the home owner for bodily injury or damage to the property being renovated, caused by the negli- gence of the contractor. Water leaks fromplumbing, electrical fires, water damage if a building is not secure during a rain or snow event are examples of damage that is typically covered with liability insur- ance. Having $2-5 million in coverage is common. An insurance provider can provide more details of what a policy should and will cover. Workers Compensation Board (WCB) insurance is paid by any company that has a payroll and does source deduction. Basically, all companies with employees will pay into Workers Compensation to ensure employees/trades people working on
By Dan Monk, P.Eng., Red Seal Carpenter and Owner of MONK Renovations T his is a valid question for any home owner to ask of their perspective renovator or new home builder. Do not be afraid to ask for a copy of their certificate
of insurance as part of your signed contract and you should always have a signed contract. As renovators there are always risks associated with the work being per- formed and insurance is the typical method of pro- tecting clients, employees, public and companies from these risks. The insurance coverage that is typically carried is Liability Insurance, Workers Compensation Board Insurance and Com- mercial Auto Insurance. A new home builder will often carry Builders Risk Insur- ance, because they have complete control of the new home and ensure the entire building.
Liability Insurance basical- ly provides protection for
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SPOTLIGHT ON BUSINESS MAGAZINE • APRIL 2018
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