Investor · Pittsburgh, PA · Member since 2011 · 115 posts · 43 votes
15y
You may also want to check into your contractors vehicle insurance. In addition to Liability, Workers Comp, Comm. Vehicle coverage is needed. I just had my insurance guy tell me that my liability has exclusion for loading and unloading the truck.
Insurance is a cost of doing business. As a professional remodeler it is my business to protect my assets and my investors.
You should call a business insurance specialist and request a consultation. Tell them what you are doing and how to protect yourself. When I hire subcontractors I make sure they have "THE RIGHT" coverage. I hate to do it but when I have a good feel for a guy I pay to get the coverage started. I look at it as a deposit.
You will not find ANYONE for $10 an hour with adequate coverage. Be careful protect yourself. On a bigger project a performance bond.
Investor · Lake Mary, FL · Member since 2009 · 63 posts · 20 votes
15y
Aaron,
That is the catch....It will cost a little more to use insured contractors...I am one of them...but it seems like you are saving money by using unlicensed, uninsured handyman until something happens that puts your entire business in jeopordy.
As investors we have to find a happy medium between covering our butts and finding a realiable contractor at a reasonable cost.