What Does Licensed, Bonded, and Insured Mean When It Comes to a Roofing in Norfolk Company
Ask any individual what you should look for in a roofing company and one of the first things they will tell you is to look for a company that is ‘licensed, bonded, and insured’. While many homeowners who are looking for a roofing company in Norfolk will try and find a company with these types of credentials, most do not know what it means.
The following is a look at what the phrase licensed, bonded, and insured means when it comes to the roofing industry.
Licensed, bonded, and insured is actually a phrase that is used to describe three different components. A Roofing in Norfolk company can possess one of these components or all three of these components. Most companies will possess all three components, but it is not a requirement and some companies may just be bonded or licensed.
The first component – licensed – is used to refer to a business that is legally recognized by the state in which is does business in. In order for a roofing contractor to be legally recognized, they must have applied and been approved for all licenses that are required by their state. Required licenses can range from a city or state license to tax licenses or one provided through an organization like the Registrar of Contractors.
The second component – bonded – is used to provide protection to the homeowner. When a Roofing in Norfolk company is bonded, the homeowner will have some level of protection against non-performance or poor quality work.
Homeowners that have received poor quality work from a bonded company or had them not show up to finish work that was paid for can receive financial compensation. Financial compensation is provided by the company that provides the bond and will be used to help homeowners complete the work that was not performed by the original company.
The third and final component – insured – means if an accident were to occur the company has the insurance coverage to cover it. Required insurance coverage for a Roofing in Norfolk company will typically include workers’ compensation, car insurance, and liability insurance.
It is important to note that just because a company claims they are insured, does not mean they possess the proper insurance for their industry. It is important to ask exactly what insurance coverage the company has to make sure you – the homeowner – are protected.