Protect Yourself! Why Insurance Matters
Anytime a homeowner is deciding to hire a contractor, consideration should be given to insurance coverage. The foundation repair process is inherently risky due to the tools and machinery used and the potential for accidents is significant. In the unfortunate event that an accident occurs on your property, you want to know that you are protected from a devastating lawsuit.
Business insurance usually falls into two types:
- Liability Insurance – which covers property damage and injuries caused by the contractor’s work.
- Worker’s Compensation Insurance – which covers the medical expenses and lost wages of a worker who is injured while performing the contractor’s work regardless of fault.
Without the proper insurance a homeowner could end up paying out of their own pocket if his/her homeowner’s insurance is insufficient to cover the medical expenses or damages should a contractor become injured on your property.
Beware of contractors who say that Worker’s Compensation insurance is not necessary and that their workers are covered under their liability policy. The liability policy likely only protects you in case of property damage. Also, beware of contractors who use “independent contractors” rather than employees. If the person injured is an “independent contractor” there is no limit to their ability to sue to the homeowner for whatever damages a court will award. In both cases, the homeowner is exposed to huge financial risk. When hiring a contractor, you should always ask to see a Certificate of Insurance and verify that the policy is current and allows enough coverage for your project.
SFR carries BOTH types of insurance to protect us all from the potential distress and financial risk resulting from an accident. All of the workers who come to your home are employees of SFR and are covered under each policy.