your project are covered for any injuries. This is import- ant because when hiring a contractor, if they do not have WCB coverage, then the home owner can be held respon- sible for any cost associated with an injury on their job and can open themselves to potential law suits if someone is injured. Essentially, if you hire a trades person who does not have coverage then you become the employer of that person and are responsible. This can be a scary sit- uation, but it is easily avoided by hiring a contractor with WCB coverage. Simply request the contractors “Clearance Letter” from WCB, indicating that the contractors account is in good standing. Additionally, the company should have a safety program that is certified and can provide a “Letter of Good Standing – Safety Certification.” This ensures the company is proactive regarding safety and has reduced risk of injury or accident. Requesting this documentation can be a simple addition to any renovation contract. Commercial Auto Insurance ensures that when your contractor is driving to pick up materials or any task related to your reno- vation project, if they are involved in a motor vehicle accident the insurance is valid and they are covered. If the contractor is only covered for personal use of the vehicle and has not informed his insurer that they are using the vehicle for work, it could void the insurance. This is more of a credibility issue as any reputable professional renovation company will have commercial auto insurance. It is always best to be properly insured and to be honest with the insurance company to ensure proper coverage. As a final note, it is critically important to contact your home insurance provider if you are planning a renovation or addition to your home. This will allow the insurer to have the correct coverage for your personal home insurance, based on the renovation being completed and potentially the increased value of your home when finished. Being open and transparent with your insurance company is always important to ensure you remain properly insured.
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APRIL 2018 • SPOTLIGHT ON BUSINESS MAGAZINE
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