How much Liability and Workers Comp insurance should our contractor carry?
My wife and I are trying to line up a contractor to do some work on a 1907 four-square. In a nut, the job involves rebuilding two rear porches, installing 27 windows, 1 door, re-roofing a front porch, wrapping a lot of trim in aluminum, installing new gutters, tear off a decorative chimney in sad shape, and siding the house and a detached two car garage.
It’s been almost 20 years since I used a GC, but I still had the certificate of liability and workers comp certificate. In 1998 my contractor had limits of one million for everything except medical expense ($5k).
The contractor we are considering TODAY has workers comp of $100k for each accident, $100 k fo disease, $500k for policy limit. For General liabiility they have $1mil for each occurrence, $100k for damage to rented premises, $5k medical experience, $1mil for personal injury, $2mil for general aggregate and $2mil for comp/op aggregate.
Does this sound right? It looks like the bare minimum, but I don’t know.
Thanks for any advice.