Many people do not know that if you are doing a renovation project in your home, the contractor may be required to carry WSIB coverage. In this article, we will cover what WSIB is and what it can mean for you.
What is WSIB, and why should you care
The Workplace Safety and Insurance Board is fondly known as WSIB, which is more commonly referred to as employer’s compensation. It is the insurance that every company needs to ensure they are not held liable for certain injuries (e.g., carpal tunnel, slips on ice), etc. The amount of insurance depends on the number of employees you have and your company size.
It is important to understand that contractors’ insurance doesn’t cover their employees. It’s not compulsory for you to know whether they are insured or not. However, there are certain risks that the contractor is exposed to, and if he isn’t covered, then you will end up bearing those costs (e.g., injury or death of a staff).
When does a contractor need to be covered by WSIB?
Every Basement Finishing in Cumming, GA is required to carry WSIB insurance if they have one or more employees who are paid any type of salary, hourly wage, commission, piece-rate, flat rate, etc. This means that a company with just a single employee needs to have WSIB coverage, whereas a business with five employees must have the highest level of policies available from their insurance provider.
How to know if your contractor is covered?
The good news is there are ways of figuring out whether your contractor has this type of coverage before signing anything.
1) Ask them: “Do you carry Workers’ Compensation Insurance?”
2) Look in their contract: does it say, “this includes liability protection.”
3) Check their website for contact information and ask them if they have WSIB insurance.
If your contractor doesn’t have WSIB coverage, then you should look for another contractor that does.
You may also like: 9 Question to Ask a Contractor About Basement Remodeling
What happens if they’re not covered?
If your company is not compliant with WSIB, you could be held liable for any injuries that occur in the workplace. That means that if one of the employees gets badly hurt or killed on the job site, you could end up in court being sued for a lot of money.
Why should you hire a contractor that’s already?
If you hire a contractor that’s already covered by WSIB, their insurance company will reimburse you for any injuries that occur on the job site. This means that you won’t be held liable in case of an accident and do not need to purchase supplemental coverage for your renovation project.
Therefore, if you’re considering a renovation, it’s important to understand if your contractor is covered by WSIB. This will protect both you and the contractor from liability in case of an injury.