You’ve been trying to renovate your cramped, rundown kitchen for years. And now – actually – you’ve got the money and the chance to do so. Then you ask your buddies and co-workers to find a contractor and then recruit the one they recommend – even though you don’t realize you need to, or even how to make sure your contractor is protected in Syracuse. But with a massive amount of good luck, the renovation is progressing well, and you’re happy with the outcome.
But things might have been different – terribly different – if your employer hadn’t been covered and your luck hadn’t been by your side. That’s why you have so many TV shows today portraying the right of questionable contractors to do questionable work. However, you can escape such a scenario by checking that the contractor is trustworthy and properly insured.
Bonding vs Insurance
Many esteemed contractors brand themselves as “bonded and insured.” So what, exactly, does that mean?
A warranty bond means that you are safe if the contractor skips out and does not complete the job, even if it ends up performing sub-par, shoddy work. This bonding means that you do not have to use your own cash or homeowner’s insurance to cover the bill in those situations.
Contractor insurance defends you from the expense of all damages and litigation. If there is some kind of damage to your house during the construction process, you (or the insurer) won’t have to pay for the damages. And, if one of the contractor’s workers gets injured while working on the project, you would not be responsible.
Types of Insurance
It’s just the beginning to take action to make sure the contractor is covered in Syracuse. You will make sure that the employer has sufficient coverage and the right forms of insurance. First of all, does the contractor’s insurance compensate for substantial harm to your home? Imagine you’re living in a $1.5 million house, and the contractor’s insurance will just cover $500,000 in costs, so you will need to keep looking.
Your employer should have general contractor liability insurance covering the following types/levels of coverage:
- Liability Insurance – prevents injuries to you, your relatives, and protects you from liability.
- Workman’s Comp – Safety to contractor workers in the event of injuries (not needed for smaller contractors in all states, but you need to ask)
- Property Damage – covers damage to the house during the project.
Steps You Need to Take
But how, exactly, do you make sure the contractor is insured in Syracuse? There are some steps you may take to minimize the risk and make sure you have selected a reliable, fully insured contractor.
- Find out the contractor at the Better Business Bureau
- Review the connections and chat with former clients
- Have a formal in-depth consultation with the contractor before the deal is signed
- Ask for insurance and bonding papers
- Get it in writing – all forms of the job to be completed, milestone job and payment plan, end date, contingency provisions, and so on.
How Does Your Contractor Deal With Subcontractors?
Suppose, for example, that your remodeling project includes adding space to your house. In any case, the general contractor would typically employ subcontractors to do the machining and machining of bricks. But are the subcontractors being insured?
Often it appears that subcontractors are called in on a cash basis. There is no documentation of their hiring with the general contractor and, as a result, they are not compensated by the contractor’s protection (or bonding) if anything goes wrong. So, in addition to researching the insurance status of your provider, you will need to assess how they deal with subcontractors.
Knowing how to make sure the contractor is covered in Syracuse is key to any big work undertaken at home or at home. Your area real estate professionals will also be a helpful guide when searching out contractors.