0
What is the difference between liability insurance and being bonded?
Wiki User
∙ 10y ago
The largest difference between insurance and bonding is that when you have an insurance claim, the carrier pays out the claim then bills you for the deductible. Bonding is different, and is credit based. The bonding carrier is extending you a credit capacity up to the bond amount. If your bond is garnished for uncompleted or shoddy work, the bond company WILL have you repay back the whole bond amount. It is common to need both.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What kind of insurance do general contractors need to have?
General contracts must carry at a minimum liability insurance along with being bonded by the state. Liability insurance should be no less than $1 million and could be much higher depending on the job.
Does an individual who cuts grass for neighbors need liability insurance?
Needs liability insurance? In most places it is not required by law. however check your local ordinances.Most reputable buisnesses that provide a service are usually licensed,insured,& bonded.
Does homeowner insurance cover a contractors mistake?
The contractor should be bonded and carry liability insurance and you need to require proof of this before they start. Homeowners insurance is not meant to guarantee work on homes.
When starting a small photography business do you need to be bonded and if so how do you go about getting bonded?
If you are starting your own small photography business you shouldn't need to be bonded. When you get larger (if you get large enough) you may wish to consider some sort of professional liability insurance, but I've never known of a professional photographer to be bonded or have such insurance. Good luck.
What is the difference between blended and bonded?
There is no difference but they wear out much faster!
What is the difference between bonded and blended leather?
There is no difference but they wear out much faster!
The greater the electronegativity difference between two bonded atoms the greater the percentage of?
The greater the electronegativity difference between the two bonded atoms, greater is the ionic character of the bond.
Do ionic bonds have a greater or lesser electronegativity difference between them than a covalent bond?
The difference in electronegativity between two elements bonded into a compound by ionic bonds is almost always greater than the difference in electronegativity between two elements bonded into a compound by covalent bonds.
When starting a home watch service business do you need to be bonded or have liability insurance?
AnswerYep, You have to have insurance for everything.To be more specific, you need two types of insurance for a Home Watch business. You need general liability and you need Professional Liability, also called Errors and Omissions Insurance.General Liability protects you while inside the home from pre-existing conditions and general risks such as a toilet that backs up while you are in the house.Professional Liability is in case you miss something that you should have seen as a Home Watch Professional. Roof leaks that are clearly visible but that you missed would be covered by this 'errors and omissions' insurance.The insurance is not easy to find.
Do you need to be insured or bonded to clean offices?
It depends on the specific requirements of the office or business you are cleaning for. Some offices may require you to have insurance and bonding for liability and protection purposes. It is advisable to check with the office or business owner to determine if insurance and bonding are necessary.
Do you have to be bonded to sell insurance and mutual funds?
You do not have to be bonded, but registration and licenses are required.
What type of contractor's liability insurance covers incomplete or incorrect work?
That is not an insurance issue, it's a Bond issue. If the contractor isn't bonded and if you didn't specifically require a performance bond, he probably isn't bonded. You may be able to get pressure on him if you call the local building and zoning department or possibly the state department of business regulation that oversees contractors.
