What are the insurance requirements for a construction company?

In California, construction companies must comply with certain insurance requirements to protect the safety of their workers and the public. First, any company working on construction projects must carry a general liability insurance policy. This type of policy provides protection from liability claims for bodily injury, property damage, and personal or advertising injury caused by the company’s work. Second, a construction company must obtain a contractor’s license bond. This bond ensures that the company will comply with the state’s laws and regulations related to the construction project. Third, the company must carry workers’ compensation insurance. This insurance protects employees in case they get injured while performing their job-related duties. Fourth, a construction company that hires subcontractors must also obtain a blanket contractor’s liability insurance policy. This covers any liability that may arise from subcontractor’s negligence. Finally, a construction company must obtain a surety bond. This bond protects the state from any financial losses that may occur due to the company’s failure to meet certain contractual obligations. It is important to note that these insurance requirements may vary from state to state. It is important to check with the state’s Department of Insurance to ensure that the insurance requirements are being met. Failure to comply may result in significant fines and penalties.

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What are the insurance requirements for a construction company?

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