Energy Swing Windows & Doors | WindowSmarts - What should you know about your contractor's insurance coverage?

1-877-SWING CLEAN info@energyswingwindows.com Window Smarts 3. What should you know about your contractor’s insurance coverage? What is the one thing you buy that you never want to use? Insurance! If you don’t plan to use it, then why do you buy it? You buy it to pro- tect yourself against unplanned events that would otherwise cause you excessive financial hardship. You buy it in the event that if something unexpected happens, you can absorb the loss with minimal impact on your personal situation. Reputable businesses do the same thing. While having insurance protects the business, it also provides assurance to people who enter into a relationship with that company. A com- pany’s insurance is protection that can compensate a consumer for unexpected events that arise out of the business relationship. Liability Insurance If your property is damaged or someone is hurt by (or because of) work being done by a contractor on your home, you, or your insurance company, may have to carry the expense of making things right. To protect their customers, all reputable businesses need to have adequate levels of liability insurance, as well as property liability on all their vehicles. Adequate is the key word. Don’t assume that just because a company says they have liability insurance, that they have enough for you to recover all potential damages. Companies who have an Umbrella Policy offer you additional protection. Workman’s Compensation Insurance Anyone who works on your home must be covered by Workman’s Compensation insurance, unless they are an owner of the business. If someone involved with your project is “working under the table” and they get hurt while on the job, they can sue you, the property owner. Ask The Right Questions To Protect Yourself Would you want to have a business relationship with someone who is uninsured or underinsured, especially when they are on your property? If a contractor working on your home doesn’t have all of these insurance policies and damage is done to your home or your neighbor’s home, you can be liable. Your homeowner’s policy excludes damage done by a contractor. Spend the time upfront to be sure that the company or individuals working on your home are properly insured. Any reputable company will be more than glad to give you verification of liability, vehicle property liability, and Workman’s Compensation.