Does your contractor carry Workers’ Compensation and general liability? When planning for your next project, these are things you should be looking at when vetting potential companies to work on the job. That’s why today I wanted to introduce you to someone who I consider to be a guru in these specific areas, Mike Shirazi.
Mike is the President of Golden Capital Insurance Services, an experienced and innovative commercial insurance agency located in the heart of Southern California. Over the years, they have built a reputation on the integrity and utmost respect with which they serve their clients.
In this episode, Mike discusses what contractors should have in their policies, and he sheds light on where contractors often cut corners when it comes to their insurance coverage. Homeowners need to be and feel protected and empowered at all times, which is why I’m so excited to have Mike on to share his expertise with you today.
Listen To The Episode:
What You’ll Learn:
- Why it is important to ask about insurance, and the exclusions that companies and contractors have in their policy [1:35]
- The reasons you should ask for a copy of the contractor’s policy on general liability, stated exclusions, as well as Worker’s Compensation and contractor’s bond [3:20]
- The types of exclusions contractors have on their insurance, and the risks this poses to you, the homeowner [6:38]
- A contractor’s scope of work and what happens when they are misclassified by their insurance company [15:28]
- How Worker’s Compensation works and the things you need to know about W2 employees versus 1099 contractors [18:36]
Ideas Worth Sharing:“If they have Worker’s Compensation insurance, then you know he is a legit contractor because he is paying for insurance, and if he is paying for insurance, you know he actually cares to get good employees to protect himself.” -… Click To Tweet “You’re paying for what you are getting yourself into. If you go for a cheap contractor with no insurance and day laborers, it can result in chaos.” - Mike Shirazi Click To Tweet “Worker’s Compensation is a very underrated topic when it comes to homeowners.” - Mike Shirazi Click To Tweet “It is very important to look up their license. See if they have active insurance, because a lot of the time they are expired.” - Mike Shirazi Click To Tweet
Resources In Today’s Episode:
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