Does Your Residential Panel Need Replacement?
Have you ever wondered the lifespan of a electric panel should be or if/when you need to look to...
You have probably heard the terms Licensed, Bonded, and Insured touted from contractors and service providers that are bidding on the work that you want done to your home. But you may have wondered what that really means and why should you really care about that anyway? And you may have noticed that those same companies that are telling you this information about them have a bit of a higher estimate for the work being done then the ones that aren't telling you that, ever wonder why? Well these 3 words should be very important to a consumer so we are here to tell you what they mean and why they actually protect YOU.
Lets start off with what they mean....
Now that you know what all these terms means and why as a consumer they are important in protecting you, we can move on to why those estimates seem to a bit higher than the others.
Well as we mentioned before the cost to become licensed isn't small and it isn't a once and done cost, you continue to pay every couple years to maintain your license. Then their is the cost to be a bonded and insured contractor. We all have car insurance and for that insurance you know that it is an annual or monthly cost that is quite large and for this type of insurance it goes up depending on the size of the organization. Then the is the cost for their work vehicles and the insurance and maintenance on them as they travel to you. All these costs add up so their bid is likely to be higher than someone who doesn't carry the licenses, bonded, and insurance.
Hiring a contractor that is not licensed, bonded, and insured means that you take all of the financial risks in the contract. If that worker walks away from the job, gets sick, goes bankrupt, etc., you would lose a lot of money. Of course, you can get a lawyer to handle such a case, but all you could get is a bill from your lawyer and stress.
Now is the scary truth, you should be one to think "well I doubt anything will happen, it is pretty rare anyway" in Maryland alone from 2012-2014 there were over 4,400 claims against contractors.
Licensed, bonded, and insured are more than a line that contractors say to get you to close the deal they are three words that should mean everything to you as the consumer. Don't get caught with unforeseen costs due to hiring "the cheap guy" because sometimes you may think that person is going to save you money but in the end because of damage, injury, or poor workmanship that "cheap guy" may end up costing you a whole lot more.
Lauren is a wife, mother of 3 (2 adorable furbabies and a handsome toddler), and a marketing enthusiast. She is a bit of a DIYer but knows to hire the right people when it comes to plumbing or electrical work. She enjoys binge watching bad TV, camping, wine tasting, and shopping on Amazon more than her husband prefers. Lauren joined the Chesapeake Electric team in March 2021 after spending 10 years with a marketing agency.