Individuals purchase insurance to cover losses and damages. Similarly, business entities procure insurance to protect their interests. As a contractor, you need to purchase a special type of work-related insurance known as a construction bond. Many owners require contractors to carry construction bonds that protect their projects from disruptions or financial losses that prevent completion of the project or construction according to project requirements. Here are a look at common types of construction bonds available and how they work.
The most common construction bonds include the following:
Other bonds include maintenance bonds, subdivision bonds and site improvement bonds, which may be required of contractors that specialize in maintenance work, municipal projects and renovation jobs. Consult an insurance agent that is an expert in coverage for construction work for the right plan for you.
The proliferation of cannabis and hemp businesses across the nation continues to skyrocket with the nation-wide legalization of hemp and the increasing number of states legalizing cannabis. While the potential for profit is high, there are risk factors involved that those who would like to get in on these new niches should be aware of.
Starting a business always involves risks. This is true regardless of industry. Hemp and cannabis are both agricultural crops. As such, they are subject to issues inherent in agriculture. Though hemp is a hardy plant, the weather is still a concern. For instance, too much water too early can ruin the crop.
While the market is thriving for hemp and cannabis products, there are still concerns about competition. Other market factors have become apparent in the time of COVID-19, which has resulted in an overall boon for the industries, though those with physical shops either had to close their doors or shift their delivery methods.
In addition to the risks involved in starting any business, there are some special considerations for the legal cannabis and hemp industries, including:
The growth curve for these industries is predicted to continue on an upward trajectory, and many entrepreneurs are taking advantage of the trend to start a new business. For those taking the leap, it is important to consider and plan for the potential risks.