Fixed Price: a contract that contains a fixed price or a lump-sum charge for all services, including all labor and equipment
Price of the Unit: a contract that defines the unit costs, such as square foot costs or another unit of measurement
Time and Material: A contract in which the customer agrees to pay the contractor for all labor and materials at a pre-negotiated rate that is greater than what the contractor pays their employees.
Cost-Plus: A contract in which the customer is required to pay the real cost of labor, materials, and other charges, as well as a fixed fee or a percentage of the overall costs.
Liability insurance covers circumstances such as contractor-caused property damage, but it does not generally pay for repairing or replacing substandard work. That is why there is a relationship.
Workers' compensation compensates injured workers for lost earnings and medical costs, regardless of culpability. In the case of a work-related fatality, workers' compensation coverage will also give benefits to the contractor's family.