Greg discusses steps to make sure contractors on your property have coverage in this episode of Ask The Expert. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw.
Here's a full transcript of the episode.
Rob Carnie: He's 800 CHAB's insurance expert.
That's why he's on Ask The Expert. He's Greg Marcyniuk from Heritage Insurance in downtown Moose Jaw.
Greg, we're kind of taking the insurance to the next level here today. I'm talking about contractors and people you hire and the fact that we should check before people are working on our homes to see if they're fully insured.
Greg Marcyniuk: That's correct, Rob, because your home, for most people, is your major investment, and if you don't follow up and make sure that your contractor has the correct insurance, you could potentially be out thousands of dollars.
So, whenever you're hiring a contractor, it's a good idea that you verify their insurance. And how can you do that it is, first of all, you want to have the insurer supply a Certificate of Insurance, and don't just go by the contractor.
You should contact their broker and get a written verification that this coverage is in place. And, again, you can't rely on your home insurance for coverage of a contractor because it's typically not covered. However, you can modify your policy beforehand as long as you get the policy in place before renovations occur.
And when you're hiring a contractor, it's best that they have multiple policies in place. They should have a minimum of $1 million of Commercial General Liability, they should be bondable, and also, they should have an installation floater that covers personal property. So, it's a good idea to check, as well, with provincial regulators in the event — like, as far as for Workers Compensation, that they do have the Workers Compensation coverage in place.
And above all, you should do thorough research choosing a contractor, and make sure they have strong online reviews. And also, I would ask for a couple of references just to see because it doesn't matter how good of a contractor you get, there's always potential for mistakes.
So in the event an accident does occur, make sure that you document it, take photos. And then that way, we're able to provide coverage if you can't have coverage or their coverage won't be in place.
Rob: I'm going to guess there are contractors listening right now thinking, "I should go in and see Greg about getting some insurance."
Greg: That's right, Rob, and anytime anyone wants to come and talk to any of our brokers or myself about making sure that they do have the proper protection when you hire a contractor, we're more than happy to do that for you.
Rob: I'm going to guess that most major contractors know all about it and have it in place, but you never know unless you ask, right?
Greg: That's correct because there's so many people that are out there contracting. And we've had some instances where the contractor didn't have any coverage at all, and a policyholder ended up having to pay for it. So, again, it's better to do your due diligence. Make sure that they do have the right coverages in place.
Rob: Whether you're looking to get some work done on your home or you're a contractor and you want to inquire about insurance, you can get it done in Heritage Insurance. Where can we find you, Greg?
Greg: The corner of Fairford and 1st or online.
(Video transcription by Speechpad)