Three Reasons It Is Important To Ensure An Engineering Contractor Carries Enough Insurance When Hiring One

If you are looking to construct a new building or perform significant renovations to an existing one, you may look to hire an engineering contractor to put the plans together, ensure everything meets code requirements and regulation and oversee the construction of the project. As you go about hiring one, one of the most important questions to ask the contractor is how much insurance they carry or how much they are bonded for. Here are three reasons why it is so important to ask this question and to ensure that the amount they carry is enough to cover the entire value of your building. 

You Can Be Sued If the Contractor is Injured On the Job

One of the reasons why it is important to ensure that an engineering contractor is insured or bonded before they begin any work on your project is because you can be sued if they are injured on your property if they do not have the right insurance. Likewise, if they are hiring people to perform tasks and those individuals do not have insurance and get hurt, they can sue you. As such, it is important to make sure they have insurance to cover themselves and any contractors they bring in to work at your job site. 

You May Have to Foot the Bill for Damage the Contractor Does

Another reason why it is imperative that you verify that an engineering contractor has enough insurance or money set aside through a bond when working on your construction project is because if they make a mistake, their insurance covers the damage that is done. For example, if they are performing electric work and set the building on fire and it is a total loss, their insurance will pay you the value of your project. If they don't have insurance, you may be out the money or have to pay out of your own pocket for the damage they have done. 

You May Have to Pay to Bring the Building Up to Code

The last reason why it is so important to ensure an engineering contractor carries enough insurance or a high enough bond is because their insurance will pay for any work that needs to be redone because it doesn't pass inspection by a building inspector. If elements are not up to code or architecturally sound and the contractor does not have insurance or doesn't have enough insurance, you may have to pay to make the needed changes. 

As you look to hire an engineering contractor, verifying that they are either insured or fully bonded for the full value of your project gives you peace of mind that if something goes wrong, they have enough insurance or money set aside to cover the damage or repairs. If you fail to hire a contractor that either carries insurance or carries enough insurance, you could wind up footing the bill out of your own pocket. Contact a company, like Hastings Construction INC., for more help.