Licensing, bonds and compliance
Coverage and compliance are related but not the same. Here is what each coverage does, and where the licensing and bond requirements sit alongside them.
Third party injury and property damage caused by your operations.
Medical care and lost wages for your own injured employees.
Vehicles used in the business, including owned, hired and non owned.
Your tools and equipment against theft, damage and loss.
The project under construction, plus materials on site.
A guarantee of performance or payment, not a transfer of risk.
Extra limits above your underlying policies once those are used up.
Claims from design work and advice, which general liability excludes.
Work out what the state requires, what the contract requires, and what your own exposure requires, in that order. The first two are not negotiable and the third is a judgement about what you could absorb.
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Tell us your trade, payroll and the states you work in. A licensed specialist will come back with real numbers.
