Whos Insurance Coverage responds to renovation disasters?
NEVER start a commercial renovation without getting General Liability insurance coverage. Although your contractor(s) should all carry a minimum of $2 million dollars of Contractor’s General Liability coverage, liability claims can be huge. Your Landlord can hold you financially responsible for the damages that you (or your contractors) cause to the building. Your property insurance coverage may be adversely affected by any illegal renovation work performed on your building. You really don’t want to discover that your insurance coverage has been voided, after you need to file a damage claim. Ask your insurance broker for current underwriting information. Avoidable claims can cause you costly problems when you need to renew your policy. By making sure that you have adequate (and appropriate) coverage, you will reduce the potential for a financial disaster, when your contractor does something silly! ALL Contractors are required to have a valid business license for the City or Municipalit
