Insurance: Don’t Slack, Get Covered

Every contractor should want the highest level of protection from liability for their firm and for their clients. Did you know remodelers can become a homeowner’s hero when it comes to insurance? Whether it's a small bathroom renovation or a large project like the ModelReModel, we at Hatfield make sure we have the right coverage at all times.

Not only do laws and insurance policies vary by state -- where they can be as different as apples and oranges across borders -- how you construct things can also alter how insurance companies read your claim. If you’re one of those tech-savvy contractors who uses drones on the jobsite, you might want to take a closer look at your insurance policy.

Pay close attention to laws and insurance policies in the state the project is located and where your firm is based. Photo: Marc Levin/Flickr

We trust Kim Hutson, a certified insurance counselor with the Hutson Group to help us make sure we have the right coverage. Here’s a quick list of what we think remodeler’s should pay close attention to when handling insurance:

1. General Liability Policy

Obviously, it's essential to carry a General Liability policy. This policy protects our company if property damage or bodily injuries to third parties happen while the job is taking place. It's required that all of our subcontractors carry the same coverage limits on their General Liability policy as we do and list Hatfield Builders & Remodelers as an additional insured. This policy is not the same as our workers compensation coverage.

2. Builder’s Risk

In addition to General Liability, we carry Builder’s Risk on all of our jobs which protects the renovation itself. This makes sure that if something catastrophic happens to the property (like fire or flood) while we are working on it, then our materials and improvements are protected. It also safeguards the remodeler in case of theft of materials.

Additionally, some homeowners’ policies will cover remodeling work, however, it is in the remodeler’s best interest to maintain and control that policy on their jobs. Our agent advises that not all policies are created equal. She warns that you get what you pay for and remodelers need to be very wary of a policy’s endorsements and exclusion. 

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