Are you thinking about hiring a contractor? If yes, then there is one that you have to do and that is reach out to those professionals only who hold a contractor license bond and required insurance. But why and who are such individuals?
According to Surety Bond Direct, “Bonded means that a contractor has purchased a surety bond to guarantee its legal and financial obligations. Insured means that a contractor has purchased insurance products to protect against the risks that come with performing construction and maintenance work.”
In this article, I’ll tell you why you should only hire bonded and insured contractors. So, if you don’t want to pay extra money for the damages that you didn’t cause, keep reading.
First things first, when a contractor is authorized and compensated, it is a signal that they adhere to the local, as well as state, ordinances to maintain their status. Put simply, most states require this to provide the hiring party with licenses.
So, if they don’t hold the bond, they won’t be able to get the license, and this demand is in place for the sake of the public, aiming at security for them during their construction projects.
Of course, there are strict instructions to follow to get the bond and the license. Requirements set forward by surety firms and licensing tribunals. So, the fact that they comply with the law rather than delay means that they are sure to complete the project per the instructions, which is a huge plus.
Furthermore, since such strict requirements are in place, choosing a bonded and insured contractor further enhances the success of the project. In other words, it guarantees that they will comply with the industry ordinances.
They will follow the construction codes and all the guidelines created to ensure safety, as well as to guarantee high quality of work. So, if you want your operation to be completed to a high degree, this is something to be on the alert for when hiring these professionals.
Read about the difference between bonded and insured: https://www.angi.com/articles/hiring-contractor-whats-difference-between-bonded-and-insured.htm
Moving on, bonds and insurance are proof of professionalism. To put it simply, this proves that the contractors you’re recommending are likely to operate with proficiency and integrity, thus ensuring the wider success of your project, as well as its timely completion.
Since they are the ones who would be held accountable in case of any slips, or any other problems during the project, they are motivated to complete it quietly and ethically, fitting to all the standards.
And, of course, they are also ready to assume accountability and right their wrongs in case anything bizarre happens, meaning that you, as the homeowner, are properly protected. In the infographic below, you can see 4 different types of contractors and what’s the difference between them.
Speaking of protection, let me tell you a bit more about that. For one thing, you will be financially insured in case any kind of destruction is done to your belongings during the project.
Even though nobody is making arrangements for things like those, they can happen – some damages can occur uninvited, and you don’t want to be the one having to cover them with your money.
Well, when you hire bonded and insured contractors, you certainly won’t have to worry about that, because all the damages will be reimbursed to you, and you will, therefore, be perfectly emotionally safe in case of any kinds of unexpected accidents and wrecks.
Since things happen, it is also not prevalent for workers to get hurt on the site. Of course, once again, this is not an incident that anyone plans, and great contractors always take the right precautions and safety measures to protect the workers and ensure their security during the project.
But, there is no denying the fact that accidents still happen from time to time. As the homeowner, you don’t want to be held liable in case of those collisions, thus winding up paying for medical repair costs and lost salary.
And, as you may have determined already, the path towards not being held liable for this is through hiring properly licensed and insured contractors. When they carry the right insurance, it means that they will cover all the fees that could arise in case of an accident.
Once again, this provides the financial protection you need whenever having any kind of work done on your home.
PRO TIPAlways make sure to verify the contractor’s bonds and insurance directly from the company and see if they are up-to-date or not. Looking at certificates alone is not enough!
Are you a bit worried that the hiring party you choose will leave the work half done, and that you won’t be able to get them to deliver it for a long time? Well, to get rid of this particular concern, you should always go for bonded contractors.
This will warrant project completion, because, even if the specific contractor fails to do the work, the surety label will cover the costs of hiring another one to get things done. You must’ve realized how highly significant it is to hire bonded and insured contractors.
A lot of troubles would be avoided before they could even arise, and your pockets won’t suffer from any excessive pay. So keep this in mind and take further steps accordingly.
