small contractor or several million dollars a year for a very large contractor. It really just depends on the volume of annual work to be covered and the scope of coverage needed.
Is an firearms instructor covered under an cgl or do they require a professional e and oe policy?
You will need to ask a lawyer to get a correct and legal answer.
What is CGL?
CGL stands for Comprehensive General Liability.
What is the general liability insurance for a restaurant that does not serve alcohol?
A restaurant that does not serve beer, wine or liquor generally needs only commercial general liability ("CGL"), without liquor liability. CGL protects the restaurant from claims arising from bodily injury and property damage suffered by 3rd parties (i.e., customers most likely). Probably the most common claim made against restaurants is slip & fall, which would be covered under a CGL policy. Another liability exposure that a restaurant may wish to consider is that of food-bourne illness (i.e., food poisoning), which is sometimes excluded from the CGL policy, but can often be added.
What is contractor liability insurance?
Contractors Liability Insurance is actually a form of Commercial General Liability (CGL)insurance tailored for the construction contractors market. CGL provides insurance for your company in the event you cause property damage and/or bodily injury to a third party. (i.e., your customer or an innocent third party) CGL comes in different forms with different coverage It is essential to match yours coverage needs with your work risk exposure. A good insurance professional can help you with this. NOTE Liability insurance does not cover poor workmanship, tools or injury to employees.
Is there a professional liability insurance for a Residential contractor in SC?
What your looking for is Commercial General Liability Insurance for contractors, not professional liability insurance.And Yes. Almost any Commercial lines carrier will provide CGL coverage as well..
What does the acronym CGL stand for?
Acronyms often stand for more than one thing. Likewise, CGL is used as an acronym for almost twenty different things. One common use for the acronym CGL, though, is Chronic Granulocytic Leukemia.
Are a general contractor's liability insurance premiums based on what they pay sub contractors?
Contractors General Liability InsurancePremium for a general contractor can be based on one or a combination of two things, either your gross receipts and or your payroll and cost of subcontractors. Each company has it's own rating methodology so it depends on which market is quoting for you. As far as the distinction for subcontractors costs, i.e. materials vs labor, I have always had my clients rated off of their subcontractors labor payroll. If your subcontractors do not have there own liability insurance this will be picked up at your year end audit and you will pay a significantly higher premium for them than you would have had they carried their own insurance.Various CGL premium rating methodsThe insurance company that I've had experience with charges for both: 1) payroll of employees, and 1) Total Cost of sub-contracted work, if any. But keep in mind that the "rate" charged per $1,000 of either the employee payroll or Sub-Contracted Total Cost is vastly different.For example, suppose you are a General Contractor with employed carpenters. Your rate per $1,000 of payroll may be $39.45, but your rate for the Total Cost of sub-contractors is only $0.58 per $1,000.There may be differences, but I think that industry wide employees are based on Payroll and sub-contracted work is based on Total Cost, BUT this assumes that you've done a proper job of documenting that the subs are truly sub-contractors, e.g. certificates of insurance for both General Liability and Workers' Compensation. Because lacking documentation will result in the Total Cost of sub-contracted work to be picked up and charged for as employees. Thus an unexpected large audit billing for the prior term insurance policy.
Are a general contractor's liability insurance premiums based on what they pay sub-contractors?
Contractors General Liability InsurancePremium for a general contractor can be based on one or a combination of two things, either your gross receipts and or your payroll and cost of subcontractors. Each company has it's own rating methodology so it depends on which market is quoting for you. As far as the distinction for subcontractors costs, i.e. materials vs labor, I have always had my clients rated off of their subcontractors labor payroll. If your subcontractors do not have there own liability insurance this will be picked up at your year end audit and you will pay a significantly higher premium for them than you would have had they carried their own insurance.Various CGL premium rating methodsThe insurance company that I've had experience with charges for both: 1) payroll of employees, and 1) Total Cost of sub-contracted work, if any. But keep in mind that the "rate" charged per $1,000 of either the employee payroll or Sub-Contracted Total Cost is vastly different.For example, suppose you are a General Contractor with employed carpenters. Your rate per $1,000 of payroll may be $39.45, but your rate for the Total Cost of sub-contractors is only $0.58 per $1,000.There may be differences, but I think that industry wide employees are based on Payroll and sub-contracted work is based on Total Cost, BUT this assumes that you've done a proper job of documenting that the subs are truly sub-contractors, e.g. certificates of insurance for both General Liability and Workers' Compensation. Because lacking documentation will result in the Total Cost of sub-contracted work to be picked up and charged for as employees. Thus an unexpected large audit billing for the prior term insurance policy.
What is age limit in SSC for CGL?
The maximum age limit for SSC CGL is 27 years and there are no restrictions on the minimum age. It is also to be noted that there is no upper limit on the age of candidates who can apply for the exam but they must be born before December 1, 1989.
